Seven $1 billion+ regs are on tap; House GOP readies reg relief legislation
President Obama on Tuesday informed House Speaker John Boehner (R-Ohio) that his administration is considering seven regulations that would cost more than $1 billion.
Seven proposed regulations would have an estimated annual total cost ranging from $28 billion to $109 billion, Obama said.
Boehner asked for the list of costly rules last week as the GOP prepped a fall jobs agenda focused on stopping regulations and cutting taxes.
Four of the regulations Obama listed as costing more than $1 billion are being considered by the Environmental Protection Agency. The others are from the Department of Transportation.
One of the proposed EPA rules — an update to the health-based standard for smog — is estimated to cost the economy between $19 billion and $90 billion.
“I agree that it is extremely important to minimize regulatory burdens and to avoid unjustified regulatory costs, particularly in this difficult economic period,” Obama wrote to Boehner. “I have taken a number of steps to achieve those goals.”
The letter comes as the Republican-controlled House prepares to consider legislation that would require congressional approval for any new regulations that would impose a significant cost on industries.
The stop-regs measure could pass in the House, but would be voted down in the Democratic-controlled Senate.