December 2022 / United States

The White House released the first edition of a new resource titled Building a Clean Energy Economy: A Guidebook to the Inflation Reduction Act’s Investments in Clean Energy and Climate Action, which provides clear descriptions of the law’s tax incentives and funding programs to build a clean energy economy, lower energy costs, tackle climate change, and reduce harmful pollution. The Guidebook will help state, local, territorial, and Tribal leaders, the private sector, non-profit organizations, homeowners, and communities better understand how they can benefit from these investments and unlock the full potential of the law. The Guidebook walks through the law program-by-program and provides background on each program’s purpose, eligibility requirements, period of availability, and other key details.

In a letter at the beginning of the Guidebook, John Podesta, President Biden’s Senior Advisor for Clean Energy Innovation and Implementation, said:

“When President Biden signed the Inflation Reduction Act into law in August 2022, he said the new law ‘is not just about today, it’s about tomorrow. It’s about delivering progress and prosperity to American families.’ The Inflation Reduction Act makes a historic commitment to build a new clean energy economy, powered by American innovators, American workers, and American manufacturers, that will create good-paying, union jobs and cut the pollution that is fueling the climate crisis and driving environmental injustice.”

The Inflation Reduction Act Guidebook follows the successful model of the Bipartisan Infrastructure Law Guidebook and creates a roadmap for the clean energy and climate funding available under the law at the program level.

Since President Biden signed the Inflation Reduction Act four months ago, his administration has been working quickly to design, develop, and implement its programs. This Guidebook provides information on current and prospective clean energy and climate programs.

The Inflation Reduction Act builds on the foundational climate and clean energy investments in President Biden’s Bipartisan Infrastructure Law. Through his historic legislative accomplishments, along with key executive actions and international leadership, the Administration is delivering on the President’s ambitious climate agenda centered on workers, families, and communities. President Biden has made transparent communication and open engagement top priorities as a means to ensure successful implementation and to fully unlock the unprecedented benefits of the law. This Guidebook is critical step toward delivering on that vision.

To view the Guidebook in full, click here.

The Acting Director of the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department Himamauli Das delivered remarks to the American Bankers Association (ABA) Financial Crimes Enforcement Conference on 6 December 2022, addressing additional rule making beyond the initial reporting requirement issued by the US Treasury in September.

Director Das stated that the new rule on beneficial ownership reporting implemented by the US Treasury as part of the Corporate Transparency Act (CTA) was only the first of three rulemakings required by the CTA.

According to Director Das, the second rulemaking is referred to as the "access rule" and will lay out protocols for access to a beneficial ownership databased by law enforcement at the federal, state, local and tribal levels as well as financial institutions.

Additionally, Director Das mentioned the third rulemaking in which the CTA requires a revision of the Customer Due Diligence (CDD) rule in order for it to be in conformity with the CTA. Those revisions must be completed no later that one year after the effective date of the reporting rule. The effective date for the reporting rule was 1 January 2024.

Note: The Treasury established FinCEN in 1990 to provide a government-wide multisource financial intelligence and analysis network. The organization's mission is to enhance US national security, deter and detect criminal activity, and safeguard financial systems from abuse by promoting transparency in the US and international financial systems.

The past year undoubtedly brought its share of daunting challenges—from Putin’s brutal war in Ukraine, to devastating hurricanes along the Atlantic Coast and fires in the West, to stubbornly high inflation around the globe.

Yet, 2022 also yielded remarkable progress for the American people. Under President Biden’s leadership, the economy continued its historic run, creating more than 10.5 million jobs since President Biden took office. Inflation has shown signs of moderating. Thanks to the landmark American Rescue Plan, we’ve continued to deploy $122 billion in funding to enable schools to hire teachers, combat pandemic-related learning loss, and support students’ mental health. We expanded and strengthened the Affordable Care Act, making it possible for four out five people who sign up for health insurance through the Affordable Care Act to find health care coverage for $10 a month or less and helping to drive the uninsured rate to 8 percent—the lowest ever.

It was a year of historic accomplishments. President Biden signed the landmark Inflation Reduction Act, making unprecedented investments in clean energy, finally allowing Medicare to negotiate drug prices, setting a $2,000 cap on out-of-pocket pharmacy costs, capping insulin in Medicare at $35 per prescription per month, and requiring rebates when drug prices increase faster than inflation. The President brought together Democrats and Republicans to pass the most significant gun safety legislation in nearly 30 years, securing hundreds of millions in funding to prevent, interrupt, and reduce gun crime, including unprecedented investments in community-led crime prevention and intervention. President Biden also signed into law the PACT Act, expanding access to health care and benefits related to toxic exposures for veterans and their survivors, as well as the CHIPS and Science Act to boost American manufacturing, strengthen supply chains, and create jobs.

