Today, U.S. Secretary of Commerce Gina M. Raimondo released the following statement following President Biden signing the Inflation Reduction Act into law:

"President Biden is securing historic victories for American families, American workers and our economy. The Inflation Reduction Act will lower cost for families, including health care and prescription drug costs, reduce the deficit, combat the climate crisis, and so much more.

Importantly, the Inflation Reduction Act is the largest federal investment in clean energy in U.S. history and provides $3.3 billion for the Department of Commerce's National Oceanic and Atmospheric Administration to advance its work building a Climate-Ready Nation. This investment, in combination with funding in the Bipartisan Infrastructure Law, will be instrumental in ensuring our communities are resilient to climate change, advancing critical research and development to fight climate change, and creating good-paying jobs along the way.

Together, with his Bipartisan Infrastructure Law, the CHIPS and Science Act, and the American Rescue Plan, President Biden is keeping his promise to build an economy that works for working families."