Jan. 30 (Bloomberg) -- Venezuela's congress approved a request by President Hugo Chavez for the power to make law by decree for 18 months, opening the way for an overhaul of the country's economic and political life.

Lawmakers unanimously approved the request in a televised vote.

Chavez has pledged to use his new power to nationalize ``strategic'' companies in the telephone, electricity and oil industries, establish new taxes on second houses, boats and luxury goods, and eliminate more than 100 municipalities.

To contact the reporter responsible for this story: Alex Kennedy in Caracas at Akennedy1@bloomberg.net

Last Updated: January 30, 2007 17:40 EST