[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 817 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 817

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.).


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2011

  Mr. Portman introduced the following bill; which was read twice and 
                referred to the Committee on the Budget

_______________________________________________________________________

                                 A BILL


 
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.).

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCLUSION OF APPLICATION TO INDEPENDENT REGULATORY AGENCIES.

    (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''.
    (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:

``SEC. 6. EXEMPTION FOR MONETARY POLICY.

    ``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.''.
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