The Week in Regulation: September 4-7
It may have been a short week, but the federal government was still busy. Regulatory agencies found time to publish $1.1 billion in costs and 807,715 hours. One highlight: a set of final rules on health information technology that bring billions in costs.
Federal agencies proposed 52 rules and implemented 51 final rules. Federal agencies issued 13 new documents “deemed significant under [Executive Order] 12866,” bringing the yearly revised total to 474 according to the Federal Register; the federal government has issued 55,410 pages of regulations in 2012.
Of the three health IT rules, only one involved Obamacare implementation. The rule adjusts health plan identification standards and how diseases are coded in medical records. This is the most costly of the three, imposing approximately $1.6 billion in costs.
Since passage, based on total lifetime costs of the regulations, the Affordable Care Act has imposed an estimated $20.4 billion in private-sector burdens, approximately $7.2 billion in costs to the states, and 63.2 million annual paperwork hours.
The most notable Dodd-Frank regulation was a proposed rule on “Appraisals for Higher-Risk Mortgages.” The rule seeks to increase the requirements a creditor must meet when offering certain mortgage loans. The proposal required the coordination of five different agencies and would impose $41 million in costs and more than 200,000 hours of paperwork.
Click here to view the total estimated compliance costs from Dodd-Frank; since passage the legislation has produced more than 46.9 million paperwork burden hours and imposed $8.2 billion in direct compliance costs. Based on calculations from the Financial Services Roundtable, Dodd-Frank regulations would require 23,427 employees to file federal paperwork.
A Note on Notices
This week federal agencies published 393 notices. In these notices, agencies typically request new or revised paperwork burdens from the Office of Management and Budget. These notices are generally not final, merely requests with a comment period.
Agencies requested 2.7 million paperwork burden hours, the equivalent of forcing 1,331 employees into red tape compliance. The associated costs of these burdens: $23.7 million.
At the current pace, the published regulatory burden for 2012 will exceed $92.7 billion. Since January 1, the federal government has imposed $64.2 billion in compliance costs and more than 115.9 million annual paperwork burden hours. For comparison, it took 7 million hours to build the Empire State Building.
Click here for our comprehensive database of regulations and rulemakings promulgated in 2012.