Here’s how the Inflation Reduction Act impacts Americans by the numbers:
HEALTH CARE Cutting Prescription Drug Cost
Today, Americans pay two to three times what citizens of other countries pay for prescription drugs
5-7 million Medicare beneficiaries could see their prescription drug costs go down because of the provision allowing Medicare to negotiate prescription drug costs.
50 million Americans with Medicare Part D will have the peace of mind knowing their costs at the pharmacy are capped at $2,000 per year, directly benefiting about 1.4 million beneficiaries each year.
3.3 million Medicare beneficiaries with diabetes will benefit from a guarantee that their insulin costs are capped at $35 for a month’s supply.
Lowering Health Care Costs
13 million Americans will continue to save an average of $800 per year on health insurance premiums
3 million more Americans will have health insurance than without the law.
The uninsured rate is at an all-time low of 8%, which the historic law will build on.
Defeating Special Interests
$187 million: The amount the Pharmaceutical industry has spent on lobbying in 2022.
1,600: number of lobbyists the pharmaceutical companies had in 2021 – three times the number of Members of Congress
33 years: the amount of time Congressional Democrats have been tryingto lower prescription drug costs by allowing Medicare to negotiate drug prices.
19 years: number of years Medicare has been blocked from negotiating prescription drug costs
CLEAN ENERGY
Lowering Energy Costs
Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.
$14,000 in direct consumer rebates for families to buy heat pumps or other energy efficient home appliances, saving families at least $350 per year.
7.5 million more families will be able install solar on their roofs with a 30%tax credit, saving families $9,000 over the life of the system or at least $300 per year.
Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year.
Putting America on track to meet President Biden’s climate goals, which will save every family an average of $500 per year on their energy costs.
Building a Clean Energy Economy
Power homes, businesses, and communities with much more clean energy by 2030, including:
950 million solar panels
120,000 wind turbines
2,300 grid-scale battery plants
Advance cost-saving clean energy projects at rural electric cooperatives serving 42 million people.
Strengthen climate resilience and protect nearly 2 million acres of national forests.
Creating millions of good-paying jobs making clean energy in America.
Reducing Harmful Pollution
Reduce greenhouse gas emissions by about 1 gigaton in 2030, or a billion metric tons – 10 times more climate impact than any other single piece of legislation ever enacted.
Deploy clean energy and reduce particle pollution from fossil fuels to avoid up to 3,900 premature deaths and up to 100,000 asthma attacks annually by 2030.
TAXES
Making the Tax Code Fairer
$0: how much some of largest, profitable corporations pay in federal income tax.
55: the number of America’s largest, wealthiest corporations that got away without paying a cent in federal income taxes in 2020.
$160 billon: how much the top 1 percent of earners is estimated to evade each year in taxes.
15%: the minimum tax on corporate profits the Inflation Reduction Act imposes on the largest, most profitable corporations.
$124 billion: savings over 10 years the Inflation Reduction Act will generate from collecting taxes already owed by wealthy people and large corporations, according to the Congressional Budget Office.
And no family making less than $400,000 will see their taxes go up a penny.
Reducing the Deficit
The Inflation Act will achieve hundreds of billions in deficit reduction.
The deficit is projected to fall by more than $1.5 trillion this year after falling by more than $350 billion last year.
126 leading economists – including 7 Nobel Laureates, 2 former Treasury Secretaries, 2 former Fed Vice Chairs and 2 former CEA Chairs – have said reducing the deficit will help fight inflation and support strong, stable economic growth.
Understanding how this will impact our businesses, families and lives is essential.
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August 16, 2022
Federal Reserve Board provides additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities
For release at 2:30 p.m. EDT
The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities.
The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability.
The supervisory letter issued today outlines the steps Board-supervised banks should take prior to engaging in crypto-asset-related activities, such as assessing whether such activities are legally permissible and determining whether any regulatory filings are required. Additionally, the supervisory letter states that Board-supervised banking organizations should notify the Board prior to engaging in crypto-asset-related activities.
The supervisory letter also emphasizes that Board-supervised banking organizations should have adequate systems and controls in place to conduct crypto-asset-related activities in a safe and sound manner prior to commencing such activities.
The Board, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation previously released an interagency statement regarding their crypto-asset policy initiative last year.
For media inquiries, please email media@frb.gov or call 202-452-2955.
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