Congress has cleared a final initiative to cut red tape for small businesses, sending it to President Obama for his signature. U.S. Senator Debbie Stabenow first passed the measure earlier this year. The initiative repeals a burdensome new regulation that would require small business owners to file an IRS 1099 form for each vendor from whom they make purchases of $600 or more. If the new regulation had not been repealed, 1099 filings for 40 million American businesses—most of them small businesses— could have increased by as much as 2000 percent.