The 98 lawmakers who back Chavez bandied abuse with 63 rivals who were elected in a Sept. 26 vote. Chavez had enjoyed near-absolute control of the single-chamber parliament since 2005, when the opposition boycotted elections alleging electoral fraud.

“Let them talk -- our lawmakers will pulverize them,” Chavez said on state television today.

The opposition plans to propose new laws and use its renewed presence in the assembly to slow down government-backed legislation, which for the past five years has been fast-tracked by lawmakers from Chavez’s alliance, said Maria Corina Machado, an opposition lawmaker. In the September vote, the former paratrooper suffered one of his heaviest setbacks since taking power in 1999, and now lacks the two-thirds majority needed to pass major laws.

“The body of laws passed by this government seek to reduce freedoms and society’s autonomy,” Machado said in an interview outside the National Assembly. “They clearly go against what the majority wants and we will fight them.”

Economic Risk

Chavez is likely to try and undermine the emboldened opposition, raising the risk of economic, political and social unrest, Goldman Sachs Group Inc. wrote in an e-mailed report.

”The Chavez administration still has a very strong grip on power and will likely continue to set the agenda without having to concede political ground,” Goldman Sachs economist Alberto Ramos wrote.

The opposition’s ability to block legislation has been blunted by decree powers that were granted to Chavez by the previous assembly on Dec. 17. The powers, which the president said were needed to speed up legislation to cope with damages caused by torrential rains and flooding, allow him to bypass the assembly for certain laws.

At today’s session, opposition lawmakers held up cards reading “52%,” a reference to the percentage of the total votes they claimed to have won in the legislative vote, including independent parties and ones that split with Chavez. The opposition has accused Chavez’s United Socialist Party of Venezuela of redrawing electoral districts in its favor ahead of the elections.

“I come here to speak in the name of the immense majority of the popular vote that we obtained on Sept. 26, a majority that is not reflected in this chamber,” said opposition lawmaker Alfonso Marquina. “It’s not reflected by a law that defrauds popular will and that eliminated the constitutional principle of proportional representation.”

Chamber President

Two opposition lawmakers were forbidden from taking their seats in the new assembly because they face legal charges.

Fernando Soto Rojas, a member of the United Socialist Party, today was chosen president of the assembly. Former ministers Aristobulo Isturiz and Blanca Eekhout were elected as vice presidents.

The assembly’s outgoing president, Cilia Flores, said the new parliament would respect the constitution and the will of the people.

“We are going to show the opposition that 98 is more than 65,” said Flores in a speech carried on state television to mark the opening of the new parliament.