Costly Regulation Takes Center Stage

The discussion over the appropriate amount of government regulation continues to heat up.  This week, the heads of both parties teed up the debate.  President Obama received a letter from House Speaker John Boehner (R-OH) calling on the President to list the rulemakings that would cost the economy more than $1 billion.  The letter was sent as House Republicans prepare to push for a roll back of many existing regulations this fall.

I am again asking that your Administration provide a list of all pending and planned rulemakings with a projected impact on our economy in excess of $1 billion.  I ask that you provide this information by the time Congress reconvenes, so that the information will be available as the House considers legislation requiring a congressional review and approval of any proposed federal government regulation that will have a significant impact on the economy as we continue our efforts to remove impediments to job creation and economic growth for the American people.

President Obama responded today.  He also used the opportunity to bolster his initiative to reduce the cost of regulatory burdens and further stake out his position:  the cost of regulations in 2009 and 2010 were lower than those implemented under President Bush in 2007 and 2008.  The specific list of seven proposed regulations that could exceed $1 billion are:

A delayed EPA rule restrictions hazardous emissions by coal- and oil-fired electric utility steam generators, at $10 billion.

• New emissions standards for emissions by major industrial and commercial boilers, $3 billion.

• Standards for disposal of coal ash from power plants, $0.6 billion to $1.5 billion.

• New vehicle safety regulations for rear view mirrors, $2 billion.

• Electronic on-board recorders and documents for supporting restrictions on the hours that commercial truck drivers can operate their vehicles, $2 billion.

• New hours of service rules for commercial truck drivers, $1 billion.

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Europe Fears that Debt Crisis is Ready to Spread

By Landon Thomas Jr. and James Kanter
November 15, 2010
European officials worry that a crisis like the one that hit Greece could spread to Ireland and Portugal.