The last I heard, the FDA intended to send a proposal to the Office of Management and Budget which falls under the executive branch (so at this time Obama would be the one to approve it). Until that happens we will not definitely know exactly what is in the proposal. The other route they could go is through congress but it doesn't appear they intend to take that route unless the industry can proves ecigs can't be deemed a tobacco product or can but current law can't be applied to regulations for e-cigs which would mean congress would have to put up new legislation or alter existing. An existing Supreme Court ruling indicates that won't happen.
After the proposal to the Office of Management and Budget there will be a period for comment meaning both public and the businesses affected would be able to put in their two cents. That period is usually 2 or 3 months.
After that period how the regulations will be put into play. Usually at that point it is 6 months to a year for businesses to make preparations for the changes based on what is discussed in the comment period.
So to sum up: We don't know for sure what is in it. It will be 8 months to a a bit more than year after we know that for regulations go into effect.
I've heard that they have already sent it to the OMB for review. I can't find where that was stated. I think somewhere in the Legislation Section on ECF.
