Washington, D.C. -- U.S. Senators Mike Crapo and Jim Risch (both R-Idaho) joined Senator John Thune (R-South Dakota) and six additional co-sponsors in introducing the Food and Energy Security Act, which would prohibit the Biden Administration from forcing its environmental, social, and governance (ESG) agenda onto the American economy.
Specifically, the bill would require federal financial regulators to estimate the impact of their rules on businesses involved in the agriculture or energy supply chains. If any rules are estimated to drive up food, energy or gas prices, the regulators would then be prohibited from implementing the rules during times of high inflation.
“Coercing agriculture and energy industry to adopt such radical criteria will create burdensome disclosure requirements and dramatically increase costs on consumers,” said Senator Crapo. “The Biden Administration’s brazen attempt to push a political agenda bypassing Congress would only stifle innovation and growth. I have challenged similar ‘Operation Choke Point’ policies for many years, and will not let up in fighting to ensure the rights of Americans are not infringed upon by unelected bureaucrats and woke institutions.”
“In pursuit of a radical environmental agenda, the Biden administration is setting up financial institutions to cut off agriculture and energy producers’ access to capital,” said Senator Risch. “This egregious move will do nothing but harm small businesses and increase prices at a time when Idahoans are already paying sky-high prices for gas, food, and everything in between. The Food and Energy Security Act will force the administration to take a hard look at the real-world implications their radical regulations impose on hardworking Idahoans.”
The legislation is also co-sponsored by U.S. Senators John Barrasso (R-Wyoming), Mike Braun (R-Indiana), Deb Fischer (R-Nebraska), Cynthia Lummis (R-Wyoming), Markwayne Mullin (R-Oklahoma) and Mike Rounds (R-South Dakota).