Member of Congress
Chuck Grassley
- Role
- Current Senator
- State
- IA
- Party
- Republican
- Leadership
- President Pro Tempore of the Senate
Speeches
PLEDGE OF ALLEGIANCE2020-03-22
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I ask unanimous consent to speak for 1 minute in morning business.
CORONAVIRUS2020-03-22
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I bet all of our fellow Senators have been hearing from businesses, hospitals, nursing homes, and local civic business and political leaders about the issues they are facing right now due to the coronavirus health crisis. Likewise, I have been talking to family and friends back home in Iowa. I find that they are banding together to support one another. In times of strife, Iowans can count on each other. We have to give special attention to the hard work of our medical professionals and first responders. They are under immense pressure and going above and beyond to serve their communities. I believe they are doing God's work, keeping the American people safe and healthy. So I thank our medical professionals and first responders for their dedication to their communities and send my encouragement to keep up their essential work in the days and weeks ahead, as we see ourselves through this virus pandemic we are in. I yield the floor. I suggest the absence of a quorum.
MIDDLE CLASS HEALTH BENEFITS TAX REPEAL ACT OF 2019--Motion to Proceed--Resumed2020-03-22
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. GRASSLEY. Mr. President, in more than 48 hours of negotiations, there has been a lot of progress made in the subjects that are within the jurisdiction of the Finance Committee, which I chair. The results of these negotiations have led to decisions that will be in legislation we hope to vote on tomorrow that would make sure that checks go from the Federal Government to individuals--all individuals-- $1,200 for individuals, $2,400 for married couples, and $500 for each child. Those would go to people who need it--people with no income and people with up to $75,000 a year in income or a married couple with $150,000 per year income, with a phaseout to make sure that no very wealthy people or even higher income or middle-income people benefit from it. We are trying to help those who need the most help, and there wasn't disagreement from the other side that we ought to mail checks out to people. This would give Americans the cash they need to provide for their families and to weather the storm. This isn't the first time we have done this. We did it in 2008, when we had the start of the great recession. We also provided for liquidity for small businesses and larger businesses by delaying some taxes being paid so that perhaps these people who, right now, are thinking should they lay off their workforce or keep their workforce in place, being productive--to enable them to do that. We also made a very big effort from both the Republican and Democratic sides to very much enhance unemployment with an additional $600 per week for people who are unemployed, plus a lot of people who don't qualify for unemployment now would qualify for unemployment insurance for over at least the next 3 months, with an understanding that if this thing doesn't turn around in the next 3 months, getting people back to work, getting the economy up and running--with all of this stuff we are talking about, we are probably going to have to do more. But right now, the unemployment rolls are going up by the hundreds of thousands each day, and we have a vote tonight that can give these people some assurances. And somehow that is not a catastrophic situation that we should respond to? I don't know what people on the other side of the aisle are thinking about, particularly for the unemployed and particularly for those who don't have checks. What are we going to do for them? This package that came out of the Finance Committee will not solve all the problems, but, as the leader said, there are four or five other task forces that are doing things to make sure that small businesses can qualify for loans if they will keep their people employed. So I don't understand this vote at all, particularly considering the good working relationship that I had with Democrats working with me on these things as well. I yield the floor. Recognition of the Minority Leader
PLEDGE OF ALLEGIANCE2020-03-21
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I ask unanimous consent to speak in morning business for 1 minute.
