Tags: Obama | regulations | costly | Romney

More Govt Red Tape Viewed With an Obama Win

By    |   Tuesday, 18 Sep 2012 08:00 AM

The Obama administration has delayed many costly federal regulations during the election campaign, but they are destined to take effect if President Barack Obama wins a second term, Investors Business Daily predicts.

The National Federation of Independent Business concludes there are more than 4,000 federal rules in the pipeline, and just the 13 biggest ones would cost U.S. businesses a total of more than $515 billion over four years, according to Investors Business Daily.

The total does not include the more than 100 additional regulations needed to enforce the Dodd-Frank financial reform law or the avalanche of rules required by ObamaCare.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

Among the most expensive rules awaiting action is for smog control, estimated at a cost of $90 billion. Obama canceled these tight new standards, but promised to revisit the issue in 2013.

Other regulations include a mandate requiring all new cars be equipped with a rear-view video camera (estimated cost: $10.8 billion over four years); a new Environmental Protection Agency rule to cut sulfur content in gasoline (estimated cost: $9.8 billion up front and $2 billion annually), boosting gas prices by up to $0.09 per gallon; and new rules to regulate hydraulic fracking on public lands (estimated cost: $1.5 billion per year).

Other costly new government oversights in the wings are Food and Drug Administration rules on imported food, EPA rules limiting greenhouse gas emissions and broadened clean water authority for the EPA and Army Corps of Engineers.

Obama has added more than 11,000 pages (or 7 percent) to the Federal Register, Investors Business Daily reports.

An August study from the Manufacturers Alliance for Productivity and Innovation found that the cost of major regulations has climbed an average of 7.6 percent a year since 1988, while industry output has risen only 0.4 percent during the same time period.

By contrast, Republican presidential candidate Mitt Romney has promised, if elected, to overturn Dodd-Frank and ObamaCare, revoke many Obama administration regulations and require congressional approval of major new federal rules.

Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did

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The Obama administration has delayed many costly federal regulations during the election campaign, but they are destined to take effect if President Barack Obama wins a second term, Investors Business Daily predicts.
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2012-00-18
Tuesday, 18 Sep 2012 08:00 AM
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