Biden says he's helped lower inflation as he hosts first meeting of his new supply chain council
President Joe Biden addressed price gouging at the initial meeting of his supply chain resilience council, emphasizing efforts to reduce costs for American families and announcing 30 actions to improve access to medicine and economic data. His administration seeks to mitigate issues amplified by supply chain disruptions and inflation, partly attributed to the pandemic and geopolitical tensions. Biden also highlighted the use of the Defense Production Act to bolster domestic medicine manufacturing.
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Frequently Asked Questions about President Biden and the Inflation Reduction Act
What is the Inflation Reduction Act of 2022?
The Inflation Reduction Act of 2022 is legislation signed by President Biden, designed to address climate change, healthcare costs, and inflation. It includes measures to strengthen manufacturing and enhance energy supply chains, along with support for clean energy projects. For more details, refer to the White House Guidebook.
What are the goals of the Inflation Reduction Act?
Key goals of the Inflation Reduction Act include building a clean energy economy in the US, boosting American manufacturing, strengthening supply chains for critical materials, and achieving climate goals to reduce carbon emissions. It also promotes environmental justice. Further information is available on the Department of Energy website.
Has the Treasury Department released guidance on the Inflation Reduction Act?
Yes, the Treasury Department has provided guidance for using the new clean energy tax credits from the Inflation Reduction Act. These guidelines are intended to catalyze the economy and the clean energy sector. You can read more on the U.S. Department of the Treasury website.
How does the Inflation Reduction Act support clean energy and supply chain improvements?
The act supports clean energy and supply chain improvements through tax credits and investments. This includes efforts to secure American supply chains for electric vehicles and other technologies. Learn more at the White House Council on Native American Affairs website.
What is President Biden's Justice40 Initiative?
Justice40 Initiative is part of President Biden's environmental justice efforts, intending to ensure 40% of the benefits from federal climate and clean energy investments go to disadvantaged communities. More details can be found on the Justice40 Initiative page.