A wild week in regulatory activity resulted in a steep increase in 2014’s cost burden, but an even steeper decrease in its cumulative paperwork burden. Agencies added nearly $8 billion in total costs. Energy efficiency standards for commercial refrigerators and the Department of Education’s new “Gainful Employment” rule were the main cost drivers. Yet, largely thanks to a proposed Transportation rule, the year’s net paperwork burden fell by nearly 15 million hours.
Even in the face of Monday’s snow day, regulators found time to publish more than $4.5 billion in total costs and nearly 3 million paperwork burden hours. Total published rulemaking costs in 2014 are now well past $10 billion.
This morning, President Obama released his proposed budget for fiscal year (FY) 2015, which provides useful insights into the administration’s policy priorities.
The 2010 Affordable Care Act (ACA) health reform law established state-based health insurance exchanges to provide an individual market for qualified health insurance plans. The state exchanges sell insurance plans to any citizen, regardless of health status. Enrollees who purchase plans through an exchange can receive federal premium subsidies if their household income falls between 100-400 percent of the federal poverty level. This primer provides an overview of the ACA’s risk mitigation provisions that apply to individual and/or small group market plans: reinsurance, risk corridors, and risk adjustment.
Regulators finished January with 18 notable regulations, including the long-awaited Volcker rule. Combined, the government published $1.3 billion in total costs, 10.5 million paperwork burden hours, and $162 million in quantified benefits.
The administration is looking towards young adults—known for generally good health and a propensity to forgo health insurance—to participate in large numbers in the Affordable Acre Act’s (ACA) state based exchanges, helping to guarantee a balanced risk pool in the insurance market.
Last night in the State of the Union address, the President called for a “Year of Action,” particularly concerning income inequality. This includes several unilateral actions that the White House will take using executive power and bypassing Congress.
Regulators published more than $78 million in costs this week and 472,000 paperwork burden hours. The Securities and Exchange Commission (SEC) published the largest regulation, implementing the JOBS Act.