The regulatory landscape in the United States continues to evolve in 2024, with a marked increase in the volume and economic impact of new federal regulations issued by various agencies. This analysis explores detailed statistics and makes comparisons to previous years, underscoring significant trends and shifts within the regulatory environment.
Volume of Regulations
As of this year, more than 2,000 new final regulations have already been issued by federal agencies, setting a pace to potentially reach around 3,105 final regulations by the end of the year. This projection represents a slight increase from the 3,018 final regulations issued in 2023. Meanwhile, agencies have issued 1,178 proposed regulations so far, with expectations to total around 1,796 proposed regulations by year-end. This number is slightly lower than those recorded over the previous three years.
Notices and Federal Register Pages
The Federal Register, which publishes official federal government notices, has seen 15,374 notices published so far this year. Estimations suggest a year-end total of 23,436 notices, reflecting a consistent increase in regulatory communications in recent years. Additionally, the Federal Register has already accumulated 68,319 pages, putting it on track to set a new record with an estimated total of 104,145 pages by year-end. This would surpass the previous record set in 2016.
Economic Impact
This year, there have been 13 major rules issued that each have economic effects exceeding $200 million annually. Projections indicate that around 20 such major regulations could be implemented by the year’s end. The estimated net savings from these major regulations range between $17.82 billion and $22.87 billion, a notable shift from the higher cost range of $62.60 billion to $90.48 billion observed in 2023.
Impact on Small Businesses
In 2024, 490 new regulations have been identified as having an effect on small businesses, with 51 of these regulations classified as significant. The projected impact indicates a decrease in the number of small business-specific regulations compared to previous years. This trend may provide some relief to small business owners who often face the burden of regulatory compliance.
Overarching Trends
The trends for 2024 highlight an overall increase in regulatory volume, with both final and proposed regulations expected to exceed those from previous years slightly. Economic impacts show a significant shift towards regulations that promise net savings rather than additional costs. Notices continue to increase consistently, reflecting ongoing active communication and regulatory updates issued by agencies.
New and Proposed Regulations
The year has seen the introduction of new final regulations across various sectors, such as environmental reviews for nuclear plants, safety rules for waterways during the Democratic National Convention, and mandatory “No Smoking” signs on aircraft. Trade and sanctions regulations impacting Venezuela, Burma, Russia, and arms trafficking between the US, UK, and Australia have also been implemented. Local economic policies have seen changes with tax adjustments on South Texas-grown onions and prevailing wage updates in Denver and Saratoga. Additionally, consumer protection has been strengthened through new regulations related to product reviews by the FTC, occupant crash protection, and 911 reliability standards.
Summary of Findings
The regulatory landscape in the United States is undergoing considerable transformation in 2024, marked by a notable rise in both the number and economic impact of new federal regulations introduced by various agencies. This detailed analysis delves into the statistics, comparing them with those from previous years to highlight significant trends and shifts. For instance, environmental regulations have seen a substantial increase, reflecting a stronger emphasis on combating climate change. Similarly, financial sector regulations have been enhanced to ensure greater transparency and consumer protection.
Health care has also been a focal point, with new regulations aimed at improving patient safety and data privacy. Technology industries are facing a wave of regulations addressing data security, artificial intelligence, and digital privacy, given the ever-growing concerns over tech’s pervasive role in society. The labor market isn’t left out either; there are new rules designed to protect gig economy workers and ensure fair labor practices.
By tracking these developments, the analysis offers a comprehensive overview of how federal regulatory actions are adapting to contemporary societal and economic challenges.
