WASHINGTON - President Barack Obama is set to sign into law the first overhaul of toxic chemical rules in 40 years while hailing a rare moment of cooperation between Republicans and Democrats.

Lawmakers from both parties plan to join Obama on Wednesday for the ceremony, along with environmental advocates and industry groups that backed the legislation.

The bill updates rules for tens of thousands of everyday chemicals used in household cleaners, clothing and furniture. It also sets safety standards for dangerous chemicals like formaldehyde, asbestos and styrene.

The goal is to standardize on the national level what has been a jumble of state rules governing the $800 billion-per-year industry.

The bill is names after former New Jersey Sen. Frank Lautenberg, a chemical safety advocate who died in 2013.