Under the bill, the SEC would have to ensure the benefits of new rules outweigh their costs. 

Sen. John Cornyn (R-Texas) introduced a bill Thursday that would prohibit the Treasury Secretary and the Internal Revenue Service (IRS) from enforcing ObamaCare.

Cornyn introduced the Keep the IRS Off Your Health Care Act, S. 983, on Thursday. Lawmakers have been calling for investigations and limitations on the IRS since it admitted to applying extra scrutiny to conservative groups seeking tax-exempt status.

“I do not support ObamaCare, and after the events of last week, I cannot support giving the IRS any more responsibility or taxpayer dollars to implement a broken law,” Cornyn said.

The House on Friday morning took a step toward passing a bill that would require the Securities and Exchange Commission (SEC) to conduct strict cost-benefit analyses of its regulations.

Members approved a rule for H.R. 1062, the SEC Regulatory Accountability Act, in a 223-180 vote. Passage of the rule will let the House approve the bill later Friday.

The House will vote next week to allow construction of the northern portion of the Keystone XL oilsands pipeline.

The House will finish out the week by passing a bill that would force the Securities and Exchange Commission (SEC) to more closely examine its regulations and their effect on the economy.

Members will consider H.R. 1062, the SEC Regulatory Accountability Act. This bill requires the SEC to conduct more detailed cost-benefit analyses of their regulations, and to make sure the benefits of each rule outweigh the costs.

Only two Democrats sided with Republicans in the party-line 229-195 vote.

The Senate passed a bill Thursday that would stop the Army Corps of Engineers from restricting fishing waters.

Senate Minority Leader Mitch McConnell (R-Ky.) introduced the Right to Fish Act, S. 982, which was passed in a unanimous consent agreement.

Sen. Marco Rubio (R-Fla.) said he thinks President Obama made a mistake Thursday by not saying directly that no one in the White House was aware of the scandal at the Internal Revenue Service (IRS).

“I have tremendous respect for the office of the president,” Rubio said moments after Obama held a press conference. “[But] I think the president today potentially made a mistake in a comment he made.”

Sen. James Inhofe (R-Okla.) urged his colleagues Thursday to support a bill he introduced, which would eliminate oil exports from Iran by expanding U.S. production.

The Iran Sanctions Implementation Act, S. 965, would require President Obama to expand U.S. domestic oil production on federal lands to offset Iran’s oil exports to the international community.