According to John Cochran of ABC News:
"In 1988 the Supreme Court ruled that the president had the right to determine who should and should not have access to classified information. Then in March 2003, around the start of the war in Iraq, George Bush expanded that power to include the vice president.
So, barring a court challenge, it appears that both Bush and Cheney have the power to say what is and is not classified."
For rest of the ABC News report click on title above for a link.
For the text of the Executive Order click on the following link: http://www.nationalreview.com/york/york200602160841.asp
A tempest in a teapot.