New Regulations Hit Consumers
January 21, 2015
2014 was a busy year for regulations -- according to Sam Batkins of the American Action Forum, federal agencies added 79,000 pages of regulations last year. For every day that the federal government spent open, it published a staggering $726 million in new regulatory costs.
Which agencies are primarily responsible for the new costs and burdens on consumers?
- The Environmental Protection Agency's rules were especially expensive, including limits on power plants' greenhouse gas emissions. The EPA itself expects electricity prices to increase from 5.9 percent to 6.5 percent by the end of the decade solely due to that one rule.
- The Department of Energy issued multiple rules regulating energy efficiency. According to Batkins, dishwashers will cost an additional $100 thanks to the agency, and new air conditioners and heat pumps will cost an additional $17 to $23.
- The Food and Drug Administration's new calorie labeling rules cost $1.6 billion, and the FDA itself says consumers can expect to see higher food prices as a result.
Batkins warns consumers to expect more regulations in 2015.
Source: Sam Batkins, "President Obama's 'Year of Action' Cost Every American An Extra $567 in 2014," Federalist, January 20, 2015.
Browse more articles on Economic Issues