The regulatory burden for 2016 now amounts to $147.86 billion, according to a report released Monday by the American Action Forum.
The newest round of proposed regulatory rules potentially adds 48 new rules totaling $48.7 billion in costs. So far in 2016, 62 rules were finalized adding $147.86 billion in regulatory costs and over 97 million paperwork hours, the report states.
The AAF’s report relies on the federal government’s Code of Federal Regulations (CFR) and each agency’s own cost projections to compile these regulatory burden reports.
The largest drivers of the cost increases stem from fuel-efficiency, refrigeration and minimum property standards.
Obama’s administration released the newest round of fuel-efficiency standards for heavy-duty trucks on August 16. The Environmental Protection Agency (EPA) combed through the standards for 69 days, and estimate the total cost of the proposed standards would be $29.3 billion. The new rules would carry an annual cost of $2.5 billion, and would cause the price of a tractor-trailer to increase by $13,550 in the year 2027.
The Department of Energy proposed new efficiency standards for various refrigerator products, and these come with significant costs. Total cumulative costs stemming from the refrigeration standards would be in excess of $2.8 billion, with $153 million in direct costs, and $771 million in benefits, the report finds.
Finally, the Department of Housing and Urban Development presented new minimum property standards, which add an estimated $47 million in regulatory costs. These standards raise the cost of a single-family dwelling by $5,000 and multi-family homes by $70,000.
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