Responding to a White House letter revealing that seven of the new federal regulatory actions the Obama Administration has in the works could have a combined economic cost of more than $100 billion, House Speaker John Boehner (R-OH) today called on the White House to publicly release cost estimates for all of the 219 economically significant new regulatory actions the Administration has planned.
“The combined cost of these seven new regulatory actions alone could be more than $100 billion, according to the information released by the White House today. These costs will be felt by the American people in the form of fewer jobs and slower economic growth. And we know from the Administration’s own disclosures that there are 212 other regulatory actions in the works, each with an estimated cost to our economy of more than $100 million,” Boehner said. “At a time like this, with our economy struggling to create jobs, it’s misguided for the federal government to be imposing so many new rules with such enormous costs, even when some of those rules may be well-intentioned.”
“Given this new information disclosed today, I believe it is the Administration’s responsibility to now make public the detailed cost estimates for all 219 of the new ‘economically significant’ regulatory actions it has planned, so that the American people can see the total cost of these government rules on private-sector job creation in our country,” Boehner said.
To date, the Obama Administration has publicly disclosed that there are a total of 219 economically significant regulations in the works, each with an economic cost of $100 million or more. Today’s disclosure by the White House revealed the economic costs associated with seven of these planned regulations.
According to the nonpartisan Congressional Research Service (CRS Report # R41651), during the first two full years of the Bush Administration (from January 22, 2001 through January 21, 2002), federal agencies published 103 major rules, while during the first two full years of the Obama Administration (from January 22, 2009 through January 21, 2011), federal agencies published 175 major rules – a 69% increase. The report says that the Obama Administration issued 100 major rules in 2010, the most of any year since the Government Accountability Office (GAO) began collecting the data in 1997. Last week, Speaker Boehner requested that President Obama identify which of the 219 proposed “economically significant” regulations – regulations that have estimated annual costs in excess of $100 million each – will have an estimated economic impact of more than $1 billion.