SENATE LEGISLATIVE AGENDA2020-03-21
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I am leading negotiations on tax and healthcare issues as part of the third phase of economic relief to help workers, families, and small businesses. We have been working through tough issues, and we must do it in short order. The American people need Congress to put partisan politics aside and provide them relief as quickly as possible to get the economy turned around, and we must demand this of ourselves as well. Our multifaceted approach includes recovery checks to Americans, enhanced unemployment insurance, and much needed resources for our healthcare system. This is just one piece of the Senate's comprehensive package; in other words, there are a lot of other Senators who are working in separate arenas to accomplish in that area what I am trying to accomplish through the Finance Committee. I hope that Democrats and my colleagues in the House of Representatives will work with us to pass our relief package as quickly as possible. This requires all hands on deck. From what I just said, you might draw the conclusion that fighting this virus pandemic is going to be just a role for the Congress of the United States, as important as that role is, but also, as you read how people are responding, we have to thank a lot of private large and small businesses that we read about that are stepping into this abyss that we call the pandemic. While we are wringing our hands--and we all ought to be wringing our hands--you read about manufacturing plants of different varieties all over the country converting production to badly needed hospital supplies and testing supplies. You not only read that in the United States of America but you also read about President Macron of France saying that we are in a war-like environment--all joining together to produce these badly needed hospital supplies and testing supplies. You read about the German Chancellor calling unemployed people out to help with harvest because workers who normally come in can't cross borders there. So we here in Washington might think the only reaction to the pandemic we are in is only something we can do in Congress, as important as that is, but it is also very important that we recognize that there are a lot of people out there in our private sector doing what entrepreneurs normally do--coming to the rescue--and they need to be thanked and recognized as well. I yield the floor. I suggest the absence of a quorum.
APPOINTMENT OF ACTING PRESIDENT PRO TEMPORE2020-03-20
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I ask unanimous consent to speak in morning business for 3 minutes.
CORONAVIRUS2020-03-20
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, on September 11, America was attacked by evil. Thousands of our countrymen were murdered by terrorists. In an instant, the Nation was gripped with fear and anxiety. And as our buildings burned, we mourned the loss of our fellow Americans, but as we mourned, we also became very united as a country. We came together and stood as one against a common enemy. That unity laid a foundation for our victory, and it helped our military men and women deliver justice to those who sought to destroy us. Now, we confront a similar challenge. Unlike the 9/11 attacks, our enemy today is faceless. We can't see or hear that enemy. We can't send our Armed Forces to hunt it down and protect us, but much like our response to the terrorist attacks nearly 20 years ago, we must unite as a country. The threat we face is perhaps the greatest since World War II. So much like our response to the terrorist attacks 20 years ago, we will be united. Never before have we shuttered so much of our country: businesses closing, restaurants particularly, all kinds of--just stay at home, in other words. Never before has our society changed so much, seemingly overnight. The coronavirus issue could prove as deadly as any war in recent history, and that is why it is everyone's responsibility to do their part. In Congress, we have already passed legislation to provide emergency relief, and our job isn't done yet. Further, unprecedented economic and public health support is on the way, but what we do in Washington and State capitols across our country is only one part of that solution. It is the civic duty of every community, every family, and every individual to enlist in this fight. Make no mistake, our Nation is at war--a war on our own soil. This war and this enemy aren't like anything that we fought before. Our strategy and tactics will be different, but the stakes are just as high. This war will not be waged on foreign lands with tanks or guns or troops. It will be waged right here in hospitals and public places and in homes and with personal responsibility, personal sacrifice, and patience on the part of our people. It is on every American to exercise these values: Do not gather in large groups. Don't hoard crucial goods. Keep your distance from those you must be near. Protect yourself and others by washing your hands, covering your cough and sneeze, and cleaning commonly used surfaces. Work from home if you can. Check on your neighbors. Call your relatives. Offer to help each other, especially the most vulnerable. We are all in this together. Much as we did before, we must shed party labels and put aside partisan politics. We must band together and hold on to our national identity, our families, and, most importantly, our faith. Throughout history, Americans have risen to the occasion when confronted with crises. I am confident this time will be no different. It is up to each and every American to fight the spread of this deadly virus. Countless lives depend on it. The days and months ahead will be tough for everyone. But just like post-World War II, a safer, a healthier, and a more prosperous United States of America is just around the corner I yield the floor.
