President Joe Biden (FIle) By Nick Pope The Biden administration pushed out new regulations with combined costs of $1 billion to the American
The Biden administration pushed out new regulations with combined costs of $1 billion to the American economy in the first week of 2024, according to the American Action Forum (AAF).
The administration finalized 38 new rules and proposed 19 more between Jan. 2 and Jan. 5, which are projected to impose a projected $1.1 billion in combined costs on the American economy, according to AAF’s data.
Beyond the monetary costs, last week’s regulatory actions are expected to add a combined 2.1 million hours of “paperwork burden” to the economy.
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The finalized Federal Trade Commission’s “Combating Auto Retail Scams Trade Regulation Rule” stands as the major regulatory move of the first week of the new year, according to AAF. That particular rule will prohibit car dealers from making certain misleading advertising claims about their products, while also requiring dealers to maintain records of specific ads and sales.
From Inauguration Day through Jan. 5, the Biden administration has promulgated 752 final rules for a combined cost of $448.5 billion and an additional 278.8 million paperwork hours, according to AAF. To the same point in his term, former President Barack Obama and his administration had pushed out 1,101 final regulations that added burdens amounting to $274.2 billion and 185.8 million paperwork hours to the U.S. economy.
Former President Donald Trump’s administration advanced 854 final regulations over the same time period, according to AAF. Those rules combined to add $25.5 billion of additional costs and 65.2 million hours of paperwork to the economy.
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Many of the administration’s regulations have been geared towards implementing key aspects of a left-wing agenda that have struggled to gain much traction in Congress, such as strict tailpipe emissions standards designed to incentivize the widespread production, and adoption of electric vehicles and student loan forgiveness plans.
The White House did not respond immediately to a request for comment.
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