Sen. Lankford: Regulatory Compliance Costs Americans $2T/Year, 12% of GDP

By Rudy Takala

Sen. James Lankford (R-OK), voiced his concern about the burden of federal regulatory compliance, which he said costs Americans $2 trillion annually, or the equivalent of 12 percent of the nation’s Gross Domestic Product (GDP). “With over 25,000 pages of proposed rules published annually in the Federal Register by many of the federal government’s 430-plus agencies, federal regulations today place a $2 trillion burden on the United States economy,” Lankford said in his opening statement before a hearing of the Senate Subcommittee on Regulatory Affairs and Federal Management last week……To Read More…..