Under the proposed Cybersecurity Act of 2012 (S. 2105), unveiled on February 14, 2012, energy companies would be required to annually certify that they have fully protected their assets against cyber threats. The bill includes new measures to safeguard the grid with cooperation from the Department of Homeland Security ("DHS") and FERC, starting with an energy sector risk assessment and a designation of critical infrastructure. Under the proposed bill, owners and operators of critical infrastructure would propose cybersecurity performance standards to DHS, companies could be fined for failing to protect critical infrastructure, and DHS would have six months to prepare a report to Congress.

Following the release of the bill, leading Senate Republicans urged Majority Leader Harry Reid to allow hearings and debate on cyber legislation. The Senate Committee on Homeland Security and Governmental Affairs held hearings on February 16, 2012. Republican senators also recently announced their intention to introduce a competing cybersecurity bill. The GOP plan will reportedly instead grant new powers to the U.S. Cyber Command and the National Security Agency. Arizona Republican Sen. John McCain announced that he and several other Republican senators would introduce their bill after the President's Day recess.

Most experts believe that it is unlikely that Congress will pass cybersecurity legislation in 2012 due to competing legislative concerns and the presidential election later this year.