CORONAVIRUS2020-03-19
Mr. GRASSLEY
Mr. GRASSLEY. Madam President, much has been said on the Senate floor these past few days regarding our Nation's response to the coronavirus. But this morning, after our prayer to the Lord and after the pledge to our Nation's flag, I want to take this opportunity to send Iowans' and our Nation's parents my commendation because schools are closing, and as these schools close, the work of a parent or grandparent is more important than ever. I know many children are scared or don't understand why they can't play with their friends, and this puts an extra burden on their parents on top of all of the other challenges that these families have. Those of you who are parents are raising America's future, and I want to recognize the importance of what you do every day. I yield the floor.
PROVIDING EMERGENCY ASSISTANCE AND HEALTH CARE RESPONSE FOR INDIVIDUALS, FAMILIES, AND BUSINESSES AFFECTED BY THE 2020 CORONAVIRUS PANDEMIC2020-03-19
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, all 100 Senators are hearing from our constituents about the urgency of our acting. If we aren't hearing about the urgency of our acting, we are hearing about the questions they have about the future economy, as they read about businesses being in trouble, restaurants shutting down, and schools closing. All of these decisions that have brought doubt to the minds of our constituents have been caused by governmental action as a result of the virus pandemic, the world health pandemic, that has been expressed. We have to respond to that, and I think the leader has said how urgently he takes the response that our constituents expect from us and that we have a responsibility for taking action. This is an urgent time for us. As Americans continue to do their part to curb the spread of coronavirus and the pandemic that it has been called, we are doing our part here in the Senate to support Americans, and that includes their families and their jobs. Congress passed two bills quickly to step up the government's ability to combat the virus and to provide greater security for families whose incomes have been disrupted by containment efforts. Those two bills-- one signed just last night by the President--were very bipartisan in these efforts. We need to continue that bipartisanship. We are now working, as the leader just introduced, on a bold and comprehensive effort to provide additional relief to Americans and our economy in this challenging time, to respond to the anxiety that the American people have that I previously said was caused by government-- and not just the Federal Government but State governments maybe in 50 different ways because of 50 different States and by many local governments in different ways, as they felt they needed to take action. I have already referred to shutting down restaurants, schools closing, et cetera. That speaks to how it affects the individuals we are trying to help. I am chairman of the Finance Committee, as my colleagues know. I have been working with my colleagues around the clock to find opportunities in the Tax Code to reduce stress on American taxpayers and the businesses that create the jobs and the businesses that are probably closed now and their workers laid off. Our small group of colleagues is working to help the American taxpayers and the businesses so that jobs continue. We first adopted a do-no-harm approach. We want to ensure that routine government processes don't add to the strain that everybody has out there. We do this by issuing recovery assistance to American families in the form of checks that can go out the door in short order. These direct payments could be as much as $1,200 for individuals, $2,400 for couples, with additional assistance to families. Obviously, the purpose of this is to provide immediate relief to folks who are facing cash flow problems in their families as they stay home to stop the spread of this virus. To avoid in-person meetings with tax preparers in the midst of the pandemic, we are extending the tax filing deadline from April 15 to July 15, and of course we all know that the administration has already deferred collection of taxes until July or later. So this will help families defer filing costs and avoid meetings that could put folks at risk at this time of--who knows how far the effect of this virus is going to be. The deadline for quarterly estimated tax payments will also be postponed for 180 days. We encourage those able to lend a financial hand by providing additional deductions for charitable giving. This includes suspending the deduction limitation for cash donations by individuals and easing the limitation on donations of cash and food inventories by businesses. Additionally, for those who do not itemize, a new deduction will be available for everyone who gives, regardless of how you file your taxes. American businesses, as we know, are the engine of our economy, and we stand ready to help them as well. American business men and women are our job providers, and we need to make sure that they can keep their doors open--or if those doors are closed today, to reopen them-- and that the payrolls they have going out to those individual workers and families across the Nation can be maintained. Our proposal includes items to improve cash flow and liquidity for businesses of all sizes. Businesses, including the self-employed, will be able to defer their quarterly tax