Because a lot more are coming.
As if the "fiscal cliff" and the prospect of looming tax hikes were not enough, banks of all sizes -- and in turn consumers and businesses who rely on their credit -- also face the "Basel cliff."
The government defines "economically significant" rules as those that impose annual costs of $100 million or more, and the Bush, Clinton and Bush Administrations each ended up finalizing about 45 major rules per year. The average over Mr. Obama's first two years was 63 but then plunged to 44 for 2011 and 2012 so far. The bureaucracies didn't slow down. They merely postponed and built up a backlog that is about to hit the Federal Register.
We'd report the costs of the major-rule pipeline if we had current data. But the White House budget office document known as the unified agenda that reveals the regulations under development hasn't been published since fall 2011. The delay violates multiple federal laws and executive orders that require an agenda every six months, so we thought readers might like a rough guide to the regulatory flood that is about to roll through the economy.