Food and Energy Security Act

Subjects: Finance and Financial Sector

Summary:  <p><strong>Food and Energy Security Act </strong></p> <p>This bill provides requirements for specified federal financial agencies when regulating activity that could impact the extension of capital or investments to agricultural- or energy-related businesses. </p> <p>Specifically, an agency must analyze the economic impact of any such regulation. If the analysis estimates that the regulation would increase prices, and if the consumer price index exceeds a certain level, the agency is prohibited from implementing the regulation. </p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 415 Introduced in Senate (IS)]

&lt;DOC&gt;






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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Food and Energy Security Act''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) 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--
                    (A) the production of agricultural products or 
                livestock; or
                    (B) the supply chain of an entity involved in the 
                production of agricultural products or livestock.
            (2) 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--
                    (A) the production, development, or marketing of 
                electricity, fuel (including biofuels), or other 
                related products; or
                    (B) the supply chain of an entity involved in the 
                production, development, or marketing of electricity, 
                fuel (including biofuels), or other related products.
            (3) Federal regulator.--The term ``Federal regulator'' 
        means--
                    (A) the Board of Governors of the Federal Reserve 
                System;
                    (B) the Office of the Comptroller of the Currency;
                    (C) the Federal Deposit Insurance Corporation;
                    (D) the Financial Stability Oversight Council;
                    (E) the National Credit Union Administration;
                    (F) the Bureau of Consumer Financial Protection;
                    (G) the Commodity Futures Trading Commission; and
                    (H) the Securities and Exchange Commission.

SEC. 3. REGULATIONS AND GUIDANCE.

    (a) 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.
    (b) Contents.--The estimated impacts required under subsection (a) 
shall include how the proposed regulation or guidance would, as 
applicable, affect--
            (1) 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;
            (2) 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
            (3) 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.

SEC. 4. 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--
            (1) 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
            (2) 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.

SEC. 5. 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.
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