estimates 180 days and their employer Social Security tax payments through 2020. We are going to increase the limit on interest deductibility. We will speed up the recovery of the alternative minimum tax credits. We will relax limitations on how companies use losses from previous years to reduce their tax burdens. These are just some of the many provisions in our proposal to unburden businesses, particularly those that have liquidity problems, so that they can keep employing those who are home with their families and helping to prevent the spread of the virus. I hope nobody tries to tell me or the rest of us that we are bailing out business. We are in the job of preserving jobs. If those jobs have been lost in the last 10 days because of this slowdown of the economy-- almost a shutdown of the economy--then we want those jobs to be brought back. Workers are unemployed because of government's decisions--not the employer's decision, not the employee's lack of hard work, but because Federal, State, and local governments have stopped interaction among people so that we don't spread this virus, and it is because of what the World Health Organization has labeled a world health pandemic. We don't see it as bad now as we do in Italy and other countries in Europe. We hope we don't see it as bad as they have, but we just don't know, and because we don't know, people have this anxiety. They don't know about the future, and we ought to give some help to the future. I described to you some of the things the Finance Committee is working on. I have also joined Senator Alexander and others to assist healthcare workers and patients. This portion of the package includes several Finance Committee provisions to help everyone fight the pandemic. For example, we are adding additional flexibility to the health savings accounts, bolstering telehealth services, and boosting Medicare payments to healthcare providers. We can contain this deadly virus without destroying livelihoods or the Nation's economy, but right now, our constituents have doubt about that, and this proposal the leader has put forth is to try to quiet some of that anxiety. These recommendations take bold steps to curb the economic fallout as we work as a country to contain this pandemic. These proposals won't be the end of the congressional response to the coronavirus. I think we made clear that this is the third effort--two already signed by the President of the United States--and there will probably be more. When people want more than what is maybe here, there are going to be plenty of opportunities for more. I wish I could say we know by a certain date that this anxiety is going to go away and we know this pandemic has slowed down enough that we can go back to work and start interacting with our friends and family to the same extent we always have and open up the restaurants. I stand ready to continue identifying targeted relief as necessary to help bridge the gap beyond this bill, but we need to take this next step and do it quickly. I want to thank Leader McConnell for convening our task forces to quickly provide meaningful relief to families, individuals, and all sectors of the economy. The people I have been working with that I thank are Senators John Thune, Rob Portman, Pat Toomey, Tim Scott, Tom Cotton, and Mitt Romney for working with me on this package. Some of those Members are hard- working Members of the Finance Committee, and some aren't on the committee because we wanted as broad an opinion as we could get. I know our staffs work literally around the clock, so I want to recognize their efforts as well. So many Americans are working day and night to provide essential services and efforts to combat this outbreak. We in Congress must be prepared to do the same, and that is why you heard the leader a little while ago saying that we are going to stay in until we get this job done. We ought to applaud that type of leadership. It is a commitment to keep the Senate open until we have done our part, and I look forward to working with Democrats and the administration to get this job done without delay. So maybe, if we work hard Friday, Saturday, and Sunday, we can get a bill to the President next week. Nobody should be going home until we have delivered this needed relief. We often spoke in World War II about the United States being the arsenal of democracy. I still remember--I was only 9 years old-- December 7, 1941. And then I remember studying history and how we ramped up production for the war effort. Can we ramp up production of the respirators, protective gear, and testing kits we need? Can we do it on the same scale we did in World War II--a scale that can help us overcome this crisis? I suppose you all remember the cry of ``Remember Pearl Harbor'' to help us pull the country together to win that war. Can we think of ``Remember coronavirus'' as an effort to pull this country together? Because in those times, I remember we all pulled together to--let's say, just one example--we all prided ourselves in planning what we called victory gardens. We did it in unison, as we sought to defeat the Axis powers. Can we pull together in the same way to slow the spread of COVID-19 until our healthcare system catches up with something we never anticipated, never could plan for? I think this is a test of America's character, just like it was a test of our character in World War II to pull together. I yield the floor.
