Regulations by the NumbersPosted by Randy | February 22, 2011
$26.5 billion – total economic cost of the unprecedented 43 major regulations imposed by the Administration in 2010.
6,123 – number of additional pages of regulations and Federal Register notices in the first 9 months after passage of Obamacare.
$1.75 trillion – annual total regulatory costs to American businesses, nearly twice as much as all individual income taxes collected in 2010.
$10,585 – costs in federal regulations each year per worker in a small business with fewer than 20 employees.
36% – average additional cost per employee that small businesses incur relative to larger firms, to comply with federal regulations.
I have cosponsored H.R. 10, the Regulations from the Executive in Need of Scrutiny (REINS) Act, which would restore a system of checks and balances to federal regulations and rein in the costly overreach of federal agencies that stifles job creation and hinders economic growth. I believe this legislation and the current environment in Washington offers us the best opportunity we have had in decades to roll back some of these burdensome regulations.
What do you think? Weigh in: