"Federal regulation and intervention cost American consumers and businesses an estimated $1.88 trillion in 2014 in lost economic productivity and higher prices," amounting to roughly $15,000 per household, the report said.
Sixty agencies, departments, and commissions comprising the federal bureaucracy have 3,415 regulations in the process of being finalized. Therefore, the number of regulations far surpasses the number of laws passed by Congress.
"In 2014, agencies issued 16 new regulations for every law-that's 3,554 new regulations compared to 224 new laws," the report said.
The Departments of the Treasury, Commerce, Interior, Health and Human Services (HHS), Transportation (DOT), and the Environmental Protection Agency (EPA) account for 48 percent of all federal regulations.
Government regulation has led to a hidden "tax" for Americans, the report said, as businesses pass along compliance costs to consumers.
In addition, regulation is a way for the federal government to further agendas without relying on the legislative system.
"Rather than pay directly and book expenses for new initiatives, federal regulations can compel the private sector, as well as state and local governments, to bear the costs of federal initiatives," the report said.
Chinese President Xi Jinping warned his new US counterpart Joe Biden not to push Europe into an alliance against Beijing