Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor about the Inflation Reduction Act and the CHIPS and Science Act recently passed by the Senate and signed by President Biden already delivering for the American people. Below are Senator Schumer’s remarks, which can also be viewed here:
The Inflation Reduction Act was signed into law less than a month ago, and already, the verdict is in: our bill is already creating new investments, new jobs, new opportunities for American families. Jobs here in America, not overseas.
Let me repeat the good news: the Inflation Reduction Act that every Republican voted against is already – already – delivering for our country.
This morning, the New York Times reported that in the wake of the Inflation Reduction Act, a whole host of companies “have announced a series of big-ticket projects to produce the kind of technology the legislation aims to promote.”
For example, companies like Toyota have announced billions in new investments to start manufacturing batteries for electric and hybrid vehicles, right here, right here in America.
Elsewhere, the company First Solar announced a one billion dollar investment to build a new solar panel manufacturing facility in the Southeast. Their CEO was explicit that their decision hinged in large part on our legislation, saying it provided “a level of clarity” that made investment in the U.S. the right move.
The examples go on: Honda and LG Energy also recently announced over $4 billion for EV battery production in the U.S.
Pansonic—which supplies parts to Tesla’s EV production—said they’re also considering $4 billion to build another EV battery plant.
And thanks to tax incentives we passed recently that specifically reward domestic battery production, Samsung has decided to accelerate plans to break ground on their own EV battery plant within the next few months in the U.S.
These are just a few examples of how the Inflation Reduction Act is already delivering on its promise to create countless new jobs, ignite billions in private sector investment, pave the way for America to lead the future with cheap and reliable clean energy.
Had we not done this, all these plants probably would’ve been built—most of them—overseas. As electric vehicles become predominant throughout our country and the world, America would have lost out. We led the world in auto production in the 20th Century and because of this act—and what Democrats, without a single Republican vote, have done—we’re going to lead in the 21st Century as well. It’s exciting and gratifying to know that millions of Americans will be employed in good paying jobs, in jobs that have a real future.
All of this is the result of Democratic leadership keeping its promise to the American people. And again, I have to say, this kind of thing used to happen with Democrats and Republicans came together. It’s unfortunate that not a single Republican voted with us to pass these investments. Not one.
Of course, I would also be remiss not to highlight all the ways the Chips and Science Act is sparking new waves of investment as well.
Just recently, the CEO of Micron announced a $15 billion investment in manufacturing last week, saying “the CHIPS and Science Act” quote “made this investment decision possible.” And Micron has committed to significantly more—and even larger—investments to come, I’m happy to say.
When you pass good legislation, you get good results. It has been a long time, sadly, since the American people have felt that Washington is capable of doing big things to meet big challenges. After four years of President Trump, who spent all his time, it seems, just being nasty and negative and calling people names, but making promises and never getting anything concrete done, Democrats are actually delivering with real results.
Senate Democrats have shown that with the right people in office, government can work to promote, not hinder, the wellbeing and security of the American people.
It’s why we took on big pharma and won.
It’s why we took on entrenched oil interests and won.
It’s why we took on the NRA and beat them by passing the first gun safety law in decades.
And all of this is the result of Democrats following through on our promise.
While the Junior Senator from Florida continues to promote tax hikes for working families and putting Medicare on the chopping block, Democrats want to cut costs for families, increase prosperity, continue to strengthen ladders for people to get into the middle class and give them the stability to say that once they’re there, they’re going to stay there.
And Democrats have given America hope in the future, that in the new industries and new ways of thinking and new sciences, we’re going to lead, not follow, not lag behind, not spend time—as President Trump did most of his time—playing petty political games and never getting anything done. We’re getting stuff done. Big stuff. Important stuff. Stuff that gives us a brighter future.
That’s why we worked so hard to pass our Agenda. And already, it is clear the American people are feeling the benefits.