President Obama sent a letter to House Speaker John Boehner (R-Ohio) Tuesday detailing seven new regulations that would each cost the U.S. economy more than $1 billion annually. With regulatory costs for American businesses of at least $38 billion per year and compliance costs of $100 billion per year, the seven proposed regulations would target transportation and the environment.
Boehner wrote the President last Friday, "The economy cannot withstand the barrage of major new federal regulations planned by the administration." He noted that the Obama Administration’s regulatory agenda counters Obama’s proclaimed motive to reduce burdens on American businesses. Boehner further noted that during the President’s tenure 219 rules have been proposed, each projected to cost at least $100 million.
Obama’s regulatory proposal includes four rules from the Environmental Protection Agency (EPA) and three from the Department of Transportation (DOT). An air-quality standards rule alone could cost between $19 billion and $90 billion per year for the U.S. economy.
Click here to read the entire article.
Photo: AP Images