The Critical Electric Infrastructure Protection Act is scheduled to be introduced on Thursday by Sen. Joseph Lieberman (I-Conn), chairman of the U.S. Senate Committee on Homeland Security and Governmental Affairs, and Rep. Bennie Thompson (D-Miss.), chairman of the U.S. House Committee on Homeland Security.

A brief statement issued by the house committee Tuesday described the proposed legislation as one that would primarily empower the Federal Energy Regulatory Commission, an independent agency that regulates the interstate transmission of gas, oil and electricity, to issue "emergency rules or orders" if a cyberthreat is imminent.

The rules or orders maybe issued if the Secretary of Homeland Security determines that a national security threat exists, the statement said. It did not, however, clarify what kind of rules and orders the proposed bill is specifically referring to.

In addition, the bill would require the commission to assess existing cybersecurity standards within the electric sector and establish new standards, as needed, for dealing with cyberthreats. It would also require the Department of Homeland Security to conduct an investigation to determine if the electric infrastructure has been compromised by outsiders.

The proposed legislation takes a "common sense" approach to tackling critical issues with electrical infrastructure security, Thompson is quoted as saying in the release. "Any failure of our electric grid, whether intentional or unintentional, would have a significant and potentially devastating impact on our nation," Thompson said.