New regulations enacted during President Obama’s first term cost Americans an additional $70 billion, and the price tag is only expected to rise, according to a study issued by the conservative Heritage Foundation.
The total represents more than 130 major rules – those that carry an economic impact of at least $100 million, the group’s study finds. It identifies 25 such rules in 2012 alone, mostly stemming form the Dodd-Frank financial reform law, and places last year’s cost of new regulations at $23.5 billion.
“The consequences are dire: less investment and innovation, fewer jobs, and the erosion of fundamental freedoms,” the foundation said in a statement.
In terms of expense, the Environmental Protection Agency is listed as the biggest offender, promulgating new rules under the Clean Air and Clean Water acts that cost almost $40 billion according to the study.
The Heritage study stands in stark contrast to a White House report released last month, which found hundreds of billions of dollars worth of benefits from new rules imposed during the George W. Bush and Obama administrations.
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