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