Week in Regulation
October 11, 2013
Shutdown Virtually Wiped Out New Regulations
The second week of the government shutdown virtually wiped out new regulations. The government published only one proposed rule and six final rules. The Comptroller of the Currency released its final version of Basel III capital standards, the lone notable regulation this week.
● New Proposed Rules: 1
● New Final Rules: 6
● 2013 Significant Documents: 498
● 2013 Total Pages of Regulation: 62,292
● 2013 Proposed Rules: $65.5 Billion
● 2013 Final Rules: $20.5 Billion
AAF has catalogued regulations according to their likely 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 tool will help to determine which sectors of the economy receive the highest number of regulatory actions.
Regulation by Industry in 2013
|CFR Title-Industry||Regulations||Cost (in millions)||Hours|
|8-Aliens and Nationality||2||$719||749,669|
|21-Food and Drugs||15||$12,702||11,426,724|
|36-Parks and Forests||2||$1,088||925|
|50-Wildlife and Fisheries||2||$0.8|
Affordable Care Act
There were no health care rulemakings this week. Since passage, based on total lifetime costs of the regulations, the Affordable Care Act has imposed an estimated cost of $23.6 billion in private-sector burdens, approximately $8.5 billion in costs to the states, and 126.8 million annual paperwork hours.
A joint rule by the Comptroller of the Currency and the Federal Reserve implemented Basel III capital standards. According to estimates, the regulation will impose $55 million in costs, $43,000 per institution, and more than 650,000 paperwork burden hours. According to the analysis, “The OCC estimates that 41 small national banks and federal savings associations will need to increase capital by a combined $163.6 million by January 1, 2019.”
Click here to view the total estimated compliance costs from Dodd-Frank; since passage, the legislation has produced more than 60 million paperwork burden hours and imposed $16.3 billion in direct compliance costs. Based on calculations from the Financial Services Roundtable, Dodd-Frank regulations would require 29,849 employees to file federal paperwork.
A Note on Notices
This week, federal agencies published 62 notices. In these notices, agencies typically request new or updated paperwork burdens from the Office of Management and Budget. These notices are generally not final, merely proposals accompanied by a comment period.
Agencies requested 2.7 million paperwork burden hours, the equivalent of forcing 1,372 employees into red tape compliance. The associated costs of these burdens: $162.2 million or $59.13 per hour. Although some of these requests extend current collections without influencing the overall level of paperwork, others impose additional burdens.
There were no new information collection requests. The net change for existing collections was an increase of 314,252 hours. The overall paperwork burden increased by 314,252 hours this week.
Since January 1, the federal government has published $86.1 billion in compliance costs, and 67.3 million annual paperwork burden hours. At the current pace, regulators will publish $112 billion in regulations this year. Click here for our comprehensive database of regulations and rulemakings promulgated in 2013.