The Biden administration introduced new regulations in the first week of 2024 with a total cost of $1 billion to the U.S. economy, according to the American Action Forum (AAF).
The administration finalized 38 new rules and proposed 19 more between January 2 and January 5, which are expected to cost the U.S. economy a total of $1.1 billion. . according to From AAF data. Beyond the financial costs, last week's regulatory actions are expected to add a total of 2.1 million hours of “bureaucracy” to the economy.
According to AAF, the Federal Trade Commission's finalized Trade Regulatory Rules to Combat Automotive Retail Fraud will be a major regulatory action in the first week of the new year. This particular rule prohibits auto dealers from making misleading advertising claims about their products and also requires dealers to keep certain advertising and sales records. (Related: Biden administration proposes nearly $15 billion in new regulations in just one week)
The Supreme Court struck down Biden's water regulations. https://t.co/vJz41h21RB
— Daily Caller (@DailyCaller) May 25, 2023
The Biden administration issued 752 final rules between Inauguration Day and Jan. 5, with a total cost of $448.5 billion and 278.8 million additional administrative hours, according to AAF. By the same point in his term, former President Barack Obama and his administration had pushed through 1,101 final regulations that added $274.2 billion and 185.8 million hours of administrative time to the U.S. economy. did.
Former President Donald Trump's administration advanced 854 final regulations during the same period, according to AAF. These rules added his $25.5 billion in additional costs to the economy and his 65.2 million hours of paperwork.
Many of the administration's regulations have struggled to gain much support in Congress, including stricter tailpipe emissions standards designed to encourage widespread production, electric vehicle adoption, and student loan forgiveness. It aims to implement the main aspects of the policy. schedule.
The White House did not immediately respond to a request for comment.
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