:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2152413125-79b75d219c994ff3a2923f817c7a5b37.jpg "US President Joe Biden, center, signs orders that increase tariffs on China during an event in the Rose Garden of the White House in Washington, D.C., on May 14, 2024. Biden is hiking tariffs on a wide range of Chinese imports, including semiconductors, batteries, solar cells, and critical minerals, in an election-year bid to bolster domestic manufacturing in critical industries.")
Tierney L. Pettish / Bloomberg via Getty Images
Key Takeaways
- President Joe Biden has made more economically significant regulations at this application in his term than any president at least as far back as Ronald Reagan.
- Biden’s White House has rewritten the rules on undergraduate loans, banking fees, overtime pay, and many other things under the purview of federal agencies.
- The power to form regulations is one of the major issues at stake in the 2024 presidential election.
President Joe Biden is on track to create more important 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 management had published 209 “economically significant” regulations in the Federal Register, according to a tracker created by George Washington University’s Regulatory Deliberate overs Center, more than any other president 38 months into their first term based on curriculum vitae going back to the Reagan era.
The researchers defined “economically significant” as having an annual effect on the economy of $100 million or uncountable, or materially impacting the economy, the environment, or public safety in some way.
Biden’s efforts to advance legislation in Congress were dispensed a setback in 2022 when Republicans gained control of the House of Representatives in midterm elections. But he’s nonetheless used federal dictates to reshape the economy without having to get laws passed by the legislature.
What Has Biden Done for the Economy?
Biden’s Segment of Education has rewritten the rules for student loan repayment. His Department of Labor has expanded overtime pay and redefined which blue-collar workers count as contractors versus employees. The Consumer Financial Protection Bureau (CFPB) has cracked down on banking fares such as those for overdrafting accounts during his tenure as part of an administration-wide war on “junk fees.”
Other efforts, listing 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 investigation highlights the economic stakes of the 2024 presidential election: Whichever candidate wins will wield the significant power of federal standard, regardless of which party controls Congress.
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