Federal regulations cost the economy trillions of dollars annually in lost output. Now President Joe Biden’s administration has made behind-the-scenes changes that will saddle businesses with billions more in compliance costs, forcing them to cut back on hiring and investment. Energy prices will rise, and everyday people will see their choices limited and living standards lowered as a result.

The trouble started when the Biden administration overhauled regulatory analysis guidelines in 2023, rewriting the rules for evaluating the costs and benefits of new regulations.