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.
On net, regulators actually reduced costs by approximately $25 million this week. Annualized costs were reduced by $79 million, paperwork hours declined by 1.9 million hours, and there were no listed benefits.
This week regulators published $2.3 billion in regulatory costs, including more than two million paperwork burden hours; annualized costs were $279 million and annual benefits were $269 million.
Regulators published $4 billion in regulatory costs this week, with 33,500 paperwork burden hours; annualized costs were $194 million, compared to $579 million in annualized benefits. Two final energy efficiency standards, for external power supplies and lamp fixtures, added more than $4 billion in long-term burdens.
Regulators published $549 million in cumulative costs this week, with more than 1.7 million paperwork burden hours; annualized benefits were $520 million, compared to $132 million in annualized costs. A HIPAA rule and an EPA proposal for “New Residential Wood Heaters” led the week in costs.
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.
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.
Regulators spent last week cutting costs, but this week they added $129 million in burdens and more than 557,000 paperwork hours. Two FCC rules and a TSA regulation drove costs.
After more than $112 billion in total regulatory activity last year, the first seven workdays of the year added a modest $63 million in proposed and final rule costs.
Regulators added just four rules with quantified costs, no benefits, and two new paperwork revisions. A Food and Drug Administration (FDA) proposal regulating topical antimicrobial products led the week with $368 million in total costs.