Week in Regulation
November 28, 2016
$174 Million in Burdens
This week regulators published $174 million in regulatory burdens, with $159 million in annual costs, and $298 million in benefits; paperwork grew by 33,000 paperwork burden hours. The White House discharged ten regulations, including three economically significant final rules. The White House also received eight new measures, including two significant measures. The per capita regulatory burden for 2016 is $618.
Regulatory Toplines
- New Proposed Rules: 44
- New Final Rules: 85
- 2016 Total Pages of Regulation: 85,400
- 2016 Final Rules: $153.1 Billion
- 2016 Proposed Rules: $47 Billion
The American Action Forum (AAF) has catalogued regulations according to their codification in the Code of Federal Regulations (CFR). The CFR is organized into 50 titles, with each title corresponding to an industry or part of government. This snapshot will help to determine which sectors of the economy receive the highest number of regulatory actions.
The Consumer Product Safety Commission (CPSC) proposed a rule to establish safety standards for portable generators. The proposal estimates prices will rise for generators, leading to roughly $152 million in costs. However, the analysis notes that between 2004 and 2012, there were an average of 73 generator-related deaths and 2,800 nonfatal injuries annually. CPSC estimates the regulations could produce nearly $300 million in annual benefits by reducing fatalities and injuries by one-third.
The Consumer Financial Protection Bureau (CFPB) finalized its 454-page rule governing prepaid accounts. The rule modifies Regulation E and provides for enhanced disclosures, error resolution, and period statements. Costs are minimal at $1.5 million, with more than 10,000 paperwork burden hours.
Tracking Midnight Regulation
This week, OIRA received eight regulations, down from nine last week; all but one was a final rule and two were economically significant. OIRA discharged ten regulations, down from 16 from last week, including three economically significant measures. Notable regulations released last week include:
According to a calculation from the Congressional Research Service, all regulations submitted to Congress or published (whichever is later) after May 30, 2016 will be subject to the Congressional Review Act’s disapproval process next year.
Affordable Care Act
Since passage, based on total lifetime costs of the regulations, the Affordable Care Act has imposed costs of $51.6 billion in final state and private-sector burdens and 172.4 million annual paperwork hours.
Dodd-Frank
Click here to view the total estimated revised costs from Dodd-Frank; since passage, the legislation has produced more than 74.8 million final paperwork burden hours and imposed $36.5 billion in direct compliance costs.
Total Burdens
Since January 1, the federal government has published more than $200 billion in compliance costs ($153.1 billion in final rules) and has imposed 137 million in net paperwork burden hours (109 million from final rules). Click below for the latest Reg Rodeo findings.
