PHOENIX (Aug. 12, 2022) – Arizona Chamber of Commerce & Industry President and CEO Danny Seiden released the following statement in response to the United States House of Representatives’ passage of the so-called “Inflation Reduction Act”:
“The title of this bill is a misnomer: it will not reduce inflation and it will not make the U.S. economy more competitive. The Arizona Chamber has always contended that more government spending and higher taxes during a time of record inflation is a wrongheaded and imprudent approach. Likewise, we remain opposed to government price controls on pharmaceuticals, which will stunt the research and development of lifesaving new cures and therapies.
“Thankfully, the bill got better over time due to the persistence and diligence of Sen. Kyrsten Sinema, who fought for provisions that will protect advanced manufacturing, spur the production of American-made clean energy, and provide significant drought resiliency funding to promote a water secure future in the West. While we remain opposed to large swaths of this legislation, we appreciate the Senator’s successful efforts to negotiate out previous provisions that would have been even more damaging to Arizona job creators.”
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