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  • Sen. Inhofe on cost of environmental regulation

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    Senator Jim Inhofe (R-OK) recently introduced a bill called the EPA Employment Impact Analysis act, which would force the Environmental Protection Agency to calculate the full economic impact of existing regulations before finalizing any major new rules. The Clean Air Act already obliges the EPA to conduct economic impact analysis, but Sen. Inhofe and his thirty co-sponsors (all of them Republicans, as he noted in a conference call today) believe the agency routinely ignores this provision, conducting only narrow studies which greatly underestimate regulatory cost.

    When announcing his legislation, Inhofe cited several examples in which the “whole economy” model used by the National Economic Research Associates consulting firm produced radically different estimates of job losses from the EPA’s far more optimistic models, which somehow managed to conclude that imposing expensive regulations would actually create jobs:

    • Utility MACT rule (77 Fed. Reg. 9301): EPA’s analysis of the Utility MACT rule estimated that implementation of the final rule would result in the creation of 46,000 temporary construction jobs and 8,000 net new permanent jobs. NERA’s whole economy analysis found that the rule would have a negative impact on the income of workers in an amount equivalent to 180,000 to 215,00 lost jobs …read more

    Source: Human Events