Agencies under U.S. President Barack Obama will add thousands of new regulations to U.S. business in 2013, with many of them extremely costly.
According to Small Businesses for Sensible Regulations, an arm of the nonprofit, nonpartisan National Federation of Independent Business (NFIB), more than 4,100 new Obama regulations are in the pipeline.
The group estimates that the 13 most expensive regulations will cost the U.S. economy $515 billion.
Held back during the heat of the presidential campaign, a backlog of these Obama regulations is about to hit the economy full force.
“The Obama administration has been quietly postponing several multibillion-dollar regulations until after the November election,” wrote Sen. Rob Portman, R-OH, in an August Wall Street Journal guest column. “Those delayed rules, together with more than 130 unfinished mandates under the 2010 Dodd-Frank financial law, could significantly increase the regulatory drag on our economy in 2013.”
Portman dubbed the situation “the regulatory cliff,” a reference to the widely discussed fiscal cliff.
“Economically Significant’ 2013 Obama Regulations
While the sheer number of regulations can cause compliance problems, one category – dubbed by the government as “economically significant” – impose the greatest costs on the U.S. economy.
Economically significant regulations are those that cost $100 million or more, by the government’s definition.
In his first three years, the Obama administration created 953 such regulations, compared to 30 in the comparable period for President George W. Bush, according to CEI.
Of the 4,128 Obama regulations in the pipeline, 212 fall into the economically significant category. That’s 32.5% more than the 160 issued in 2006 under President Bush.
The Republican-controlled House of Representatives has tried in vain to curb the wave of Obama regulations by passing three dozen bills, none of which has made it to the floor of the Democrat-controlled Senate.
Now the re-election of President Obama, and the addition of two seats to the Democratic majority in the Senate, virtually guarantees a mountain of new regulations over the next several years.
Many of these heavyweight Obama regulations will hit these three industries particularly hard in 2013: