Costs of New Regulations Issued in 2012 Dwarf Those of Previous Years, According to OMB Report Open Access
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The Office of Management and Budget quietly released its draft 2013 Report to Congress on the Benefits and Costs of Regulations on Friday, April 19, covering regulatory activity through the end (September 30) of fiscal year 2012. Recall that, as the presidential election approached, the White House was widely reported to be restraining the regulatory agencies out of concern for the state of the economy. Now that the results are tallied, however, there is little evidence of restraint. By the administration’s own estimates, the rules it issued in FY2012 alone imposed more costs on the economy than all the rules issued during the entire first terms of Presidents Bush and Clinton, combined.