CORONAVIRUS2020-03-18
Mr. GRASSLEY
Mr. GRASSLEY. Madam President, the Trump administration wants the U.S.-Mexico-Canada agreement to enter into force by June 1. I am eager, as well, for that to happen, but we must first ensure that Canada and Mexico are complying with their commitments under that agreement. I am especially concerned that the June 1 date presents unique challenges for the U.S. oil industry, when it is already facing significant supply chain disruptions due to COVID-19. As we learned in 2009, the health of the auto industry is critical to the health of the entire American economy. I urge the administration to take very seriously the concerns expressed by the highest level of the auto industry to ensure a reasonable timeline for entry into force of the U.S.-Mexico-Canada agreement auto regulations. It would be prudent right now to let these companies focus instead on the health of their workforce and supply chains I yield the floor. I suggest the absence of a quorum.
PLEDGE OF ALLEGIANCE2020-03-18
Mr. GRASSLEY
Mr. GRASSLEY. Madam President, I ask unanimous consent to speak in morning business for 1 minute.
PLEDGE OF ALLEGIANCE2020-03-17
Mr. GRASSLEY
Mr. GRASSLEY. Madam President, I ask unanimous consent to address the Senate for 1 minute in morning business.
CORONAVIRUS2020-03-17
Mr. GRASSLEY
Mr. GRASSLEY. Madam President, as the coronavirus spreads, U.S. Federal health and intelligence agencies are working hard to protect the public. It is critical that their hard work not go to waste. Federal health agencies must have access to all intelligence community information that could help combat this pandemic. To help with that access, the intelligence community must guard against overclassifying information. In situations like this, information is power. Our Federal health and intelligence agencies are the best in the world. Let's show the world that America can stop the spread of this virus. My tweet for the morning is this: 2day at 948AM we just received the bill from the House the ``Families First Coronavirus Response Act'' What business do democrats hv blaming McConnell all wknd for not calling a vote when we can't do anything until the House sends it over? They know better Stop the politics! This is in response to 172 calls my office got yesterday wondering why we have not voted on this important bill. So it is important for me to remind everybody that the Senate can't pass this bill or even debate this bill until the House sends it over. We have now received it, and I assume we will soon do that. I yield the floor.
PLEDGE OF ALLEGIANCE2020-03-16
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I ask unanimous consent to speak in morning business for 1 minute.
CORONAVIRUS2020-03-16
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, on Friday, President Trump declared a national emergency concerning the novel coronavirus disease outbreak. This proclamation frees up additional resources to further efforts to contain and combat the virus. Over the weekend, my Governor of Iowa, Kim Reynolds, confirmed Iowa's first case of community-spread COVID-19, which was in Dallas County, Iowa. It is very important to continue to take commonsense precautions. Stay home if you are sick, wash your hands, avoid large gatherings, and heed the advice of health officials. Extra caution now will save lives later. I yield the floor. I suggest the absence of a quorum.
