REGULATION NATION: Drowning In Rules, Businesses Brace For Cost And Time For Compliance – Fox News
Regulation Nation: Drowning in Rules, Businesses Brace for Cost and Time for Compliance
Published September 12, 2011 | FoxNews.com
From financial services to farming, plumbing to computer repair, business owners say new regulations have them so bogged down in compliance that it is hindering their ability to plan and expand for the coming years.
Even though President Obama recently acknowledged the need to minimize regulations, the number appears to be growing. Obama administration regulations on new business rose to 3,573 final rules in 2010, up from 3,503 in 2009 — the equivalent of about 10 per week.
The Chesapeake Bay has been a magnet of regulatory rules to prevent pullution through the watershed that spans six states.
Indeed, the 2010 volume of the Federal Register, the “newspaper” of regulatory agencies, stands at an all-time record-high 81,405 pages composed of final rules, proposed rules, meeting notices and regulatory studies.
“There is something like 180 million words of binding federal law and regulation. It would take a lifetime just to read it,” said Philip K Howard, founder of Common Good.
Susan Dudley, former administrator of the Office of Information and Regulatory Affairs, noted that regulation has been increasing, but said that uptick has been trending since the last two years of the Bush administration.
“The ‘midnight year’ of any administration is aggressive, and this administration has picked up at that same pace and continued it in the beginning of the administration,” she said.
According to House Speaker John Boehner, the Obama administration has publicly listed a total of 219 new regulatory actions under consideration for the upcoming year that would each have an estimated cost of $100 million or more. That’s on top of the conservative Heritage Foundation’s estimate, which found that the administration has imposed more than 75 new “major” regulations since 2009 whose annual cost of compliance is $38 billion.