Federal Regulations Cost over $62 Billion so far in 2016
As of January 1, 2016, federal regulators finalized 112 new rules totaling $62.73 billion in compliance costs and over 14 million hours in paperwork. Last week alone saw an additional $1 billion in compliance cost as 15 new rules were published in the Code of Federal Regulations (CFR).
Businesses operating in the labor sector of the economy were hit, by far, the hardest, followed by those in the energy and health sector. Notable federal agencies and legislation responsible for the changes include the Food and Drug Administration (FDA), the Department of Agriculture, the Environmental Protection Agency (EPA), the Department of Labor (DOL), Obamacare, Dodd-Frank, and the new Fiduciary Rule.
Once legislation passes creating new federal agencies, Congress has little ability to keep them accountable to the American people since the executive branch oversees their actions. Congress must use their Constitutional power of the purse to rein in these out-of-control federal agencies, especially as both chambers continue to debate and pass funding bills this year.