Appearing on CNBC in February, Sen. Ron Johnson (R-Wis.) stated that the annual cost of regulation to business climbed to $1.75 trillion, citing information from a 2010 Crain & Crain study that was published by the U.S. Small Business Administration's Office of Advocacy.
Johnson also mentioned that this number is Luger than all but eight of the largest global economies.
In addition, consider the following details regarding the regulatory burden faced by U.S. companies since the start of the Obama administration, from 2009 through February 2013, as supplied by Sen. Johnson's office:
* Regulatory spending (budget): $275 billion;
* Federal Register pages added as of February 2013: 322,730;
* Number of final rules published as of February 2013: 15,014;
* Number of economically significant final rules, meaning rules that have an annual regulatory burden of $100 million or more: 243;
* Total number of rules published with cost-benefit analysis through 2011: 46 of the 243 economically significant final rules published.
Finally, in January 2013, the U.S. Government Accounting Office (GAO) found that in 1998 approximately 18 percent of final major rules were published without Notices of Proposed Rulemaking (NPRMs).
NPRMs serve to alert the public that the agency is considering a regulation, gives the public the opportunity to...