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.).

Amends the Congressional Budget and Impoundment Control Act of 1974 to revise the definition of "agency" to include independent regulatory agencies for purposes of provisions concerning federal mandates.

Amends the Unfunded Mandates Reform Act of 1995 to provide that provisions of such Act relating to regulatory accountability and reform, review of federal mandates, and judicial review shall not apply to rules concerning monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.