You’re never going to believe this one. Not content with doing absolutely nothing for four years, Congress has just passed the GOP’s Red Tape Reduction and Small Business Job Creation Act (HR 4078). It’s designed to keep the President from doing anything nor the next two years. It’s also supposed to keep the SEC from imposing any new regulations on Wall Street and/or the Banking industry.
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.
The bill, as presented to the House, wanted to prevent new regulations until employment fell to 6 percent, but, once Democrats pointed out that might not be a good thing, the typo got fixed. Of course, there’s little chance this bill will pass the Senate, much less get the President’s signature, but at least the Republicans are doing something, for a change.