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S 817

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.'.

END