The Fiscal Contingency Preparedness Act requires the Treasury Secretary and Office of Management and Budget Director to annually assess how well the federal government can financially respond to major crises, including recessions, natural disasters, pandemics, cyberattacks, armed conflicts, and financial crises. The bill requires them to estimate both short-term and long-term fiscal impacts of federal responses to these events and include their findings in the Treasury's annual report to Congress. The Government Accountability Office must then review the Treasury's methodology and findings at least once within a year of the first report and periodically thereafter, publishing its own assessment on its website and sending it to Congress's budget committees. The requirement takes effect either 180 days after the law passes or when the Treasury submits its next annual report, whichever comes later. No new funding is authorized by the bill; it essentially adds a new reporting and analysis requirement to existing Treasury and OMB responsibilities.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.