It found that 43 major new regulations were imposed during the last congressional year and compliance with them will cost at least $26.5 billion. The report notes that the cost estimate comes from the regulators.
"These costs will affect Americans in many ways, raising the price of the cars they buy and the food they eat, while destroying an untold number of jobs," the report states. "With the enactment of new healthcare laws, financial regulation, and plans for rulemaking in other areas, the regulatory burden on Americans is set to increase even further in the coming year."
The report found that 15 of the 43 new major rules involve financial regulation, five stem from the new healthcare law and 10 from the EPA. The report also states that regulations will likely increase in the future if Obama keeps pushing his reform agenda.
Sen. Orrin HatchOrrin HatchPublic lands dispute costs Utah a major trade show Overnight Tech: GOP chairman to propose high-skilled visa overhaul | Zuckerberg's 5,700 word letter | Tech lobbies gear up ahead of internet fight Overnight Cybersecurity: Trump vows to punish leakers | Cyber steers clear of tech versus Trump fight MORE (R-Utah), who is expected to become the ranking member of the Senate Finance Committee if Democrats keep control of the upper chamber after the midterm elections, reacted to the report by saying that it was time to roll back many of the regulations that stifle job creation.
"This critical report by the Heritage Foundation shows the negative impact of this administration's mounting job-killing mandates and red tape is having on hard-working Americans," he said in prepared remarks. "This isn't the way to grow the economy. We need to liberate the American people by getting government out of the way, but instead, as this report shows, the regulations keep on coming at a tune of $26.5 billion."