Regulations are necessary to ensure consumer and worker well-being, but overregulation imposes significant costs on Americans without improving their daily lives or enhancing their safety or prosperity. Today, regulatory bodies have as much, or even more, influence over our lives than Congress. In 2014, Congress passed just 224 laws while executive branch agencies issued 3,554 regulations. As a result, American consumers and businesses spend about $2 trillion each year, a sum equal to 12 percent of the total U.S. economy, to comply with federal regulations. In 2012, these rules cost businesses approximately $10,000 per employee. What’s more, regulations disproportionately affect smaller firms, costing businesses with less than 50 employees $11,724 per employee and larger firms $9,083 per employee. Finally, overregulation harms consumers by adding to the cost of goods. The average household’s regulatory bill is approximately $15,000 each year, about one quarter of its income.