American Energy Innovation Act (Executive Session)2020-03-12
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, last week, I introduced an amendment to the American Energy Innovation Act. My amendment addresses a critical shortcoming with whistleblower protections currently available to power sector employees and those who are responsible for maintaining and securing our Nation's electric grid. For those who are unfamiliar, the electric grid is managed by a patchwork of public and private entities. Unfortunately, that means patchy coverage for energy sector employees under our current whistleblower protection laws. Federal workers are covered under the Whistleblower Protection Act, but other workers have to rely on State and local laws for protection if they exist. For many on the frontlines, these whistleblower protection laws don't exist. Just last year, according to a news report, power company employees raised concerns about equipment introduced to improve efficiency that they believed posed a threat to starting wildfires. I hope we all remember the fires in California--I think 1 and 2 years ago or 2 and 3 years ago--with terrible destruction, terrible loss of life. Eighty-five people in California, I think, lost their lives because of that type of fire. One of these employees raised his concern about the threat of this equipment starting wildfires. It was reported that he was fired for simply blowing the whistle. If it turns out the employee was fired for blowing the whistle in the interest of public safety, that should be unacceptable to all of us. As a country, we should be encouraging whistleblowers who know of threats to the security of our electric grid to come forward and report what they know. We owe it to them to ensure that when they do, they will be protected--in other words, not lose their job. Isn't that common sense? That is exactly what my amendment does. My amendment makes it clear that power sector employees who report threats to our electric grid are protected from retaliation; if they are fired, they can file a complaint with the U.S. Secretary of Labor. In that regard, this amendment brings whistleblower protections for energy sector employees in line with more than a dozen other whistleblower laws established by the Congress in recent years. I have been involved in a lot of those whistleblower protection laws. Next week is Sunshine Week--a time when we celebrate the importance of transparency and accountability in government. With transparency, you get accountability, and the public's business ought to be public. The protection of our citizens from forest fires that are a result of bad equipment that electric companies are using--if you report unsafe conditions, you shouldn't be fired for it. When we think about securing our electric grid, sunlight and transparency bring accountability, but they also bring attention to potential risks to our public safety and to our national security. They can potentially save lives. That is something I am certain we can all get behind and should be behind. I am very thankful to Senator Markey for cosponsoring the amendment and for his support of this amendment. I strongly encourage all of my colleagues to support this amendment as well. I yield the floor. I suggest the absence of a quorum.
PLEDGE OF ALLEGIANCE2020-03-12
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I ask unanimous consent to speak in morning business for 1 minute.
CORONAVIRUS2020-03-12
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, Iowa has had 14 presumptive positive cases of COVID-19. My staff and I remain in constant communication with Federal agencies to ensure that the Federal Government is properly managing emergency threats to the public health. I am also in regular touch with the Iowa Department of Public Health, which is meeting daily with its partners to share information with all Iowans. While each day brings updates regarding COVID-19, what remains constant are the prevention efforts that we have all heard about, and just to name a couple: washing your hands often and covering your cough. To find further updates and guidance about the COVID-19, please visit my website at grassley.senate.gov.
REMEMBERING BIJAN GHAISAR2020-03-12
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, on another matter, in November of 2017, Bijan Ghaisar was shot and killed by two U.S. Park Police officers. That person was unarmed and in his vehicle. The National Park Service oversees the U.S. Park Police and still hasn't responded to a letter that Senator Warner of Virginia and I wrote to the Park Service last November. Now, we all know that Park Service officials are very concerned about the cherry blossom season. They just had a press conference to announce the peak dates of this year's cherry blossom season. Acting Director Vela needs to take his agency's obligations to respond to Senator Warner's and my letter and other inquiries from Congress as seriously as he takes the weather updates. I yield the floor.
PLEDGE OF ALLEGIANCE2020-03-11
Mr. GRASSLEY
Mr. GRASSLEY. Madam President, I ask unanimous consent to speak for 1 minute in morning business.
LITHUANIA2020-03-11
Mr. GRASSLEY
Mr. GRASSLEY. Madam President, 30 years ago today, the freely elected Parliament of Lithuania declared the restoration of that country's independence. Lithuania's brave actions began the breakup of the Soviet Union, something all freedom-loving Americans ought to be celebrating. The modern Republic of Lithuania is 102 years old as of last month, and the United States has maintained continuous diplomatic relations with Lithuania since 1992--in other words, since the period of time that the Soviet Union had jurisdiction over it. In these last 30 years, since the return of freedom, we have seen the partnership between our two countries become stronger than ever. Lithuania is a close U.S. ally, a beacon of Western values, and very much on the frontlines of freedom. I thank Lithuania for its friendship, for its important contributions to our North Atlantic Treaty Organization alliance, and for its vocal defense of our shared values. I yield the floor. I suggest the absence of a quorum.
