The cost of annual regulation broke the $100 billion mark last year, according to a report released Monday.
“The addition of 43 new major rules last year increased annual regulatory costs by more than $22 billion,” according to the report, “Red Tape Rising,” published by the Heritage Foundation. The addition brought the total cost of federal rules to $108 billion for the first time in the president’s seven years in office.
The report notes that 2,353 new rules were issued in 2015, while the administration’s regulators have proposed more than 2,000 new rules for passage before President Obama leaves office next year.
Nearly $80 billion in new regulatory costs were imposed between 2009 and 2015, they added, more than double the amount imposed by the Bush Administration during its first six years. “That figure is very conservative … Congress should take immediate steps to control this excessive regulation,” the authors wrote.
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