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Key Takeaways
- President Joe Biden has made more economically significant regulations at this point in his term than any president at least as far back as Ronald Reagan.
- Biden’s White House has rewritten the rules on student loans, banking fees, overtime pay, and many other things under the purview of federal agencies.
- The power to shape regulations is one of the major issues at stake in the 2024 presidential election.
President Joe Biden is on track to create more significant regulations than any president in history, as his administration continues to use federal agencies to shape policy throughout the economy.
As of April, the Biden administration had published 209 “economically significant” regulations in the Federal Register, according to a tracker created by George Washington University’s Regulatory Studies Center, more than any other president 38 months into their first term based on records going back to the Reagan era.
The researchers defined “economically significant” as having an annual effect on the economy of $100 million or more, or materially impacting the economy, the environment, or public safety in some way.
Biden’s efforts to advance legislation in Congress were dealt a setback in 2022 when Republicans gained control of the House of Representatives in midterm elections. But he’s nonetheless used federal regulations to reshape the economy without having to get laws passed by the legislature.
What Has Biden Done for the Economy?
Biden’s Department of Education has rewritten the rules for student loan repayment. His Department of Labor has expanded overtime pay and redefined which workers count as contractors versus employees. The Consumer Financial Protection Bureau (CFPB) has cracked down on banking fees such as those for overdrafting accounts during his tenure as part of an administration-wide war on “junk fees.”
Other efforts, including broad student loan forgiveness and a cap on credit card late fees, have been tied up or struck down by courts.
The George Washington University research highlights the economic stakes of the 2024 presidential election: Whichever candidate wins will wield the significant power of federal regulation, regardless of which party controls Congress.