Secretary of the Treasury Janet L. Yellen delivered remarks in Raleigh, North Carolina, emphasizing the Biden-Harris Administration's economic agenda and the progress made through the Inflation Reduction Act (IRA). Speaking at Wake Tech Community College alongside Governor Cooper, Congresswoman Ross, and Congressman Nickel, Yellen highlighted North Carolina's leadership in clean energy education and its utilization of federal funds for training in electric vehicle industries and advanced building technologies.
Yellen noted that Wake Tech plans to leverage direct pay from the IRA’s clean energy tax credits for major construction projects like EV charging stations and a Central Energy Plant utilizing thermal and solar energy.
Discussing broader national trends, Yellen pointed to a historic economic recovery over the past three and a half years. "Today, the U.S. economy is strong," she stated, citing a 3 percent GDP growth estimate for Q2 and low unemployment rates. However, she acknowledged ongoing challenges with high costs for essential household expenses such as healthcare, housing, and energy.
In response to global oil price spikes following Russia's invasion of Ukraine, Yellen mentioned the release of 180 million barrels from the Strategic Petroleum Reserve and collaboration with international partners to cap Russian oil prices. These actions have helped stabilize global energy markets while maintaining lower gas prices domestically.
Yellen detailed how the IRA aims to reduce energy costs through residential clean energy and home energy efficiency tax credits. She reported that 3.4 million American families claimed $8.4 billion in such credits for tax year 2023. In North Carolina alone, approximately 90,000 families claimed over $160 million in these credits.
Highlighting further benefits of the IRA, Yellen cited savings on electric vehicle purchases amounting to $1.5 billion across more than 250,000 clean vehicles this year. Efforts are also underway to modernize the IRS to facilitate easier access to these credits.
The Secretary emphasized significant private sector investments driven by IRA incentives in manufacturing and clean energy sectors. She referenced Livent’s new lithium hydroxide production facility in Bessemer as an example of expanded U.S. manufacturing capacity influenced by the IRA.
Yellen concluded by warning against efforts to eliminate these credits, arguing it would raise costs for working families and jeopardize investments in manufacturing jobs that benefit communities with lower college graduation rates and median incomes.
"We are already changing the lives of American families," Yellen asserted optimistically about future outcomes from these initiatives.
