While every modern president has implemented last-minute regulations, Bush is rolling them out at a record pace — nearly twice as many as Clinton, and five times more than Reagan. "The administration is handing out final favors to its friends," says Véronique de Rugy, a scholar at George Mason University who has tracked six decades of midnight regulations. "They couldn't do it earlier — there would have been too many political repercussions. But with the Republicans having lost seats in Congress and the presidency changing parties, Bush has nothing left to lose."