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Full Text of this Amendment

SA 296. Mr. PORTMAN submitted an amendment intended to be proposed to amendment SA 186 proposed by Mr. Cornyn to the bill S. 493, to reauthorize and improve the SBIR and STTR programs, and for other purposes; which was ordered to lie on the table; as follows:

At the end, add the following:
SEC. __X. 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.".


(As printed in the Congressional Record for the Senate on Apr 14, 2011.)