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Crushing, Hidden Tax of Federal Regulation Soars
Lawmakers Fail to Scrutinize the "10,000 Commandments" of Federal Regulations
Washington, D.C. June 3, 2009 – Federal regulations impose a whopping $1.17 trillion last year in compliance burdens on Americans, finds a new report from the Competitive Enterprise Institute. That amounts to $3,849 for each man, woman, and child in America. The Federal Register, the depository of all rules, stands at a record-high 79,435 pages.
“The U.S. economy lost value in 2008 for the first time since 1990. Meanwhile, our federal government imposed a $1.17 trillion ‘hidden tax’ on Americans beyond the $3 trillion officially budgeted,” said Wayne Crews, author of Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State .
Federal agencies issued 3,830 rules in 2008. “The costs of federal regulations too often exceed the benefits, yet these same regulations receive little official scrutiny from Congress,” said Crews. The report urges Congress to step up and take responsibility as lawmakers to review and roll back economically harmful regulations. “Rolling back regulations would constitute the deregulatory stimulus that the U.S. economy needs,” said Crews.
Among the report’s findings:
The report urges reforms to make the regulatory costs more transparent and accountable to the people, including annual “report cards” on regulatory costs and benefits, and congressional votes on significant agency rules before they become binding.
> Read the report .