OBAMA’S REGULATORY RAMPAGE

read about the regulations you haven’t heard about 2/16/13

President own words a year ago, “where congress is not willing to act, we’re going to go ahead an do it ourselves.” It would be “nice” to work with congress, he conceded but he and his regulators were ready to act unilaterally.
The press sect. Own warning just weeks earlier said that congress ought to act to improve the economy, the president “can also act independently”—or rather, administratively and exercise his executive authority to benefit the American people in other ways. The white house called this “WE CAN’T WAIT INITIATIVE’”
“The president can now take bolder action on a host of issues that don’t require cooperation or even input from congress.” Some of these actions might be controversial but that concern matters less now that Obama has faced voters for the last time.
He will have every incentive to pursue an agenda predominantly, even exclusively through unilateral executive branch action. Some call this a regulatory cliff a regulatory flood or tsunami. For the next four year the Obama adm. will govern primarily through the regulatory agencies. And congress and the courts, having tied their own hands, can do little to stop it.
From his first term, ACA, the Dodd-Frank reform also imposed immense regulatory burdens. The OIRA which is the white houses office for regulatory analysis—the “major rules” enacted by executive branch agencies in Obama’s first three years cost the public as much as $32.1 billion.
The first three years of regulations weren’t just 25 times more “beneficial” than Bush’s: they were also 6 times more “beneficial” that Clintons first three years of regulations. Obama first three years of major rules costing up to $26.7 billion were five times more burdensome than the Bush adm. First three years )$5.3 billion) and three and a half times more burdensome than the Clinton adm ($7.6 billion).
It neglects 41 other “major rules” for which benefits and cost had not been calculated and is only “a fraction of the 317 significant regulations and over 3500 total regulations”’
The adm account of its major rules understates the cost of regulations. First it included only the “executive” agencies and not the “independent” agencies, that are run by the presidents appointees yet partially shielded form his direct oversight. Those agencies have grown increasingly active in recent years.
JP Morgan’s Jamie Dimon in 2011 asked Bernanke at a public event “has anyone bothered to study the cumulative effect of all the Fed’s new rules to ensure they did no unduly burden the economy, Bernanke responded with remarkable candor: “has anybody done a comprehensive analysis of the impact on credit”. I can’t pretend that anybody really has, it’s just too complicated. “We don’t really have the quantitative tools to do that”.
A second cause of underestimation is that the white house statistics cover only regulations and no the myriad enforcement actions, permit applications reviews, and other non-rulemaking activities, they do not include the keystone pipeline rejection. The American Action Forum estimates that the Obama adm regulations have cost $467 billion. Obama adm proved itself adept at imposing regulation in the first term.
Although longstanding executive orders require the adm to publish a “Unified Regulatory Agenda” semiannually the adm refused to issue either a spring report or autumn report during the election year.
Only after the election did the white house finally release a 2012 regulatory agenda and then only in news dump on the Friday before Christmas. It identified 128 economically significant rulemakings. Many agencies with held controversial regulations until after the election. Federal agencies are sitting on a pile of major health environmental and financial regulation that lobbyists, congressional staffer and former adm official say are being held back to avoid providing ammunition to Romney.
Dec 14 EPA issued a “soot” rule to limit pollution from automobiles and smokestacks. The EPA estimates the rules cost as ranging from $53 to $350 million per year.
A week later EPA issued an new rule limiting mercury, acid gas and other emissions for industrial boilers. The EPA estimates the rule’s cost at $1.4 billion to 1.6 billion per year.
The EPA abruptly banned BP from bidding for new offshore drilling leases.
AND THERE YOU HAVE ANOTHER LOOK INTO THE OBAMA ADMINISTRATION.

Sources—weekly standard, adam white

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s