There was the reauthorization of the Violence Against Women Act. The announcement of up to $20,000 in debt relief for Pell Grant recipients and $10,000 for other borrowers whose incomes were under $125,000, a move that could help more than 40 million borrowers. The Electoral Count Reform and Presidential Transition Improvement Act to better protect our democracy. Capping off the year, thousands of Americans gathered on the White House South Lawn to celebrate as President Biden signed the Respect for Marriage Act into law—a vital step forward for an Administration that has done more to advance LGBTQI+ equality than any before it.

It’s an impressive list by any measure. But, that’s only the tip of the iceberg. For every high-profile bill signing on the South Lawn, there have been dozens of other highly impactful executive actions, agency regulations, and notable initiatives centered on delivering opportunity for the American people. As we close out a remarkably productive year, here are 12 Biden-Harris Administration achievements you might have missed over the past 12 months:

1. Continued implementing a historic Day 1 Executive Order advancing equity and racial justice across the entire federal government. This included releasing 90 agency equity action plans, containing over 300 commitments on issues ranging from maternal mortality to language access to environmental justice.
2. Signed a historic executive order to advance safe, effective, and accountable community policing to build public trust and strengthen public safety by requiring federal law enforcement agencies to ban chokeholds, adopt stricter use-of-force policies, greatly restrict no-knock warrants, implement body-worn cameras, provide de-escalation and anti-racial profiling training, establish a national database of officer misconduct records, restrict military equipment transfers, and more. The order also directed federal agencies to provide training, technical assistance, and funding to support state and local law enforcement agencies in adopting the same measures.
3. Made progress on the President’s goal of increasing the share of federal contracting dollars awarded to small disadvantaged business (SDBs) by 50 percent by 2025. In 2021, the Administration awarded a record level of contracting dollars to SDBs, with 2022 expected to set a new record.
4. Hosted the first White House Conference on Hunger, Nutrition, and Health in more than 50 years and released a National Strategy to end hunger and reduce diet-related diseases by 2030. Over $8 billion in new private- and public-sector commitments were announced at the White House Conference.
5. Launched the Rural Partners Network in 36 communities in 11 states and territories, advancing a whole-of-government initiative—led by the Department of Agriculture and supported by more than 20 federal agencies and regional commissions—that places full-time federal staff on the ground to help local leaders navigate and access federal resources.
6. Made historic investments in Tribal Nations, including more than $32 billion in the American Rescue Plan, $13 billion in the Bipartisan Infrastructure Law, and over $700 million in the Inflation Reduction Act specifically for Tribal Nations and Native communities. In addition, the Administration secured—for the first time in history— advance appropriations for the Indian Health Service, which will ensure a more predictable funding stream and improve health outcomes across Indian Country.
7. Hosted a historic United We Stand Summit to combat hate-fueled violence, and announced a host of new federal and nonfederal deliverables, including the launch of the White House Initiative on Hate-Motivated Violence, the creation of an online clearinghouse of prevention resources, and over $1 billion in philanthropic commitments for unity-building activities.
8. Addressed our failed approach to marijuana by pardoning all federal and D.C. simple marijuana possession offenses, urging governors to pardon state and local offenses, and starting the administrative process of the Departments of Justice and Health and Human Services reviewing how marijuana is scheduled.
9. Launched a whole-of-government mental health strategy to address our nation’s mental health crisis and transform how we understand, access, and treat mental health in America, including the transition to the nationwide 988 suicide and crisis Lifeline. This includes increasing funding to community mental health organizations, school districts, and institutions of higher education to increase the number of school-based and community mental health professionals.
10. Strengthened Deferred Action for Childhood Arrivals (DACA) by defending DACA in court against ongoing attacks, issuing a Presidential Memorandum to preserve and fortify DACA, and releasing a final rule codifying the 2012 DACA policy.
11. Reunified and provided support services to more than 570 families who were separated under the previous administration’s “zero-tolerance” policy. Of the children who remained separated when President Biden took office, more than 70 percent of their families have been contacted and offered the opportunity to reunify.
12. Proposed rules to ban menthol cigarettes and flavored cigars, which is projected to save as many as 654,000 lives, including up to 238,000 Black Americans.

Across the board, the Biden-Harris Year Two record is a record of results for the American people. It’s a record of taking on some of our nation’s toughest challenges and delivering. That’s the spirit that drove our Administration to success during 2022, and it’s the spirit we’re carrying with us into 2023. Stay tuned.

Source: The White House