General Updates 8/5/2022

Happy Friday! There is not a lot going on in the HR world right now, but we wanted to make sure you were aware of the latest in Congress particularly with midterm elections around the corner.

Last week, Senator Joe Manchin (D-VA) announced an agreement with Senate Majority Leader Charles “Chuck” Schumer (D-NY) on a series of tax and spending proposals. These proposals include a focus on drug pricing, climate, and tax loopholes. You can find a general summary on these various propositions and the proposed legislation here.

What next?
The Senate is in a position to pass the bill this week, but COVID continues to complicate for both sides. Per current CDC guidelines, if a Senator tests positive, they must quarantine for the 5 day isolation period. This requirement has left Democrats at times holding a temporary minority. Additionally, Senator Kristen Sinema (D-AZ) has not yet stated whether she is in support or against the bill. In order for the BBB/Inflation and Reduction Act to pass, Senate Democrats will need all 50 Senators present and Senator Sinema’s vote in favor will be needed to pass the bill.
If the bill does pass this week, the House will come back early next week to pass it. We presume this will happen on Tuesday if everything goes to plan.

The summaries below outline in detail what is in the current proposed legislation. However, the bill still may be changed in either the House or the Senate. We will as always try to keep you in the loop on this legislation as it goes through Congress.

Inflation Reduction Act 2022
Summary: Closing Tax Loopholes in the Inflation Reduction Act of 2022
Inflation Reduction Act One Page Summary
Topline Messages for Senate Prescription Drug Pricing Reforms

Please feel free to reach out to us if you have any questions. Have a wonderful weekend!
Dave and Teresa

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