The 7.7 percent target for unemployment is based on the 7.8 percent rate in the U.S. when President Obama took office. Johnson argues that because the rate has always been higher than that initial rate under Obama, substantive regulations should be banned until it gets under that level.

"According to the White House, we're now into the third year of the Obama 'recovery,' " Johnson said. "But job growth is anemic, and companies are still laying off workers. You would think that Washington would be focused on job creation. Instead, the White House is intent on adding new layers of job-killing regulation."

The bill would ban "significant" regulations, which it defines in part as major rules that would have an effect on the economy of $100 million or more, or would have an effect on job creation.

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