Week in Regulation
August 23, 2013
The Week in Regulation: August 19-23
Regulators added $2.2 billion in costs, 1.3 million burden hours, and $222 million in benefits. Energy conservation standards for halide lamp fixtures and regulatory capital standards from Dodd-Frank led a busy week.
Regulatory Toplines
- New Proposed Rules: 57
- New Final Rules: 60
- 2013 Significant Documents: 417
- 2013 Total Pages of Regulation: 52,678
- 2013 Proposed Rules: $49.6 Billion
- 2013 Final Rules: $17 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 |
|
7-Agriculture |
11 |
$325 |
32,558,991 |
|
8-Aliens and Nationality |
2 |
$719 |
749,669 |
|
9-Animals |
3 |
$51 |
19,719 |
|
10-Energy |
5 |
$7,855 |
41,820 |
|
12-Banking |
29 |
$757 |
2,277,283 |
|
13-Business Assistance |
1 |
$-0.7 |
-26,402 |
|
14-Aeronautics |
207 |
$1,716 |
5,934 |
|
15-Commerce, Trade |
4 |
|
82,697 |
|
16-Commercial Practices |
4 |
$230 |
3,251,573 |
|
17-Commodities, Securities |
21 |
$2,157 |
4,375,245 |
|
18-Conservation |
11 |
$94 |
2,588,442 |
|
20-Employees’ Benefits |
3 |
$1 |
527,826 |
|
21-Food and Drugs |
14 |
$11,987 |
10,177,366 |
|
22-Foreign Relations |
4 |
|
-270,500 |
|
23-Highways |
2 |
$4 |
36,968 |
|
24-Housing |
8 |
$4 |
2,090,104 |
|
26-Internal Revenue |
8 |
|
22,460 |
|
28-Judicial Administration |
1 |
|
|
|
29-Labor |
7 |
$466 |
28,809 |
|
30-Mineral Resources |
4 |
$56 |
688,886 |
|
31-Treasury |
2 |
|
10,500 |
|
33-Navigable Waters |
2 |
$184 |
42,984 |
|
34-Education |
4 |
$-147 |
-3,046,597 |
|
36-Parks and Forests |
2 |
$1,088 |
925 |
|
37-Patents, Copyright |
2 |
$931 |
779,960 |
|
38-Veterans’ Relief |
1 |
|
32,689 |
|
40-Environment |
26 |
$38,772 |
9,461,532 |
|
42-Public Health |
19 |
$-1,172 |
11,218,167 |
|
43-Interior |
2 |
$166 |
32,904 |
|
45-Public Welfare |
13 |
$824 |
4,853,180 |
|
47-Telecommunication |
15 |
$24 |
1,206,924 |
|
48-Federal Acquisition |
3 |
$0.4 |
-45,083 |
|
49-Transportation |
17 |
$-1,583 |
-47,035,229 |
|
50-Wildlife and Fisheries |
2 |
$0.8 |
|
|
Multiple Titles |
7 |
$1,288 |
-277,381 |
The Department of Energy’s (DOE) standards for lamp fixtures, which spent 18 months at OIRA, could impose more than $1.2 billion in long-term costs. DOE expects annualized costs of $81 million, with $200 million in benefits.
Affordable Care Act
There was one rulemaking this week, but it did not impose costs or burden hours. Since passage, based on total lifetime costs of the regulations, the Affordable Care Act has imposed an estimated revised cost of $23.3 billion in private-sector burdens, approximately $8.6 billion in costs to the states, and 119.3 million annual paperwork hours.
Dodd-Frank
There were five Dodd-Frank regulations this week, but only three imposed significant costs or burden hours.
The Comptroller of the Currency, Federal Reserve, and FDIC proposed regulatory capital requirements for institutions with $50 billion or more in assets and certain nonbank financial companies. The proposal contains no paperwork requirements but the regulatory analysis concedes that enhanced capital requirements will cost $694 million in “tax benefits foregone.”
The Securities and Exchange Commission (SEC) finalized a rule for “Broker-Dealer Reports.” The regulation requires audits and other notification requirements. SEC estimates $72 million in costs and more than 281,000 burden hours.
SEC also finalized a rule to amend “net capital, customer protection, books and records, and notification rules for broker-dealers.” The regulation adds $50 million in costs and more than 572,000 paperwork burden hours.
Click here to view the total estimated compliance costs from Dodd-Frank; since passage, the legislation has produced more than 59.1 million paperwork burden hours and imposed $16.2 billion in direct compliance costs. Based on calculations from the Financial Services Roundtable, Dodd-Frank regulations would require 29,562 employees to file federal paperwork.
Total Burdens
Since January 1, the federal government has published $66.7 billion in compliance costs, and 36.5 million annual paperwork burden hours. At the current pace, regulators will publish $105 billion in regulations this year. Click here for our comprehensive database of regulations and rulemakings promulgated in 2013.
