Press Release
July 13, 2012
Regulatory Freeze Could Save At Least $22.1 Billion, 2.6 Million Hours, and Thousands of Jobs
What policies would President Obama implement in a second term? On regulatory policy, it’s clear, major rules are already at the White House waiting final approval. The White House Office of Information and Regulatory Affairs (OIRA) is currently reviewing 24 “economically significant” regulations (rules that have an impact of $100 million or more on the economy).
New analysis today from the American Action Forum found that these 24 “economically significant” regulations could cost the economy at least $22.1 billion in costs and more than 2.6 million paperwork burden hours. What’s more, just one proposed rule from the Department of Labor could even “disemploy” (an economic term that exists only in this Department of Labor proposal) thousands of employees, and according to administration estimates, cause a deadweight loss in certain labor markets.
Representative Tim Griffin has authored legislation, the Regulatory Freeze for Jobs Act, H.R. 4078, to prevent these pending regulatory threats from enactment. The bill would prohibit federal agencies from issuing economically significant regulations (an impact of $100 million or more) until the unemployment rate falls to 6 percent or less. The unemployment rate currently stands at 8.2 percent. The rate has been higher than 8 percent since February, 2009.
Highlights of a possible regulatory moratorium include:
Regulations on Tap
Regulation |
Review Started |
Cost |
Paperwork Hours |
Tier 3 Fuel Standards |
N/A |
N/A |
|
Crystalline Silica |
2/14/2011 |
N/A |
|
Vehicle Rearview Cameras |
11/16/2011 |
42 |
|
Foreign Food Suppliers |
11/28/2011 |
$1.08 billion |
N/A |
Energy Standards, Fridge |
2/17/2012 |
$876 million |
N/A |
Energy Standards, Coolers |
9/23/2011 |
$876 million |
N/A |
Energy Standards, Halide |
1/17/2012 |
$876 million |
N/A |
Energy Standards, Housing |
12/21/2011 |
$876 million |
N/A |
Unique Device ID |
7/11/2011 |
1,249,358 |
|
New Refinery Standards |
2/3/2012 |
54,572 |
|
EPA Fracking Rule |
3/2/2012 |
384,866 |
|
School Lunch Standards |
3/8/2012 |
N/A |
|
“Companion” Exception |
N/A |
988,778 |
|
Sound for Hybrid Vehicles |
5/10/2012 |
Economically Significant |
N/A |
Total: $22.16 billion |
Total: 2,677,616 |