JACL Celebrates Signing of the Inflation Reduction Act of 2022
On August 16th, President Biden signed into law H.R. 5376, also known as the Inflation Reduction Act of 2022. This historic piece of legislation aims to continue the current administration’s goal of fighting inflation by cutting prescription drug costs, expanding healthcare coverage and reducing its costs, increasing taxes on billion-dollar corporations, and combating climate change. The JACL celebrates this momentous bill and hopes its passage marks a shift towards legislative compromise instead of obstruction of progress.
Despite its promise for budget reconciliation, this legislation does not have any direct fiscal policy that will manipulate the dollar value; instead, this bill seeks to reduce inflation by easing the cost of living for American families. The JACL recognizes that for this goal to be fulfilled, it is critically important that as individuals and organizations, we continue to monitor the follow-through of such promises to ensure that minority communities are not overlooked in the distribution of the jobs, grants, and resources that are promised by this bill. The JACL strongly advocates for the fair advancement and allotment of these benefits to all those occupying this country, regardless of race, gender, religion, disability, sexual orientation, or immigration status. We hope you join us in our stand against future bills that threaten the progress that this bill aims to make, and we hope you consider joining us in identifying ways that this bill can be more inclusive and comprehensive moving forward.