I assume you hear that from someone who's either very confused or just making it up. Consumer regulation in the US is generally rather weak as compared to the EU. Some other regulation less so, but the idea that the US has the most regulation isn't really credible.

Some aspects of the American right-wing like making these very extreme claims, presumably on the basis that some people won't bother to check. Another even more implausible one is that America is the most-taxed country; this simply isn't even vaguely true no matter what way you look at it.