‘‘(2) notify the agency; and 
‘‘(3) request that the agency comply before the 
agency finalizes the major rule concerned. 
‘‘(c) ANNUAL STATEMENTS TO CONGRESS ON AGEN-
CY COMPLIANCE.—The Administrator shall submit to 
Congress, including the Committee on Homeland Security 
and Governmental Affairs of the Senate and the Com-
mittee on Oversight and Reform of the House of Rep-
resentatives, an annual written report that, for the 1-year 
period preceding the report— 
‘‘(1) details compliance by each agency with the 
requirements of this title that relate to major rules 
for which a regulatory impact analysis is required by 
section 202, including activities undertaken at the 
request of the Administrator to improve compliance; 
and 
‘‘(2) contains an appendix detailing compliance 
by each agency with section 204.’’. 
SEC. 7. INITIATION OF RULEMAKING. 
The Unfunded Mandates Reform Act of 1995 (2 
U.S.C. 1501 et seq.) is amended— 
(1) by redesignating section 209 (2 U.S.C. 
1531 note) as section 210; and 
(2) by inserting after section 208 (2 U.S.C. 
1548) the following: 
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‘‘SEC. 209. INITIATION OF RULEMAKING FOR MAJOR RULES. 
‘‘When an agency determines to initiate a rulemaking 
that may result in a major rule, the agency shall— 
‘‘(1) establish an electronic docket for that rule-
making, which may have a physical counterpart; and 
‘‘(2) publish a notice of initiation of rulemaking 
in the Federal Register, which shall— 
‘‘(A) briefly describe the subject and objec-
tives of, and the problem to be solved by, the 
major rule; 
‘‘(B) refer to the legal authority under 
which the major rule would be proposed, includ-
ing the specific statutory provision that author-
izes the rulemaking; 
‘‘(C) invite interested persons to propose 
alternatives and other ideas regarding how best 
to accomplish the objectives of the agency in 
the most effective manner; 
‘‘(D) indicate how interested persons may 
submit written material for the docket; and 
‘‘(E) appear in the Federal Register not 
later than 90 days before the date on which the 
agency publishes a notice of proposed rule-
making for the major rule.’’. 
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SEC. 8. INCLUSION OF APPLICATION TO INDEPENDENT 
REGULATORY AGENCIES. 
(a) IN GENERAL.—Section 421(1) of the Congres-
sional 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 Un-
funded 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.’’. 
SEC. 9. JUDICIAL REVIEW. 
Title IV of the Unfunded Mandates Reform Act of 
1995 is amended by striking section 401 (2 U.S.C. 1571) 
and inserting the following: 
‘‘SEC. 401. JUDICIAL REVIEW. 
‘‘(a) IN GENERAL.—A person that is aggrieved by 
final agency action in adopting a major rule that is subject 
to section 202 is entitled to judicial review of whether the 
agency complied with section 202(b), 202(c)(1), or 205 
with respect to the rule. 
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