Senate Backs Away From Moratorium on New Regulations
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WASHINGTON — The Senate scuttled a House-approved moratorium on new government regulations Tuesday, clearing the way for approval today of a narrower bill to give Congress powers to block regulations before they take effect.
The Senate’s action signaled its rejection of House Republicans’ approach to federal regulations--a crusade they have mounted with the help of lobbyists for some of the biggest regulated industries.
By opting for a congressional review of new rules rather than a freeze in rule-making, the Senate has chosen a more moderate course that is likely to bring it into conflict with House conferees.
The Senate agreed by voice vote to substitute the congressional review for the freeze, leaving only a formal vote on final action for today.
House and Senate negotiators also agreed to a compromise tax bill Tuesday that restores a deduction for health insurance purchased by the self-employed and eliminates a tax break for companies that sell broadcast stations to minorities.
The conferees dropped a Senate provision for a tax on the capital gains of people with assets of $5 million or more who relinquish U.S. citizenship and move abroad.
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