# Celebrating the One-Year Anniversary of the Inflation Reduction Act
U.S. Treasury Secretary Janet Yellen and other officials from the Biden administration are joining together to commemorate the one-year anniversary of the Inflation Reduction Act. As part of the festivities, Secretary Yellen will emphasize the impact on domestic manufacturing and highlight the immense progress achieved.
According to excerpts from her prepared remarks released by the Treasury Department, Secretary Yellen will proclaim, "Powered by the IRA, the president's agenda has facilitated a substantial boom that is reaching every corner of our nation." She will go on to emphasize the significant contributions made by companies, stating that "since January 2021, over $500 billion has been committed to manufacturing and clean energy investments." Secretary Yellen will proudly underscore that this surge in U.S. factory construction sets our country apart from our international counterparts.
President Joe Biden signed the IRA into law precisely one year ago, and this Wednesday marks its anniversary. Aimed at tackling climate change, controlling drug costs, and generating billions in corporate taxes, this ambitious economic package was passed without the support of Republican lawmakers.
From 's archives (Aug. 16, 2022): Take a look at 's comprehensive breakdown of how the Inflation Reduction Act will impact your energy bills, investments, and drug costs.
# Yellen to Speak on President Biden's Economic Policies
Janet Yellen, the United States Treasury Secretary, is scheduled to deliver a speech today at an International Brotherhood of Electrical Workers facility in Las Vegas. Yellen will specifically address the impact of President Biden's policies on the nation's economy. The Treasury Department stated that she will discuss the historic economic recovery fueled by the President's initiatives and highlight the transformative effects of the Inflation Reduction Act.
As the 2024 presidential election approaches, Republicans have been criticizing Biden's economic policies. Ronna McDaniel, Chair of the Republican National Committee, expressed concerns about families struggling to cope with rising costs and declining wages under Biden's administration. She accused the President of dishonesty and manipulation regarding the state of the economy. Republicans aim to present voters with a clear choice in the next election: a commonsense approach versus what they deem as unreasonable measures.
Meanwhile, trading in U.S. stocks was mixed on Monday. Investors were cautious due to ongoing concerns about China's property sector, which has had a negative impact on global markets.
Now read: Here are the Republicans running for president in 2024, before their first debate later this month
