The Biden administration last week proposed or finalized regulations totaling $182 billion in compliance costs while adding 1.8 million yearly paperwork hours, according to a report by the American Action Forum (AAF).
The most expensive rule for consumers was the Environmental Protection Agency ‘s (EPA) strict new tailpipe emissions limits for passenger cars, which would cost businesses roughly $180 billion in “vehicle technology costs” through 2055, the AAF calculated, citing the government’s own publicly available cost-benefit analyses of each regulation. The proposed regulation — which the EPA hopes will push two-thirds of all passenger car sales after 2032 to be all-electric — was initially announced in April alongside comparable regulation for heavy-duty vehicles, and was formally proposed on May 5. (RELATED: Efforts To Defund The Oil And Gas Industry Fell Off A Cliff In 2022, Report Says)
The EPA estimated that the rule will save consumers between $280 billion and $580 billion in reduced maintenance costs; however, the agency noted in a previous analysis that the potential benefits were highly dependent on the ability of electric vehicles to enter the low-income market, according to the AAF. While sales for electric vehicles were strong in 2022, many models continue to sell for well more than $50,000 and just 10 qualify for tax credits under President Joe Biden’s climate law, the Inflation Reduction Act (IRA).
As of May 5, 2023, the Biden administration had finalized 567 rules and regulations, with an estimated paperwork burden of 220.7 million hours and total cost of $363.5 billion, according to the AAF.
At the same in their respective administrations then-President Barack Obama had finalized 834 rules totaling $213.2 billion, while then-President Donald Trump had issued 640 rules totaling $6.1 billion in total costs.
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