Okay, this bill will likely not become law, but talk about a massive waste of time.

Right now, the House of Representatives is voting on HR-4078, a bill that would freeze "significant regulatory action" from government agencies until the employment rate is at or below 6% (read the bill here).

The legislation is being introduced by Arkansas Republican, Tim Griffin. And what he means by

significant regulatory action" is anything that would cost the government more that $100,000, effect the market, conflict with another agency, materially effect the budget, or "raise novel legal/policy issues."

So yeah, pretty broad.

There is a waiver, but it has to be signed by the President and he has to submit notice to Congress.

On top of that, getting folded into this vote are two bills that would make it particularly difficult for the SEC and the CFTC carry out regulations and orders. The SEC bill is HR 2308 and the CFTC bill is HR-1840.

Basically the bills would force those agencies to get a cost-benefit analysis from the Office of the Chief Economist to assess any new regulation, they'd also be reviewing old ones before new ones are enacted.

The CFTC bill is being introduced by Texas Republican Mike Conaway.

The SEC bill is being introduced by New Jersey Republican Scott Garrett, who incidentally flipped out at Tim Geithner over the LIBOR scandal yesterday.