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Biden Administration Introduces $1 Billion Worth of Regulations in First Week of 2024
In a startling development, the Biden administration kicked off the new year by introducing a barrage of regulations that are estimated to impose a staggering $1 billion burden on the American economy, according to a report from the American Action Forum (AAF). In the first week of 2024 alone, the administration finalized 38 new rules and proposed an additional 19, accumulating a combined cost projected at $1.1 billion and adding approximately 2.1 million hours of paperwork burden.
The most significant regulation during this period, as highlighted by the AAF, is the Federal Trade Commission’s “Combating Auto Retail Scams Trade Regulation Rule.” This rule aims to crack down on misleading advertising claims by car dealers, mandating them to maintain records of certain advertisements and sales. Critics argue that such regulations may hinder business operations and impose unnecessary red tape on the auto industry.
Since Inauguration Day, the Biden administration has issued a total of 752 final rules, accumulating a combined cost of $448.5 billion and an additional 278.8 million paperwork hours, according to the AAF. This places the current administration on a trajectory that surpasses both the Obama and Trump administrations at the same point in their terms.
Comparatively, at the same point in its term, the Obama administration implemented 1,101 final regulations, incurring $274.2 billion in costs and 185.8 million paperwork hours on the U.S. economy. The Trump administration advanced 854 final regulations, which added $25.5 billion in costs and 65.2 million paperwork hours.
Critics argue that many of Biden's regulatory initiatives are aligned with a left-wing agenda, bypassing the legislative process and imposing significant burdens on various sectors. Notable among these are regulations targeting strict tailpipe emissions standards, aimed at promoting the production and adoption of electric vehicles, and initiatives to advance student loan forgiveness plans.
Interestingly, the Biden administration's water regulation faced a recent setback as the Supreme Court rolled back this initiative. This suggests that not all regulatory efforts by the administration are immune to legal challenges, and some may face scrutiny in the highest court of the land.
As concerns grow over the economic impact of these regulations, the White House has not yet provided a comment on the matter. The Biden administration's regulatory agenda is poised to be a key point of contention in the ongoing debate over the role of government intervention in the economy.
