Build Back Better Act

Floor Speech

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Mr. SCHRADER. Madam Speaker, I rise today in complete support of H.R. 5376, the Inflation Reduction Act.

During my time in Congress, I have dedicated my service to improving our healthcare system and working to lower the cost of prescription drugs. I am ecstatic that the bill before us today includes my and Representative Peters drug price reduction framework that will finally rein in the cost of prescription drugs for our seniors and protect pharmaceutical innovation, contrary to what the other side will tell you.

The Medicare drug cost reductions will be transformative. The bill will allow Medicare to finally negotiate drug prices and the practice of raising prices in the Medicare program beyond the rising inflation and provide lasting financial relief to our most vulnerable seniors by establishing a $2,000 out-of-pocket maximum for spending on prescription drugs.

The prescription drug cost portions of this bill will also preserve scientific creativity and the innovation ecosystem that has been essential to the domestic job-preserving development of life changing and lifesaving treatments and cures.

And the close to $300 billion in deficit reduction from this portion of the bill will be huge for the overall viability of our troubled Medicare system going forward. This will be the biggest improvement to Medicare since the inception of part D almost 20 years ago. I am proud to have been a leading advocate to deliver relief on the high cost of prescription drugs.

Madam Speaker, I thank my colleagues in both Chambers who worked with me directly to get this across the finish line.

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