Food and Energy Security Act

Bill: 118-s-415
Sponsor: full_name: Sen. Thune, John [R-SD]
Introduced: 2023-02-14
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-02-14
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S399)

Summaries:
action_date: 2023-02-14
action_desc: Introduced in Senate
text: <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>

tv_txt: 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.

1. Short title This Act may be cited as the Food and Energy Security Act . 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. 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. 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. 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.