II 112th CONGRESS 1st Session S. 817 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.).

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:

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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