Dear Neighbors,

The House passed a major bill that lowers prescription drug and health care costs and combats the climate crisis. The Inflation Reduction Act is one of the most significant pieces of health care legislation to move through Congress in over a decade. It breaks Big Pharma’s monopoly on prescription drug prices.

The bill will lower prescription drug costs for seniors by finally empowering Medicare to negotiate the cost of prescription drugs and capping the amount seniors pay for drugs at $2,000 annually and the amount seniors pay for insulin at $35 per month. The Inflation Reduction Act will also dramatically lower the cost of monthly health insurance premiums for millions of Americans and provide families with the peace of mind that comes with knowing they have high-quality health care coverage.

I was in Woodbridge on Thursday to discuss these achievements with local elected leaders, health care advocates, and seniors. Nearly 20 years ago Republicans prevented the federal government from negotiating fair prices for seniors, and the Inflation Reduction Act reverses that egregious gift to Big Pharma, which will save seniors and Medicare money. This legislation finally levels the playing field and will help ensure seniors are no longer price gouged at the pharmacy counter. It also penalizes Big Pharma for unfairly hiking prices faster than inflation by requiring them to pay a rebate to Medicare.

The Inflation Reduction Act is also the single-largest investment in climate action in American history. It makes unparalleled investments in climate, clean energy, and environmental justice, while creating new clean jobs and lowering energy costs for American families. This bill will slash our nation’s climate pollution 40 percent by 2030 and put us on track to meet our aggressive climate goals. It also includes an unprecedented $2.6 billion to conserve and restore coastal habitats and protect coastal communities like the ones along the Jersey Shore that depend on those habitats.

The CHIPS and Science Act is Now Law

President Biden signed the CHIPS and Science Act of 2022 into law this week. The bill will bolster domestic semiconductor manufacturing, boost resilience in U.S. supply chains, create good-paying American jobs, and lower costs for families in the United States. New Jersey could benefit from this investment in chip manufacturing, especially the New Jersey Innovation and Technology Hub in New Brunswick.

I attended the signing ceremony with the President. As Chairman of the Energy and Commerce Committee, I included over $52 billion in this legislation to ensure more semiconductors are produced right here in the United States – ending our reliance on other countries and lowering costs for consumers for automobiles, consumer electronics, home appliances, and other goods. I also helped secure $1.5 billion in funding to move forward with open 5G wireless networks that are not dependent on equipment from our adversaries like Communist China. Read more here

If you have questions about resources available to New Jerseyans related to COVID-19, click here to visit my website or call my offices directly:

Middlesex County: 732-249-8892

Monmouth County: 732-571-1140

Sincerely,