Romney Campaign Press Release - The Upside-Down Obama Economy: A Tidal Wave Of New Regulations

"Instead of pushing pro-growth policies to help jumpstart our economy, President Obama has spent over three years turning our economy upside down with a tidal wave of new regulations. Businesses are afraid to hire and workers are struggling to find jobs because of the onerous restrictions in the Obama economy. On Day One, Mitt Romney will take immediate action to free job creators of unnecessary impediments and get Americans back to work." —Andrea Saul, Romney Campaign Spokesperson

The Obama Economy Is Upside Down With Hundreds Of New Onerous Regulations And Fewer Jobs Because Of Impending Regulations:

President Obama "Has Pressed Forward On Hundreds Of New Mandates, While Also Stepping Up Enforcement Of Rules" In "A New Age Of Regulation." "Over the last year, the Obama administration has pressed forward on hundreds of new mandates, while also stepping up enforcement of rules by increasing the ranks of inspectors and imposing higher fines for violations. A new age of regulation is well under way in Washington ..." (Eric Lipton, "With Obama, Regulations Are Back In Fashion," The New York Times, 5/12/10)

The Obama Administration Has Added 106 New Major Regulations Worth "$46 Billion Per Year In New Costs" — Almost Four Times The Number Of Major Regulations Issued In President Bush's First Three Years. "During the first three years of the Obama Administration, 106 new major federal regulations added more than $46 billion per year in new costs for Americans. This is almost four times the number—and more than five times the cost—of the major regulations issued by George W. Bush during his first three years." (James Gattuso and Diane Katz, "Red Tape Rising: Obama-Era Regulation At The Three-Year Mark," Heritage Foundation, 3/13/12)

In 2011, The Number Of "Major New Rules" Hit An "Historic High." "A useful proxy for the overall level of regulatory activity is the government document known as the Unified Agenda, which details all proposed or final rules and is compiled twice a year by the federal Regulatory Information Service Center. The nearby chart shows the trend of major rules under contemplation since 1995, including the most recent from this spring. The current number of major new rules is 149, which is an historic high." (Editorial, "Regulation For Dummies," The Wall Street Journal, 12/14/11)

According To The Small Business And Entrepreneurship Council, "Business Owners Remain On Edge Regarding The Tidal Wave Of Federal Government Regulation." "'Business owners remain on edge regarding the tidal wave of federal government regulation that has been advanced or proposed over the past two years. ... The pain of the harsh recession was intensified and lengthened by this hyper-regulatory environment,' Karen Kerrigan, president of the Small Business and Entrepreneurship Council, wrote in a Jan. 12 letter to Issa." (Philip Rucker and David S. Hilzenrath, "GOP Eyes Rules That Firms Say Hurt Jobs," The Washington Post, 2/7/11)

• Gallup: Nearly Half Of Small-Business Owners Named Concern Over New Government Regulations As A Reason Why They Were Not Hiring New Employees. (Dennis Jacobe, "Health Costs, Gov't Regulations Curb Small Business Hiring," Gallup, 2/15/12)

President Obama's Flood Of Regulations Is Just Getting Started With Many Rules Delayed Until His Second Term In Office:

"Pending Rules In The White House Pipeline" Have Been Delayed Until After The Election. "Pending rules in the White House pipeline would position a re-elected President Barack Obama to outpace his predecessor with second-term rulemaking, according to a review of regulatory filings. Obama has delayed until after the election decisions on regulating ozone levels and rearview cameras for cars. Rules still need to be written to carry out much of Obama's signature first-term domestic policy initiatives, the health-care overhaul and the Dodd-Frank law regulating the financial industry." (Andrew Zajac, "Obama's Second Term To-Do List Positioned To Out-Regulate Bush," Bloomberg, 3/15/12)

President Obama's Dodd-Frank Law Alone Has Hundreds Of Rules Yet To Be Written. "The ozone rule would cost $19 billion to $90 billion in 2020, according to the White House. The Obama administration puts the cost of rearview cameras at $2.7 billion. A Bloomberg Government study in July found that four provisions of the Dodd- Frank law may cost banks and other financial services companies $22 billion, with hundreds of rules yet to be written." (Andrew Zajac, "Obama's Second Term To-Do List Positioned To Out-Regulate Bush," Bloomberg, 3/15/12)

And It's Not Just President Obama's Regulations That Are Hurting Job Creators — His Restrictions On Energy Exploration Are Jeopardizing Thousands Of Jobs:

President Obama's Opposition To Offshore Energy Exploration In Virginia Has Received Strong Bipartisan Opposition. "Republicans pounced on President Obama on Thursday afternoon for his administration's failure to include Virginia in the final five-year plan for offshore oil and gas drilling. But it wasn't just Republicans complaining. Sen. Jim Webb (D) joined the bipartisan dissent." (Anita Kumar, "Virginia Politicians Complain About Exclusion In Offshore Drilling Plan," The Washington Post, 6/28/12)

Senator Jim Webb (D-VA), On Offshore Energy Exploration In Virginia: "Would Boost Domestic Energy Production, While Benefitting The Commonwealth's Economy." "'Energy exploration and subsequent production within the Virginia Outer Continental Shelf — if coupled with an equitable formula for sharing revenues between the state and federal governments — would boost domestic energy production, while benefiting the commonwealth's economy,' Webb said." (Tamara Dietrich, "State Leaders Unite Over Offshore Drilling Plan," Daily Press, 6/29/12)

Senator Mark Warner (D-VA) Is Also On Record As Opposed To President Obama's Onerous Restrictions On Offshore Energy Exploration. "U.S. Sen. Jim Webb, a Democrat, criticized the decision as well. Webb and Sen. Mark Warner, also a Democrat, are both on record favoring Virginia's inclusion in the federal offshore leasing plan." (Bill Sizemore, "Offshore Drilling Ban Draws Bipartisan Opposition," Virginia Pilot, 6/29/12)

According To A Business Group Estimate, Offshore Drilling Off Virginia's Coast Could Create Nearly 2,000 Jobs And Generate Nearly $20 Billion In Additional Government Revenue. "By going forward with offshore Atlantic oil and gas leasing and with Virginia participating in the development of offshore Atlantic resources, a recent report estimates that the state's activity could: Create approximately 1,900 new jobs in Virginia; Add $365 million annually to the Gross Domestic Product; and Generate almost $19.5 billion in government revenues at all levels of government (federal, state and local)." ("Potential Job Creation, Economic Benefits And Revenue Sharing From Oil And Natural Gas Production And Exploration In Virginia," Southeast Energy Alliance, 10/14/10)