Thune introduces Food and Energy Security Act
Legislation prohibits regulations if they increase food or energy prices when inflation is higher than 4.5%.
Jacqui Fatka, Beef Magazine
Jul 28, 2022
Several Senate Republican colleagues joined Sen. John Thune, R-S.D., in introducing the Food and Energy Security Act, legislation that would prohibit the Biden administration from imposing regulations such as its proposed climate reporting rule if it would drive up food, energy or gas prices. Specifically, the bill would require federal financial and securities regulators to estimate the impact of their rules on affected businesses involved in the agriculture or energy supply chains.
The bill would prohibit federal regulators from implementing any rule that would increase food or energy prices if inflation is higher than 4.5%. Since the start of 2022, inflation has consistently been over 7% with the inflation rate hitting 9.1% in June—a four decade high.
“This legislation would not only prevent the administration from implementing rules that increase costs, but it would also require the administration to recognize that its actions – and the broader ESG movement – have real-world impacts that compromise our nation’s food and energy security,” says Thune.
The legislation was co-sponsored by U.S. Sens. John Barrasso, R-Wyo., Mike Braun, R-Ind., Mike Crapo, R-Idaho, Steve Daines, R-Mont., Joni Ernst, R-Iowa, Deb Fischer, R-Neb., Bill Hagerty, R-Tenn., John Hoeven, R-N.D., Jim Risch, R-Idaho, and Mike Rounds, R-S.D.
Since President Biden was sworn into office, his administration has proposed rules and announced initiatives that would discourage banks, credit unions, and other financial firms from financing the fossil fuel industry and other sectors of the economy. Ag groups have been critical of the proposed climate reporting rule from the U.S. Securities and Exchange Commission that could require additional reporting requirements on agriculture’s emissions and climate impact...