Tuesday, June 28, 2011
Yesterday, the White House Office of Management and Budget (OMB) released the final 2011 Report to Congress on the Benefits and Costs of Federal Regulations and Unfunded Mandates on State, Local, and Tribal Entities, available here.
In stark contrast to the claims being from some House members that regulations are costing too much, the report concludes that the benefits of federal regulations promulgated between 2000 and 2010 far exceed their costs. For pollution regulations, the benefits were mainly realized in the area of public health. One of the notable environmental regulations assessed was the joint greenhouse gas emission/fuel economy standards for light-duty vehicles, where costs were valued at 3.3 billion dollars, compared to 11.9 billion dollars in benefits. This comes at the same time that the House has passed a bill (H.R. 910) that removes EPA’s authority to regulate emissions of Greenhouse gases.