by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Regulations issued under the Obama administration could cost taxpayers roughly $350 billion, according to a new report released by Sen. John McCain (R., Ariz.).
McCain highlighted 25 major final and pending regulatory actions, including the president’s health care law and numerous new rules from the Environmental Protection Agency, and noted how they affect the state he represents.
“Over the last eight years under the Obama administration, and especially since the president’s 2014 State of the Union address when he committed to using his ‘pen and phone’ to circumvent Congress, the American people have been hit with a barrage of federal regulations that are saddling Arizona’s economy, hurting small businesses, strangling middle class families, and robbing taxpayers—to the tune of $348.7 billion,” McCain said.
“My report exposes 25 federal regulations under the Obama White House that are harming critical sectors of Arizona’s economy, ranging from energy and the environment to health care, retirement, and tourism,” he said. “With job and economic development continuing to lag across our nation, we must not cease in our efforts to undo the red-tape that is unfairly burdening hardworking Arizona families.”
The report is the latest in McCain’s series on wasteful government spending. The new report focuses exclusively on regulation, including Obamacare, which has left 14 of 15 Arizona counties with only one health care provider.
McCain listed 107 regulations created by Obamacare that have incurred $48.5 billion in costs.
The report features numerous regulations from the EPA, including the Waters of the United States rule that would place more than 60 percent of all surface water in the country under the control of the federal government. The rule, which went into effect last year, will cost $462.9 Million.
The agency’s Clean Power Plan to regulate power plants, which the report says could lead to double-digit increases to utility bills, will cost $8.4 billion. The EPA’s ozone standard could cost up to $25 billion.
The Dodd-Frank financial reform legislation resulted in over 22,000 pages of new regulations. Its 127 new regulations are costing taxpayers $36.2 billion.