[Congressional Record Volume 169, Number 30 (Tuesday, February 14, 2023)]
[Senate]
[Page S399]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          STATEMENTS ON INTRODUCED BILLS AND JOINT RESOLUTIONS

      By Mr. THUNE (for himself, Mr. Barrasso, Mr. Braun, Mr. Crapo, 
        Mrs. Fischer, Ms. Lummis, Mr. Mullin, Mr. Risch, and Mr. 
        Rounds):
  S. 415. A bill to provide reliable and evidence-based food and energy 
security; to the Committee on Banking, Housing, and Urban Affairs.
  Mr. THUNE. Madam President, I ask unanimous consent that the text of 
the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 415

       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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