; and (2) from the alternatives identified and considered under paragraph (1), select the least costly, most cost-effective, or least burdensome alternative that achieves the objectives of the statute. . 5. Inclusion of application to independent regulatory agencies (a) In general Section 421(1) of the Congressional 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 Unfunded Mandates Reform Act of 1995 ( 2 U.S.C. 1501 et seq.) is amended by inserting after section 5 the following: 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. . 6. 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: 401. Judicial review (a) In general A person that is aggrieved by final agency action in adopting a 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. (b) Scope of review Chapter 7 of title 5, United States Code, shall govern the scope of judicial review under subsection (a). (c) Jurisdiction Each court that has jurisdiction to review a rule for compliance with section 553 of title 5, United States Code, or under any other provision of law, shall have jurisdiction to review a claim brought under subsection (a). (d) Relief available In granting relief in an action under this section, a court shall order the agency that promulgated the rule that is under review to take remedial action consistent with chapter 7 of title 5, United States Code. . 7. Effective date This Act shall take effect on the date that is 90 days after the date of enactment of this Act.