Venezuela's National Assembly on Thursday initially approved a draft law granting President Nicolas Maduro the power to govern by decree for a year. The so-called Enabling Law, which was submitted a month ago by Maduro, was presented as a way to make it easier for the executive branch to fight corruption, and passed the first reading after three hours of debate with 99 votes in favor and 60 opposition deputies against. The draft gives Venezuela's president the temporary power to issue decrees without having to seek parliamentary approval, in accordance with the needs of the country or in an emergency situation. According to Article 203 of the Venezuelan Constitution, an Enabling Law must be approved by three-fifths of the National Assembly. The assembly has 165 deputies, so 99 votes were necessary for approval. Two days ago, the ruling United Socialist Party of Venezuela (PSUV) had 98 votes and needed a single extra to pass the law. Carlos Flores, standing in for former PSUV deputy Maria Mercedes Araguren who is being investigated for alleged corruption, became "Deputy 99." The official Venezuelan News Agency (AVN) said the draft law will be turned over to the National Assembly's Special Commission, which has been appointed to analyze it and make any recommendations or objections. AVN said once the Special Commission issues a report on the draft, the National Assembly's leaders will call for a second reading within the next 10 working days, or sooner if necessary. If approved, the draft law will be submitted to the Executive to be enacted and published in the Government Gazette. On Thursday, Maduro said he will use the law 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. Maduro's predecessor, Hugo Chavez, used the same law from 1999 to 2012 to grant the National Assembly the power to make laws in social programs and strengthening national sovereignty.