Inclusion of application to independent regulatory agencies

(a) In general Section 421(1) of the Congressional Budget 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 (2 U.S.C. 1504) 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..