The Obama administration imposed 75 new major rules in its first 26 months, costing the private sector more than $40 billion, according to a Heritage Foundation study. "No other president has imposed as high a number or cost in a comparable time period," noted the study's author, James Gattuso.Read the rest.
The number of pages in the Federal Register — where all new rules must be published and which serves as proxy of regulatory activity — jumped 18% in 2010.
This July, regulators imposed a total of 379 new rules that will cost more than $9.5 billion, according to an analysis by Sen. John Barrasso, R-Wyo.
And much more is on the way. The Federal Register notes that more than 4,200 regulations are in the pipeline. That doesn't count impending clean air rules from the EPA, new derivative rules, or the FCC's net neutrality rule. Nor does that include recently announced fuel economy mandates or eventual ObamaCare and Dodd-Frank regulations.
But what's good for regulators isn't necessarily good for the private sector, as compliance burdens impose ever-increasing costs on businesses.
"Our economy is continuing to sink," Sen. Barrasso said, "and it's being weighed down by regulations coming out of this administration."
Hat tip: Hot Air
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Someone I work with at my part time job also works full time at Wells Fargo. She told me yesterday because of Dodd Frank, Wells Fargo customers will have to start paying $3 everytime they swipe their debit card. They are already doing it in three states. CA being one, I don't remember what the other two are.
ReplyDeleteEven a business that doesn't need to change it's practices gets hit with the tremendous costs of "compliance".
ReplyDeleteHardly news to anybody that has been around government more than, say, a week, and yet there never seems to be any thought given to what the additional overhead means. Costs to the company, yes, but also that waste of "human capital," eating up hours of (often uncompensated) extra time that employees should be able to spend with their families, rather than processing cubic acres of paperwork.