To provide for the inclusion of independent regulatory agencies in the application of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1501 et seq.).

1. Adds SEC. ___. INCLUSION OF APPLICATION TO INDEPENDENT REGULATORY AGENCIES wherever appropriate

   Adds a section

   Inserted: SEC. ___. INCLUSION OF APPLICATION TO INDEPENDENT REGULATORY AGENCIES.

   Inserted: (a) In General.--Section 421(1) of the Congressional Budget and Impoundment Control Act of 1974 (2 U.S.C. 658(1)) is amended by striking ", but does not include independent regulatory agencies".

   Inserted: (b) Exemption for Monetary Policy.--The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1501 et seq.) is amended by inserting after section 5 the following:

   Inserted: "SEC. 6. EXEMPTION FOR MONETARY POLICY.

   Inserted: "Nothing in title II, III, or IV shall apply to rules that concern monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed