It looks like legislation to do this has failed, but President Obama is making a move to do it anyway.
Once the new Congress comes into session, the EPA should immediately be stripped of the funding to carry this out. This is a much more likely scenario of getting the President's signature on changes under the Congressional Review Act.
This is an issue that Republicans should jump on, not only for the obvious political advantages, but also because it the President should not be able to establish such a system without Congressional support, and such a measure would arguably be detrimental to the economy.