Representative Kelly (R – Penn) does a good job here explaining one significant drag on the economy. The costs to businesses of complying with the minutiae included in federal regulations is enormous. I don’t know about the figure he cited, but it would not surprise me at all.
Common sense regulations are needed. What is mind-boggling are the expenses government forces businesses to incur to move mirrors 1/4″, or the one thousand + pages written regarding qualifications for participation in programs. There are a lot of people without jobs today who would be working if businesses were able to use more of their capital for conducting their businesses, rather than spending enormous resources first understanding and then coming into compliance with the regulations embedded in federal laws.