Obama: 7 proposed regulations would each top $1B

President Barack Obama says his administration is considering seven new government regulations that would cost the economy more than $1 billion each a year, a tally Republicans will pounce on to argue that Congress needs the power to approve costly government rules. In a letter to House Speaker John Boehner, R-Ohio, Obama lists four proposed Environmental Protection Agency rules and three Transportation Department rules estimated to cost in excess of $1 billion. One of the proposed EPA rules - an update to the health-based standard for smog - is estimated to cost the economy between $19 billion and $90 billion. The letter, dated Tuesday, comes as the Republican-controlled House prepares to consider legislation that would require congressional approval for any new regulations that would impose a significant cost on industries. The four environmental regulations, which target air pollution and coal residue primarily from coal-fired power plants, already have been attacked by House Republicans, who have said they would kill jobs and harm the economy...more