In the first week of 2024, the Biden administration introduced new regulations estimated to cost the American economy $1 billion, according to the American Action Forum.
(Article republished from YourNews.com)
The Biden administration, in the first week of 2024, rolled out new regulations with an estimated cumulative cost of $1 billion to the American economy. This figure was reported by the American Action Forum (AAF), which stated that the administration finalized 38 new rules and proposed 19 additional ones between January 2 and January 5. These regulatory actions are projected to impose a combined $1.1 billion in costs and add approximately 2.1 million hours of paperwork burden to the American economy. The major regulation of this period, according to AAF, was the Federal Trade Commission’s “Combating Auto Retail Scams Trade Regulation Rule,” aimed at prohibiting misleading advertising claims by car dealers and requiring them to maintain records of certain ads and sales.
Since Inauguration Day through January 5, under the Biden administration, 752 final rules have been promulgated, accumulating a combined cost of $448.5 billion and an additional 278.8 million paperwork hours, according to AAF. In comparison, the Obama administration, at the same point in its term, had implemented 1,101 final regulations, adding $274.2 billion in costs and 185.8 million paperwork hours to the U.S. economy. The Trump administration advanced 854 final regulations, which added $25.5 billion in costs and 65.2 million paperwork hours.
Many of Biden’s regulations have focused on implementing aspects of a left-wing agenda that have faced challenges in Congress. This includes enforcing strict tailpipe emissions standards to promote the production and adoption of electric vehicles and advancing student loan forgiveness plans.
The White House has not immediately responded to a request for comment. Additionally, the Biden administration’s water regulation was recently rolled back by the Supreme Court.
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