New research from the American Action Forum (AAF) reveals that federal regulations under President Joe Biden have cost the U.S. economy an estimated $1.8 trillion, vastly outpacing the regulatory costs of his predecessors. The independent policy group’s data shows Biden’s administration issued 1,1074 new rules, accounting for 342.9 hours of paperwork, compared to the much lower regulatory impact during the Trump administration.
The AAF, a center-right organization, contrasted Biden’s regulatory impact with those of previous administrations. Former President Donald Trump’s first term featured 1,192 regulations, with a cost of $2.1 billion and a paperwork burden of 292.8 hours. Former President Barack Obama’s administration imposed 1,441 rules, costing an estimated $491.3 billion and requiring 288.9 hours of paperwork.
According to AAF’s Director of Regulatory Policy, Dan Goldbeck, Biden’s administration broadly re-established regulations similar to those under Obama while also introducing new regulations, contributing to the substantial cost increase. Goldbeck noted the striking financial impact of Biden’s regulations, which exceeded the regulatory totals of the Trump and Obama administrations by 50 million paperwork hours.
Trump, returning for a second non-consecutive term in January, has indicated plans to resume his deregulatory approach, according to AAF. Goldbeck speculates Trump’s second term is likely to mirror his first in terms of regulation-cutting priorities, which could result in significant reductions to Biden-era rules.
While Trump’s administration is expected to focus on reducing regulatory burdens, Biden’s team has continued to add new regulations. In one week alone, eight rulemakings introduced by the Biden administration reportedly cost the economy $3.1 billion and required an additional 3.5 million paperwork hours. The recent regulations include a Department of Homeland Security (DHS) proposal for cybersecurity standards impacting public infrastructure and a Department of Health and Human Services (HHS) rule with added administrative burdens.
Biden’s regulatory volume has led to record-breaking entries in the National Register, the federal government’s rule and regulation database. This year’s register pages already stand at 89,476, making it the second-highest yearly count in history, trailing closely behind last year’s 89,368 pages.
The Biden administration’s trend of regulatory expansion, particularly in areas like infrastructure security and health services, represents a stark contrast to Trump’s initial deregulatory stance and has attracted considerable scrutiny. With Trump set to return to office, changes in regulatory policy may be on the horizon.
