Federal

Food and Energy Security Act

Source: Congress.gov · 919 words in original text

What This Bill Does

This bill requires federal financial regulators to analyze how new banking and financial rules might affect food prices, electricity prices and fuel prices before they adopt those rules. The bill also prevents regulators from putting those rules into effect if the analysis shows prices would rise and the overall inflation rate is already 4.5 percent or higher.

Who It Affects

- Federal financial regulators (the agencies listed in the definitions) - Farms and farm businesses - Companies involved in food production and supply - Energy and fuel companies - Businesses that lend money to farms and energy companies

Key Provisions

- Federal regulators must provide a detailed analysis showing how proposed rules would affect food, electricity and fuel prices over 1 year, 3 years, 5 years and 10 years (Sec. 3) - The analysis must explain the methodology and variables used to make the price estimates (Sec. 3) - Federal regulators cannot implement any regulation or guidance affecting agricultural or energy businesses if the analysis predicts price increases and current inflation is 4.5 percent or higher (Sec. 4)

What Changes

Federal regulators must now complete price impact analyses before issuing new rules that affect how money flows to farms, food companies or energy businesses. Some rules that would raise prices cannot take effect when inflation is already 4.5 percent or higher.

Important Definitions

- "Agricultural or closely related business" means any for-profit or nonprofit company involved in producing farm products, raising livestock, or supplying those industries - "Energy or closely related business" means any for-profit or nonprofit company involved in producing electricity, fuel (including biofuels), or supplying those industries - "Federal regulator" means eight specific government agencies that oversee banking and financial markets

Effective Date

Not specified in bill text

II 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) in- troduced the following bill; which was read twice and referred to the Com- mittee 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Food and Energy Se- 4 curity Act’’. 5 SEC. 2. DEFINITIONS. 6 In this Act: 7 (1) AGRICULTURAL OR CLOSELY RELATED 8 BUSINESS.—The term ‘‘agricultural or closely re- 9 VerDate Sep 11 2014 21:22 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S415.IS S415 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •S 415 IS lated business’’ means a for-profit or not-for-profit 1 entity that is involved in— 2 (A) the production of agricultural products 3 or livestock; or 4 (B) the supply chain of an entity involved 5 in the production of agricultural products or 6 livestock. 7 (2) ENERGY OR CLOSELY RELATED BUSI- 8 NESS.—The term ‘‘energy or closely related busi- 9 ness’’ means a for-profit or not-for-profit entity that 10 is involved in— 11 (A) the production, development, or mar- 12 keting of electricity, fuel (including biofuels), or 13 other related products; or 14 (B) the supply chain of an entity involved 15 in the production, development, or marketing of 16 electricity, fuel (including biofuels), or other re- 17 lated products. 18 (3) FEDERAL REGULATOR.—The term ‘‘Federal 19 regulator’’ means— 20 (A) the Board of Governors of the Federal 21 Reserve System; 22 (B) the Office of the Comptroller of the 23 Currency; 24 VerDate Sep 11 2014 21:22 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S415.IS S415 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •S 415 IS (C) the Federal Deposit Insurance Cor- 1 poration; 2 (D) the Financial Stability Oversight 3 Council; 4 (E) the National Credit Union Administra- 5 tion; 6 (F) the Bureau of Consumer Financial 7 Protection; 8 (G) the Commodity Futures Trading Com- 9 mission; and 10 (H) the Securities and Exchange Commis- 11 sion. 12 SEC. 3. REGULATIONS AND GUIDANCE. 13 (a) IN GENERAL.—As part of any public notice of 14 a proposed regulation, final regulation, or guidance that 15 could affect, directly or indirectly, the extension of capital 16 to or investments in an agricultural or closely related busi- 17 ness or an energy or closely related business, a Federal 18 regulator shall provide a detailed analysis of the estimated 19 impact the regulation or guidance would have on food 20 prices, electricity prices, and fuel prices, as applicable, in- 21 cluding a description of the methodology and variables 22 used in the estimates. 23 VerDate Sep 11 2014 21:22 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S415.IS S415 pbinns on DSKJLVW7X2PROD with $$_JOB 4 •S 415 IS (b) CONTENTS.—The estimated impacts required 1 under subsection (a) shall include how the proposed regu- 2 lation or guidance would, as applicable, affect— 3 (1) food prices (broken down by the applicable 4 expenditure categories listed in the Consumer Price 5 Index for All Urban Consumers published by the 6 Bureau of Labor Statistics of the Department of 7 Labor) over 1 year, 3 years, 5 years, and 10 years; 8 (2) electricity prices (broken down by the appli- 9 cable expenditure categories listed in the Consumer 10 Price Index for All Urban Consumers published by 11 the Bureau of Labor Statistics of the Department of 12 Labor) over 1 year, 3 years, 5 years, and 10 years; 13 and 14 (3) fuel prices (broken down by the applicable 15 expenditure categories listed in the Consumer Price 16 Index for All Urban Consumers published by the 17 Bureau of Labor Statistics of the Department of 18 Labor) over 1 year, 3 years, 5 years, and 10 years. 19 SEC. 4. PROHIBITION. 20 A Federal regulator shall not implement any regula- 21 tion or guidance that could affect, directly or indirectly, 22 the extension of capital to or investments in an agricul- 23 tural or closely related business or an energy or closely 24 related business if— 25 VerDate Sep 11 2014 21:22 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S415.IS S415 pbinns on DSKJLVW7X2PROD with $$_JOB 5 •S 415 IS (1) the analysis of estimated impacts under sec- 1 tion 3 estimate that implementation of the regula- 2 tion or guidance would result in an increase in food 3 prices, electricity prices, or fuel prices; and 4 (2) the annualized rate of increase in the Con- 5 sumer Price Index for All Urban Consumers most 6 recently published by the Bureau of Labor Statistics 7 of the Department of Labor is 4.5 percent or great- 8 er. 9 SEC. 5. RULE OF CONSTRUCTION. 10 Nothing in this Act may be construed as affecting 11 any regulation or guidance of a Federal regulator that was 12 implemented before January 1, 2023. 13 Æ VerDate Sep 11 2014 21:22 Mar 01, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\S415.IS S415 pbinns on DSKJLVW7X2PROD with $$_JOB

Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.