118 S415 IS: Food and Energy Security Act U.S. Senate 2023-02-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II118th CONGRESS1st SessionS. 415IN THE SENATE OF THE UNITED STATESFebruary 14, 2023Mr. 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 AffairsA BILLTo 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.