Week in Regulation
February 6, 2017
Frozen, not a regulation to be seen. The President’s regulatory freeze took full effect this week, with just two regulations that listed quantified figures, none of which imposed costs. With one rule cutting paperwork by more than 110,000 hours, the cumulative paperwork burden for the week fell by 96,000 hours. The Federal Reserve’s amendment to stress test rules led a slow week. The per capita regulatory burden for 2017 is $428.
- New Proposed Rules: 8
- New Final Rules: 57
- 2017 Total Pages of Regulation: 9,342
- 2017 Final Rules: $27.1 Billion
- 2017 Proposed Rules: $111.5 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) updated safety standards for infant sling carriers. The final rule does not impose new costs, but does add 13,800 paperwork burden hours.
Tracking Regulatory Modernization
The House and Senate have both voted to overturn the Securities and Exchange Commission’s “Resource Extraction” rule and the Department of Interior’s “Stream Protection” measure. If signed, this will eliminate $2.4 billion in costs and 435,000 paperwork burden hours. In addition, the House voted to overturn the Department of Labor’s “Blacklisting” rule and a measure from the Social Security Administration on firearms data. Currently, Congress and the administration have proposed to eliminate more than $5.7 billion in burdens from last-minute Obama-era regulations, along with 2.6 million paperwork burden hours.
Affordable Care Act
Since passage, based on total lifetime costs of the regulations, the Affordable Care Act has imposed costs of $53 billion in final state and private-sector burdens and 176.9 million annual paperwork hours.
The Federal Reserve issued its final rule amending capital plans and stress test rules for banks with more than $50 billion in assets. The measure specifies that certain banks with assets between $50 billion and $250 billion are no longer subject to the Board’s capital plan rules. These smaller institutions are also exempt from the annual “Comprehensive Capital Analysis and Review.” Total paperwork under the rule is cut by more than 110,000 hours.
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 $38.5 billion in direct compliance costs.
Since January 1, the federal government has published $138.6 billion in compliance costs ($27.1 billion in final rules) and has cut 20.7 million paperwork burden hours (due to 24.1 million in reductions from final rules). Click below for the latest Reg Rodeo findings.