Check out this great article by Jim Lacey on NRO. The main point in this debate is that the Constitution gives only Congress the power to legislate. Congress is not given the power to delegate this responsibility to an unelected bureaucracy that is essentially part of the Executive Branch. This is a power grab. Congress has to stand up and reassume the power to make laws. The regulations that are not specifically approved by Congress are unconstitutional and should be challenged in the courts. Who in Congress will stand up and do their Constitutional duty?
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