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.
The Commission believes that the Securities and Exchange Commission is effectively independent. 
mnli hypothesis: The Commission believes that the Securities and Exchange Commission is effectively independent.  premise: 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.