Biden admin kicks off 2024 with $1 billion worth of new regulations

The Biden administration pushed through new regulations with a combined cost of $1 billion to the U.S. economy in the first week of 2024, according to the American Action Forum (AAF).

The administration finalized 38 new rules and proposed 19 more between Jan. 2 and Jan. 5, which are expected to impose a combined $1.1 billion in costs to the US economy. seconds in the AAF data. Beyond monetary costs, last week's regulatory actions are also expected to add a combined 2.1 million hours of “paperwork burden” to the economy.

According to the AAF, the Federal Trade Commission's finalized “Trade Regulation Rule to Combat Retail Auto Scams” is the top regulatory move of the first week of the new year. This particular rule will prohibit automobile dealers from making certain misleading advertising claims about their products, while requiring dealers to maintain records of specific advertisements and sales.

Supreme Court overturns Biden's water regulation https://t.co/vJz41h21RB

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From Inauguration Day through Jan. 5, the Biden administration has promulgated 752 final rules at a combined cost of $448.5 billion and 278.8 million additional processing hours, according to AAF. At the same time in his term, former President Barack Obama and his administration had pushed through 1,101 final regulations that added $274.2 billion worth of burdens and 185.8 million hours of paperwork to the American economy.

Former President Donald Trump's administration advanced 854 final regulations during the same time period, according to AAF. These rules combined to add $25.5 billion in additional costs and 65.2 million hours of paperwork to the economy.

Many of the administration's regulations have been aimed at implementing key aspects of a left-wing agenda that has struggled to gain traction in Congress, such as strict tailpipe emission standards designed to encourage widespread production and adoption electric vehicles i student loan forgiveness plans

The White House did not immediately respond to a request for comment.

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