House OKs bill limiting Obama authority

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WASHINGTON, July 26 (UPI) -- The U.S. House Thursday approved a bill that would largely prevent President Barack Obama from creating new federal regulations for the remainder of his term.

The bill would prevent the administration from imposing major new regulations for two years, or until unemployment falls to 6 percent. It would also bar the White House from issuing major new rules between Election Day and Inauguration Day if Obama does not win re-election to a second term, The Hill reported.

Thirteen Democrats joined Republicans in voting for the Red Tape Reduction and Small Business Job Creation Act, which passed 245-172.

House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., said during debate on the bill Wednesday the president has issued "more than 106 major rules costing more than $46 billion." House Judiciary Committee Chairman Lamar Smith, R-Texas, cited a poll indicating 85 percent of small businesses are not hiring because they fear new government regulations, The Hill said.

"President Obama has turned America into a regulation nation," Smith said.

Rep. Barney Frank, D-Mass., who sits on the Financial Services Committee said the bill -- which would put limits on the Securities and Exchange Commission and Commodity Futures Trading Commission in issuing new rules -- "will stop us in a number of other areas with regard to derivatives, speculation where we want to put limits on what the non-users of oil can buy so we can drive up the price."

Opponents also argue the bill would preclude necessary rule making in such areas as health and the environment.