Billions of dollars in federal regulations have been added this year, says a new study.
According to the American Action Forum, $115.5 billion in regulatory costs and 132.2 million paperwork hours have been added this year. And this amounts to more than $500 per capita regulatory burden. Many of these regulations address electronic visas, mortgages and tax loopholes.
So far this year, the United States government has added 293 new regulations.
Right now, there are 39 new proposed regulations that could add another $48.7 billion in federal regulatory costs. This could provide businesses $249 million in annual burdens and another 2.3 million hours of paperwork.
With President Obama in his final few months in the White House, it is expected that he will try to ramp in and finalize proposed regulations.
Here is a chart that outlines the industries that will be impacted by the regulations:
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