President Joe Biden's administration has added more than $1 trillion in compliance costs to new regulations so far this year, according to the American Action Forum (AAF). [emphasis, links added]
Biden administration's federal regulatory compliance costs total $1.29 trillion since January 1, 2024The AAF reported Monday that $1.25 trillion of that cost was attributable to 61 regulatory final rules.
Biden's increased financial and administrative burdens from regulatory activities are greater than those of former Presidents Donald Trump or Barack Obama, totaling from Inauguration Day on January 20, 2021, to August 2, 2024 An increase of $1.69 trillion.
Additionally, there are 42 proposed rules that have not yet taken effect, which would add $46.8 billion in compliance costs, according to the AAF. The Biden administration added 982 final rules for federal regulators during its term.
also, Biden administration has added a total of 308.9 million hours of paperwork burden during its termaccording to the AAF.
Just this year, The government estimates it added 68.9 million hours of paperwork, 23.5 million of which came from the final rule.
“As we’ve seen with the executive orders and memorandums, the Biden administration will certainly draw a number of regulatory contrasts with the Trump administration,” the AAF said.
“While there is widespread expectation that the current government will seek to The broad resumption of Obama-style regulatory action will be accompanied by charting its course in some areas.“
Costly regulations include final rules on emissions set by the U.S. Environmental Protection Agency (EPA) in March that are expected to cost $870 billion.
The regulations will require increased use of electric and hybrid vehicles, On average, they are more expensive than their gasoline counterparts.
The Trump administration added 1,070 new final rules over four years, but ultimately resulted in a net burden of $100.1 billion and added 199.9 million more paperwork hours, according to the AAF.
During his term, Obama added 1,330 new final rules, resulting in 251.2 million hours of paperwork and a net cost of $308.5 billion.
Biden's regulations also impose a burden on taxpayers, as the Job Creators Network (JCN) estimates Biden's first two years in office add $10,000 in additional costs to American familiesaccording to their May report.
Over Biden's two terms, the cost will increase to $60,000 per family.
Biden has not slowed down federal spending during his term, From the inauguration to June 1, 2024, the national debt increased by $4.3 trillion, According to the Committee for a Responsible Federal Budget in June.
The American Rescue Plan Act of 2021 accounts for nearly half of the spending, The law cost $2.4 trillion.
Read the break from The Daily Caller
