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.