Congress Passes Inflation Reduction Act: On Aug. 7, 2022, the Senate approved H.R. 5376, the Inflation Reduction Act of 2022 (the Act), along party lines, with support from 50 Democratic and independent senators and Vice President Kamala Harris casting the tie-breaking vote. The House of Representatives approved the Act on Aug. 12, 2022, also along party lines and President Biden signed the Act into law on August 16, 2022.