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Late last month, to no fanfare whatsoever, OMB released its annual report on the costs
and benefits of federal regulations. There's a reason that the
Administration did not give the report any attention. The report
states that, for the 10-year period ending September 30, 2016, the
benefits of major Federal regulations ranged from $219 billion and
$695 billion, while the costs ranged between $59 billion and $88
billion. Not a report that supports a deregulatory agenda.
Not surprisingly, the report qualifies the conclusions as much
as possible without actually repudiating them.
We are issuing this report after a change in Administration, and
therefore would like to clarify that OMB's reporting of the
results of these RIAs does not imply an endorsement by the current
Administration of all of the assumptions made and analyses
conducted at the time these regulations were finalized.
Of course, it's been known for some time that the cost of
environmental regulations is regularly is less than – not
more than – what EPA estimated at the time rules were
promulgated. None of this matters, however, since the President
already knows that regulations aren't worth it and that any
contrary information is fake news.
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