The RESILIENCE Act requires the Treasury Secretary and Director of the Office of Management and Budget to annually examine how the federal government could respond fiscally to major crises such as recessions, natural disasters, pandemics, armed conflicts, cyberattacks, and financial crises. The bill mandates that this examination assess both short-term and long-term fiscal impacts on the government for each type of crisis, using historical examples as reference points. The Treasury Department's findings would be included in its existing annual report to Congress, with flexibility in how the analysis is structured and presented. The Government Accountability Office must review the Treasury's methodology and results within one year of the first examination and periodically thereafter, publishing its findings on its website and submitting reports to the Senate and House Budget Committees. The requirement takes effect either 180 days after enactment or when the Treasury submits its next annual report, whichever is later.
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