Lame Duck session regulations could top $100B
Are they necessary?
- Duration 5:07
- Date Dec 16, 2012
Are they necessary?
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It has been more than a year since the Obama administration complied with a law that requires federal agencies to publicly report proposed regulations.
That will have a significant economic impact directly to congress.
Now though that hasn't happened we know that over just the last ninety days.
Proposed regulations have been issued and that's according to the federal government's own web site.
Joining us now to talk about regulation nation this week stand back and director of regulatory policy at the American action forum -- for coming and today it's happening.
OK so let's talk about is fueled your organization does -- a good job -- tracking.
How many regulations are out there how much it's gonna costs.
And the real impact of it now always regulations generally go for the White House to be.
I I guess -- in some way for the come out but a lot of them have gotten stuck there this year what's going on.
There is definitely a break its very launch and we looked at a similar period back -- 2004 when there was a reelection.
And -- that White House reviewed more regulations and half the matter of time the average review time for an economic significant so -- hundred million dollar plus rule.
Roughly seventy days in the first ten months and that there over a hundred rules that that the White House -- and ninety days.
Which is a long time considering that most rules -- spend thirty to sixty days there so there's a lot built up at the White House right now.
And you're saying that we know as we reported the that the federal agencies haven't reported as -- required to -- on April and October congress about these.
We know that there's a backlog at the White House and I found something interesting in the -- based on everything we have going on right now.
You'll using the term regulatory -- that there is something significant people -- to be watching.
Sure senator Portman actually had a hand could opt out about that recently about this regulatory cliff and we counted up.
All of the costs that of rules that could come out.
Or that are currently at the White House and it's roughly -- hundred billion dollars worth of rules -- significant rules for energy efficiency standards.
Department of Labor rules so there's a lot at the White House right now and I don't think that -- be a huge avalanche of rules over the next.
Sixty to ninety days just because the White House doesn't have to worry about.
Backing up they have another four years so they can.
Take their time and -- Everyone's hoping at least input from businesses and input from groups -- make these rules at least the least costly rules that.
The -- the most benefits or re examine the rules altogether.
And we've covered a lot of things -- EPA rules that infringe on people's private property of course the -- -- -- -- -- about contraception is being litigated all over the place.
-- so there are things that impact businesses individuals on private property owners.
And you lost track a number of those in and out of course that one of the chief among those is the new health care law.
On them when the -- I saw that you -- our party the current rules than a penny from and it hasn't even all gone into effect yet.
One point one billion dollars and one point four million people who work hours for people to have to keep up with these regulations now.
Where does that cost filter to where is it absorbed how does this work.
Drug -- the the one point one.
Doing -- figures just for the menu labeling rules not for vending machines restaurants and it's been expanded to grocery stores.
The the total cost -- everything proposed and final we've seen is roughly thirty billion dollars.
And tens of -- of paperwork burden our law.
-- to -- the Affordable Care Act correct so one way to take these paperwork ours is to see an average work here roughly 2000 hours.
And you're talking about tens of thousands of employee years that would take just to file all the new paperwork.
That the health care law requires so there's a lot more to comment when -- thirteenth report as well what -- -- business owners do that cost.
Well they can either.
Redistribute their labored to.
Regulatory compliance which is something that I don't think everyone wants to do they can be forced to hire new people just -- -- were compliance but.
If you -- for small businesses that impact is much greater as we looked at a few laws under Dodd-Frank.
Few regulations and we saw 4000 plus hours per entity for a few of the big regulations so if you're small business just a few people.
You're talking about two to three extra employees that you might need to hire or there's lot every shuffling going on it doesn't make getting any easier to hire or expand.
And that's for businesses on the rules that are settled -- that they know are coming what about the situation where we do have some of these things that are launching into not coming out or languishing somewhere.
Before the public is really getting a chance to comment on them and see how they're going to work what is that uncertainty do you team -- business.
Right we're sort of we're sort of blind right now unless you're really -- check the White House website see what's pending.
You don't know what is gonna come out between thirteen 2014 -- Under the regulatory flexibility act as we -- we don't have a unified agenda some business doesn't even know what's coming and when he -- -- -- fourteen.
Add the regulatory cliff with the fiscal cliff uncertainty and it's sort of maddening because it I think people at least wish that they knew what to expect out of Washington next few years and they can even expect that.
Lot of uncertainty here write him back and thank you very much sound very interesting take -- -- these things wouldn't have become active -- much.