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This executive order is part of the 1978 law that allowed under extroadinary circumstances the president to use this power.

Actually that "1978" law was a further restriction on Executive Orders and was more than one law..
There were several congressional restrictions placed on presidential orders, declarations, and executive orders during the 1970's..
That group of laws restricted the President to utilizing his/her executive powers only in the event of a "national emergency" ...
I highlighted that for effect..

Now you know why "everything" seems to be a national emergency...
It's the operative phrase for utilization of executive orders and other presidential declarations..

Now for some basics..
I hope this scares you as much as it scares me..

Presidential executive orders allow the executive branch, i.e., the President, to enact whatever laws, regulations, procedures etc. that he/she wishes to, in order to fullfill the duties of "running the nation" and all other attendant duties.. ( my basic description )

The only thing holding the president back, is the orders he/she issues must be either constitutional, or already law as legislated by congress, in some form or other..
In other words, there has to be a "legal basis" for the executive order, but not much of one..

As for congress, while it has the powers and authority to block an order or declaration, it very rarely exercises that power..

John, you're probably more correct than I was in assuming that a full legislative act of congress is required to block an executive order..
With one exception, which is referring the disputed executive order to the federal courts..
Except, the courts rarely contest executive orders either..

I found some interesting history of the Executive Order at the Cato Institute's site..
here's a couple of URL's if you're interested in doing some reading concerning the full history of executive orders.. ( It starts with George.. Washington.. Yeah, right from day one, to the present... )

http://www.cato.org/testimony/ct-wo102799.html
This is regular web page, I think..

http://www.cato.org/pubs/pas/pa-358es.html
This one contains some .pdf (acrobat) files bottom of the page.. the first one is the best.. Full history there...

Hope this answers some of the questions, it will probably raise even more...
Like I said, it's really "scary"..