II
118th CONGRESS
1st Session
S. 415
IN THE SENATE OF THE UNITED STATES
February 14, 2023
Mr. Thune (for himself, Mr. Barrasso, Mr. Braun, Mr. Crapo, Mrs. Fischer, Ms. Lummis, Mr. Mullin, Mr. Risch, and Mr. Rounds) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To provide reliable and evidence-based food and energy security.
Short title
This Act may be cited as the Food and Energy Security Act
.
Definitions
In this Act:
Agricultural or closely related business
The term agricultural or closely related business means a for-profit or not-for-profit entity that is involved in—
the production of agricultural products or livestock; or
the supply chain of an entity involved in the production of agricultural products or livestock.
Energy or closely related business
The term energy or closely related business means a for-profit or not-for-profit entity that is involved in—
the production, development, or marketing of electricity, fuel (including biofuels), or other related products; or
the supply chain of an entity involved in the production, development, or marketing of electricity, fuel (including biofuels), or other related products.
Federal regulator
The term Federal regulator means—
the Board of Governors of the Federal Reserve System;
the Office of the Comptroller of the Currency;
the Federal Deposit Insurance Corporation;
the Financial Stability Oversight Council;
the National Credit Union Administration;
the Bureau of Consumer Financial Protection;
the Commodity Futures Trading Commission; and
the Securities and Exchange Commission.
Regulations and guidance
In general
As part of any public notice of a proposed regulation, final regulation, or guidance that could affect, directly or indirectly, the extension of capital to or investments in an agricultural or closely related business or an energy or closely related business, a Federal regulator shall provide a detailed analysis of the estimated impact the regulation or guidance would have on food prices, electricity prices, and fuel prices, as applicable, including a description of the methodology and variables used in the estimates.
Contents
The estimated impacts required under subsection (a) shall include how the proposed regulation or guidance would, as applicable, affect—
food prices (broken down by the applicable expenditure categories listed in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor) over 1 year, 3 years, 5 years, and 10 years;
electricity prices (broken down by the applicable expenditure categories listed in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor) over 1 year, 3 years, 5 years, and 10 years; and
fuel prices (broken down by the applicable expenditure categories listed in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor) over 1 year, 3 years, 5 years, and 10 years.
Prohibition
A Federal regulator shall not implement any regulation or guidance that could affect, directly or indirectly, the extension of capital to or investments in an agricultural or closely related business or an energy or closely related business if—
the analysis of estimated impacts under section 3 estimate that implementation of the regulation or guidance would result in an increase in food prices, electricity prices, or fuel prices; and
the annualized rate of increase in the Consumer Price Index for All Urban Consumers most recently published by the Bureau of Labor Statistics of the Department of Labor is 4.5 percent or greater.
Rule of construction
Nothing in this Act may be construed as affecting any regulation or guidance of a Federal regulator that was implemented before January 1, 2023.
