The enabling law that President Hugo Chávez is requesting the National Assembly (AN) will be implemented for 18 months and spans 10 strategic areas, including, among others, economics and finance, social, land layout and planning, security and defense, reinforced people's power, said Deputy Carlos Escarrá for ruling party MVR.

Escarrá noted that the bill will be discussed in a first session at AN. Next week, article after article will be explored in a second session. Also, some street parliamentarian activities will be conducted with regard to this issue.

As stated by the congressman, the enabling law is "vital and most important, as it will strengthen and speed up the process for change needed in Venezuela."

The regulations will lay the institutional foundations required for the presidential term.

Escarrá noted that AN will continue engaged in lawmaking despite such a transfer of powers to the Executive. Around 70 laws are in the agenda.

He anticipated that the enabling law will include a nationalization law, as well as reforms to the tax and financial systems.