Analysis:
- Since 2016, the U.S. has published 59 economically significant regulations – far below the 161 economically significant regulations over the previous two years.
- The average number of economically significant regulations was 54 in the years between 2000 and 2016.
Economist Corner:
Regulatory actions are “economically significant” if the Office of Information and Regulatory Affairs (OIRA) determines they are likely to impose annual costs on the economy of $100 million or adversely affect the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local or tribal governments or communities in a material way. By lowering the number of economically significant rules imposed on the economy, the regulation costs borne by private businesses and individuals has been smaller.