Venezuela's National Assembly on Tuesday gave final approval to a law that grants President Nicolas Maduro the power to govern by decree for a year.
The so-called Enabling Law, proposed by Maduro in October and immediately enacted by the president following the approval, is designed to make it easier for the executive branch to fight corruption and implement economic measures, such as price control.
"The Enabling Law is approved," President of the National Assembly, Diosdado Cabello, said Tuesday after the final congressional debate on the bill.
"I sign the law in the name of (former president Hugo) Chavez, I sign it in the name of the Venezuelan people," said Cabello.
The law was initially approved last Thursday in the lower house, with 99 votes in favor and 60 against.
During the debate, ruling party Deputy Gladys Requena said there is a sector of the country that wants to wage an "economic war" on the majority of the people.
"This law seeks to strengthen the fight against corruption, taking and assuming the state's function, as established in article 112 of the Constitution. In the streets, our people are supporting us because the reasons are clear. We have to fight against the economic war to the death," said Requena.
On Thursday, Maduro said he plans to use his expanded powers to continue his campaign against what he deems to be unfair business practices that hurt consumers, by monitoring and regulating prices, establishing a cap on profits and other measures.
Now that it has been signed by Maduro, the law is to be published in the Government Gazette.