WASHINGTON — U.S. Sen. John Thune (R-S.D.) today led several of his Senate Republican colleagues in reintroducing the Food and Energy Security Act, legislation that 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.
“Hardworking families across South Dakota are paying more for everything right now due to record-high inflation,” said Thune. “Instead of focusing on ways to bring down the cost of gas, food, and electricity, or developing an all-of-the above energy policy, the Biden administration continues to pursue a radical environmental agenda that threatens farmers’ and ranchers’ access to capital, increases production costs, and drives up prices for American families. 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.”
The legislation is co-sponsored by U.S. Sens. John Barrasso (R-Wyo.), Mike Braun (R-Ind.), Mike Crapo (R-Idaho), Deb Fischer (R-Neb.), Cynthia Lummis (R-Wyo.), Markwayne Mullin (R-Okla.), Jim Risch (R-Idaho), and Mike Rounds (R-S.D.).