Text: The Commission states in its report to us that the Unfunded Mandates Reform Act of 1995 does not apply to the Securities and Exchange Commission.
Entailment: The Unfunded Mandates Reform Act of 1995 isn't applicable to the Securities and Exchange Commission, according to the Commission.
Contradiction: The Commission reported that the Securities and Exchange Commission is regulated by the Unfunded Mandates Reform Act of 1995.