CORONAVIRUS2020-03-11
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. GRASSLEY. Mr. President, I ask unanimous consent for me, Senator Collins, and Senator Cassidy to have a colloquy.
PRESCRIPTION DRUG COSTS2020-03-11
Mr. GRASSLEY
Mr. GRASSLEY. Mr. President, as most of my colleagues know, I hold a meeting in each of Iowa's 99 counties every year for Q&A with my constituents. Over the last couple of years, without fail, Iowans have brought up the skyrocketing prices of prescription drugs. People all over my State, including farmers, factory workers, and especially senior citizens, have raised the concern that pharmacy bills have been ballooning. I will say, Iowans are always interested in hearing about solutions, and they are looking for solutions on this issue from Congress, but not a single one of these people who bring this issue up cares about the partisan politics of the issue. Iowans just want Congress to act. This is my 40th year of taking questions in our 99 counties--although, as of now, only 14. Rarely have I heard so much unanimity when it comes to this issue, but on prescription drug prices, it is unanimous. Republicans, Democrats, and Independents alike all want us to take action, and the data, both polling and otherwise, bears out our constituents' concerns. As I highlighted last week, right here in this position on the Senate floor, a new study shows that pharmaceutical prices have increased 3\1/ 2\ times the rate of inflation in recent years. People are paying more than double what they paid in the year 2007 for drugs treating conditions from MS to diabetes and everything in between. The lack of transparency and the enormous subsidy incentives are driving these price hikes--perverse incentives that we have in law. If they were not intended to be perverse, they are incentives people have found out how to benefit from. This is because the government's spigot is all the way open for the big pharmaceutical companies or--how we say it around here--Big Pharma. Of course, when this happens, taxpayers get ripped off. It happens because we pay a lot of money--I think about $138 billion--for Medicare and Medicaid. We pay at least that much. So, when you have 5- to 10- percent increases on January 1, you can see willy-nilly, on the judgment of Big Pharma, that taxpayers are paying a heck of a lot more. I know all of my colleagues want to do something about this, and I know the administration wants to do something about it. In fact, let me say to the administration that I have been involved in this as the chairman of this committee since just a year ago January. The administration has given a major speech, and the Secretary of HHS has taken major action going way back to June of 2018. So we all know that our colleagues and our administration know that something needs to be done. We are fortunate that, just yesterday, the White House published five principles that the administration can get behind for reducing prescription drug costs. Our legislation in the Senate fits the bill, or the principles, that were laid out in that op-ed piece. The Prescription Drug Pricing Reduction Act is the name of our legislation, and it addresses those principles. More importantly, it is the only option that can get 60 votes in the U.S. Senate. Many Americans are reading about the coronavirus issue. It scares our constituents. We don't know what kind of drugs might come into the market to help treat the disease. Senator Cassidy, who will soon speak, is an expert on that. He can address those issues for anybody who wants them addressed. Yet, if our bill becomes law, we know that folks who are on Medicare will not face sticker shock at the drugstore counter. Not only is that important in its being a comforting thought in the short term, as we face the coronavirus, but it is important in the long term, when we inevitably encounter another novel outbreak. It took a long time to hammer out the Prescription Drug Pricing Reduction Act. I thank Senator Wyden for sticking it out with me and working in good faith for the benefit of all of our constituents so we could produce a bipartisan bill. His determination as well as the leadership of many of my colleagues, like Senators Cassidy, Collins, and Daines, have further improved the legislation. We have a bill. We have bipartisan support, and we have White House support. We also have the opportunity. The bottom line is, let's act. I thank my colleagues for joining me in this effort. I yield to my colleague Senator Collins.