Written by Matthew Collins.

A recent report from the Job Creators Network highlights the staggering financial impact of new regulations under the Biden administration, amounting to over $1 trillion. This financial burden translates to thousands of dollars in additional costs per family. The report reveals that 923 federal regulations have been finalized, with $1.2 trillion of these costs incurred in the past few months alone. On average, these new regulations have imposed nearly $10,000 in present and future costs on American households within the first two years of Biden’s term, potentially rising to $60,000 if this trend continues throughout a two-term presidency.

Alfredo Ortiz, CEO of the Job Creators Network, expressed concern about the economic strain caused by this regulatory surge. “Federal bureaucrats are pushing an unprecedented regulatory agenda that’s crushing American small businesses and families at a time of already high inflation,” Ortiz told the Daily Caller News Foundation. “Not only are they exceeding their authority, but the economic strain is creating long-term problems for the folks that are the backbone of our economy.”

The Most Expensive Regulations

Among the most costly regulations are the recently finalized emission standards for light- and medium-duty vehicles, totaling approximately $870 billion. These standards require vehicles to become either hybrid or electric, which currently cost more than traditional cars, as part of President Biden’s climate agenda. Additionally, the administration has introduced several regulations on household appliances to lower emissions. For example, new standards for washing machines are estimated to add $200 per unit, gas furnace efficiency standards will cost an average of $494, and a ban on certain refrigerants for air conditioners will add $1,000.

Despite President Biden’s stated support for the manufacturing sector, the industry has been significantly impacted by the increase in regulations. In 2022, regulatory costs for American manufacturers reached $350 billion, a 26% increase from a decade earlier, equating to around $29,000 per employee in compliance efforts.

Rush to Finalize Regulations

With the 2024 presidential election approaching, agencies within the Biden administration have been rushing to finalize new regulations. This push aims to entrench these regulations in case Biden does not secure a second term. New regulations are subject to a 60-day “lookback period” before the end of a Congressional session, during which they can be more easily repealed under the Congressional Review Act (CRA).

Since the Obama administration in 2009, federal agencies have finalized over 5,300 regulations, resulting in $2.6 trillion in present and future costs. In contrast, during similar timelines, the Trump administration reduced the cost of regulations by $159.4 billion compared to the $309 billion increase during the Obama administration.

Our Take

The financial impact of the Biden administration’s regulatory agenda is deeply concerning. These regulations place an enormous burden on American families and small businesses, exacerbating economic strain during a period of high inflation. The long-term consequences of these regulatory costs threaten the backbone of our economy and undermine the prosperity of hardworking citizens. The aggressive push to finalize regulations before the 2024 election further illustrates the administration’s disregard for the economic well-being of Americans. It’s crucial for the public to be aware of these issues and hold policymakers accountable for decisions that significantly impact our financial stability.