After several months of wrangling among lawmakers, President Joe Biden signed the Inflation Reduction Act into law on Tuesday. It has now emerged that Microsoft Corporation MSFT co-founder Bill Gates played a big role in the legislation seeing the light of day.
Gates’ Long Lobbying: The billionaire had been in touch with Sen. Joe Manchin (D-WV) and other senators regarding the potential of major federal spending on clean energy even before President Biden began his tenure, Bloomberg reported.
Gates, therefore, was reportedly confident in Manchin coming around, and pressed the case till the very end.
Apart from the tech entrepreneur, an “ad-hoc” group of quiet Manchin influencers also sprang into action even as there was an impasse on the climate bill, Bloomberg indicated.
Economists from the University of Chicago and the Wharton School of the University of Pennsylvania and a former Treasury Secretary were all roped in by these influencers to convince Manchin that the bill will help reduce the deficit, the report added. While being slightly deflationary, it would spur investment and growth, they reportedly suggested.
Pep Talk To Schumer: The report noted that Gates had to give pep talks to Senate Majority Leader Chuck Schumer, who was vested with the job of holding together the votes of Democrats. While Schumer suggested he has shown “infinite patience,” Gates reportedly said, “You’re right. And all you need to do is show infinite plus one patience.”
Incidentally, Gates wrote an op-ed in the New York Times in early August, calling for the enactment of the bill. Later, when the Senate and House passed the bill, he took to Twitter to laud the Congressional approval as nothing sort of extraordinary.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.