WATCH: Homeland Security announces new Inflation Reduction Act investment

Homeland Security Secretary Alejandro Mayorkas and General Services Administration Administrator Robin Carnahan held a news conference Thursday to announce a major investment of funds from the Inflation Reduction Act (IRA).

Watch the briefing in the player above.

The IRA, President Joe Biden’s climate, health and tax package, turned a year old on Wednesday. “We’re investing in all of America — in the heartland, and coast to coast,” Biden said in a celebration at the White House, hailing its impact so far.

While economists say the IRA has done little so far to contribute to falling inflation, it may live up to its name in years to come.