As the year 2024 begins, the Biden Administration has announced another round of new federal regulations, with a total cost of $1 billion.
As the Daily Caller reports, data from the American Action Forum (AAF) shows that the administration implemented 38 new rules and proposed another 19 between January 2nd and January 5th, all of which will add up to $1.1 billion spent. The new regulations are also expected to add roughly 2.1 million more hours of “paperwork burden” to the economy.
The biggest regulation out of the new wave is the Federal Trade Commission’s (FTC) “Combating Auto Retail Scams Trade Regulation Rule,” which forbids car dealers from making misleading claims in advertising, as well as forcing dealers to maintain records of particular advertisements and sales.
Since Biden first came to power, his administration has implemented 752 new federal regulations, for a grand total of $448.5 billion and 278.8 million paperwork hours. Over the course of the same period of time in Barack Obama’s first term, the federal government had enacted 1,101 new federal regulations, costing $274.2 billion and 185.8 million paperwork hours.
By contrast, President Donald Trump enacted 854 new rules in his first term, but at a significantly lower overall cost of just $25.5 billion, and 65.2 million hours of paperwork.
Most of Biden’s new regulations have involved implementing policies and enforcement of agenda items that have failed to pass legislatively. These include global warming-related initiatives such as restrictions on tailpipe emissions, incentives for increased manufacturing and purchasing of electric vehicles, and efforts to cancel student loan debt.