The Heritage Foundation has released a mew report that chronicles “an astonishing increase in regulation in the past three years.”
Research Fellow Diane Katz co-wrote the report titled “Red Tape Rising: Obama-Era Regulation at the Three-Year Mark.”
“In calendar year 2011 alone, the Obama administration issued 32 new major regulations. Those are regulations with anticipated costs exceeding $100 million a year. Those 32 regulations will impose a minimum of $10 billion in new regulatory costs along with almost $7 billion more, in what are one time implementation costs,” Katz told Newsmax.TV during an exclusive interview.
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“This constitutes an enormous tax, if you will, on the economy and it is also an enormous burden on job creation, ” she said.
Katz, along with Heritage Fellow James L. Gattuso complied data from the U.S. Government Accountability Office (GAO). They found that, under President Obama, there have been 106 new “major regulations” during his first three years in office. The GAO showed that President Bush only implemented 28 new “major regulations” during his first three years in the White House.
“If we look at where the bulk of the regulations are, at this point, they are in Dodd-Frank, financial regulation, they are in Obamacare, and they are in the EPA. And all of those impose constraints, if you will, on the access to capital, as well as the ability to invest and innovate new products and services.”
Katz and Gattuso also show in their report that the Obama Administration’s attempts to retrospectively review and eliminate redundant and out of date regulations “has been more procedural than actually accomplishing anything.”
“The total cost of the regulations that have been rescinded has been about $200 million dollars. But compared to say in 2011, the $10 billion of regulations that have been imposed its virtually kind of meaningless,” Katz said.
The report recommends requiring congressional approval of new major regulations, establishing a congressional office of regulatory analysis, and establishing sunset dates for federal regulations.
“The burden continues to accumulate over time. Even if prior regulations are no longer serving any purpose,” Katz said.
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