Title: Food and Energy Security Act
Policy area: Finance and Financial Sector

Summary:
Food and Energy Security Act
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.
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.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4610 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4610

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 26, 2022

Mr. Thune (for himself, Mr. Barrasso, Mr. Braun, Mr. Crapo, Mr. Daines, 
   Ms. Ernst, Mrs. Fischer, Mr. Hagerty, Mr. Hoeven, Ms. Lummis, 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) Agriculture or closely related business.--The term 
        ``agriculture or closely related business'' means a for-profit 
        or not-for-profit entity that is involved in the production of 
        agriculture products or livestock or involved in the supply 
        chain of an entity involved in the production of agriculture 
        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 the production, development, 
        or marketing of electricity, fuel (including biofuels), or 
        other related products or involved in 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 or guidance and final regulation or guidance that could 
affect the extension of capital to or investments in an agriculture 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 to arrive at the 
estimates.
    (b) Contents.--The estimated impacts required under subsection (a) 
shall include how the proposed regulation or guidance or final 
regulation or guidance of the Federal regulator would, as applicable, 
affect--
            (1) food prices (broken down by subcategories as listed in 
        the Consumer Price Index for All Urban Consumers by the Bureau 
        of Labor Statistics, as relevant) over 1 year, 3 years, 5 
        years, and 10 years;
            (2) electricity prices (broken down by subcategories as 
        listed in the Consumer Price Index for All Urban Consumers by 
        the Bureau of Labor Statistics, as relevant) over 1 year, 3 
        years, 5 years, and 10 years; and
            (3) fuel prices (broken down by subcategories as listed in 
        the Consumer Price Index for All Urban Consumers by the Bureau 
        of Labor Statistics, as relevant) 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 agriculture 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 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, 
2022.
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