The cost of annual regulation broke the $100 billion mark last year, according to a report released Monday.
"The addition of 43 new major rules last year increased annual regulatory costs by more than $22 billion," according to the report, "Red Tape Rising," published by the Heritage Foundation. The addition brought the total cost of federal rules to $108 billion for the first time in the president's seven years in office.
The report notes that 2,353 new rules were issued in 2015, while the administration's regulators have proposed more than 2,000 new rules for passage before President Obama leaves office next year.
The report, authored by senior researchers James Gattuso and Diane Katz, examined agencies such as the Department of Energy, Food and Drug Administration, Health and Human Services, the Securities and Exchange Commission and the Federal Communications Commission. It also looked at the cost of financial regulation imposed by the Dodd-Frank Act, passed by Congress in 2010.
The report called on lawmakers to undertake reforms to slow the rapid rise of costs.
"Immediate reforms should include the requirement that legislation undergo an impact analysis before a floor vote in Congress, as well as a requirement that every major regulation obtain congressional approval before taking effect," authors advised. "Sunset deadlines should be required for all major rules, and independent agencies should be subject to the same White House regulatory review as executive branch agencies."
Nearly $80 billion in new regulatory costs were imposed between 2009 and 2015, they added, more than double the amount imposed by the Bush Administration during its first six years. "That figure is very conservative ... Congress should take immediate steps to control this excessive regulation," the authors wrote.