U.S. Treasury Secretary Janet Yellen on Monday is set to talk up gains for domestic manufacturing, as she and other Biden administration officials hold events to mark the one-year anniversary of the Inflation Reduction Act.
“Powered by the IRA, the president’s agenda has helped drive a massive boom that is touching every corner of the country,” Yellen will say at an event in Las Vegas, according to excerpts from her prepared remarks that the Treasury Department released on Monday morning.
“Since January 2021, companies have committed over $500 billion in manufacturing and clean energy investments,” she will add. “The explosion in U.S. factory construction is a uniquely American story: one that we do not see replicated in other peer countries.”
The one-year anniversary of President Joe Biden signing the IRA into law is coming this Wednesday. The Democrats’ big economic package — which no Republicans voted for — is aimed at addressing climate
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change, capping drug
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costs and raising hundreds of billions of dollars through taxes on corporations.
From MarketWatch’s archives (Aug. 16, 2022): Biden has signed the Inflation Reduction Act. Here’s MarketWatch’s rundown of how it will affect your energy bills, investments and drug costs.
Yellen is slated to speak at 4:40 p.m. Eastern at an International Brotherhood of Electrical Workers facility in Las Vegas. She plans to talk about “how President Biden’s policies have powered a historic economic recovery, and how the Inflation Reduction Act has begun to transform the American economy,” the Treasury Department said.
Republicans have been criticizing Biden’s economic policies ahead as their campaigns for the 2024 presidential election ramp up. Republican National Committee Chair Ronna McDaniel said in a statement last week that families “across the country are struggling to keep up with sky high costs and falling real wages, yet Biden continues to lie and gaslight about the state of his economy. Republicans will continue to provide a clear choice to voters next fall: commonsense over crazy.”
U.S. stocks
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were trading mixed on Monday, as investors assessed worries over China’s property sector that have weighed on global markets.
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