II 

118TH CONGRESS 

1ST SESSION S. 415 

To provide reliable and evidence-based food and energy security. 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Food and Energy Se5 curity Act’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act: 

8 (1) AGRICULTURAL OR CLOSELY RELATED

9 BUSINESS.—The term ‘‘agricultural or closely reVerDate Sep 11 2014 21:22 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S415.IS S415

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1 lated business’’ means a for-profit or not-for-profit 

2 entity that is involved in— 

3 (A) the production of agricultural products 

4 or livestock; or 

5 (B) the supply chain of an entity involved 

6 in the production of agricultural products or 

7 livestock. 

8 (2) ENERGY OR CLOSELY RELATED BUSI9 NESS.—The term ‘‘energy or closely related busi10 ness’’ means a for-profit or not-for-profit entity that 

11 is involved in— 

12 (A) the production, development, or mar13 keting of electricity, fuel (including biofuels), or 

14 other related products; or 

15 (B) the supply chain of an entity involved 

16 in the production, development, or marketing of 

17 electricity, fuel (including biofuels), or other re18 lated products. 

19 (3) FEDERAL REGULATOR.—The term ‘‘Federal 

20 regulator’’ means— 

21 (A) the Board of Governors of the Federal 

22 Reserve System; 

23 (B) the Office of the Comptroller of the 

24 Currency; 


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1 (C) the Federal Deposit Insurance Cor2 poration; 

3 (D) the Financial Stability Oversight 

4 Council; 

5 (E) the National Credit Union Administra6 tion; 

7 (F) the Bureau of Consumer Financial 

8 Protection; 

9 (G) the Commodity Futures Trading Com10 mission; and 

11 (H) the Securities and Exchange Commis12 sion. 

13 SEC. 3. REGULATIONS AND GUIDANCE. 

14 (a) IN GENERAL.—As part of any public notice of 

15 a proposed regulation, final regulation, or guidance that 

16 could affect, directly or indirectly, the extension of capital 

17 to or investments in an agricultural or closely related busi18 ness or an energy or closely related business, a Federal 

19 regulator shall provide a detailed analysis of the estimated 

20 impact the regulation or guidance would have on food 

21 prices, electricity prices, and fuel prices, as applicable, in22 cluding a description of the methodology and variables 

23 used in the estimates. 


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1 (b) CONTENTS.—The estimated impacts required 

2 under subsection (a) shall include how the proposed regu3 lation or guidance would, as applicable, affect— 

4 (1) food prices (broken down by the applicable 

5 expenditure categories listed in the Consumer Price 

6 Index for All Urban Consumers published by the 

7 Bureau of Labor Statistics of the Department of 

8 Labor) over 1 year, 3 years, 5 years, and 10 years; 

9 (2) electricity prices (broken down by the appli10 cable expenditure categories listed in the Consumer 

11 Price Index for All Urban Consumers published by 

12 the Bureau of Labor Statistics of the Department of 

13 Labor) over 1 year, 3 years, 5 years, and 10 years; 

14 and 

15 (3) fuel prices (broken down by the applicable 

16 expenditure categories listed in the Consumer Price 

17 Index for All Urban Consumers published by the 

18 Bureau of Labor Statistics of the Department of 

19 Labor) over 1 year, 3 years, 5 years, and 10 years. 

20 SEC. 4. PROHIBITION. 

21 A Federal regulator shall not implement any regula22 tion or guidance that could affect, directly or indirectly, 

23 the extension of capital to or investments in an agricul24 tural or closely related business or an energy or closely 

25 related business if— 


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1 (1) the analysis of estimated impacts under sec2 tion 3 estimate that implementation of the regula3 tion or guidance would result in an increase in food 

4 prices, electricity prices, or fuel prices; and 

5 (2) the annualized rate of increase in the Con6 sumer Price Index for All Urban Consumers most 

7 recently published by the Bureau of Labor Statistics 

8 of the Department of Labor is 4.5 percent or great9 er. 

10 SEC. 5. RULE OF CONSTRUCTION. 

11 Nothing in this Act may be construed as affecting 

12 any regulation or guidance of a Federal regulator that was 

13 implemented before January 1, 2023. 

Æ 


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