The Fiscal Contingency Preparedness Act requires the Treasury Secretary and the Office of Management and Budget to annually examine how the federal government would handle major financial crises and shocks to the economy. The bill directs them to assess the fiscal impact of potential disasters such as recessions, pandemics, natural disasters, cyber attacks, armed conflicts, and financial crises, including both short-term and long-term effects on federal finances. The examination must be included in the Treasury's annual financial report, which can be structured in whatever format best communicates the findings. The Government Accountability Office will independently review the methodology and results of these analyses and report to Congress within one year of the first examination and periodically thereafter. The reporting requirement takes effect 180 days after the bill is enacted or when the Treasury submits its next required report, whichever comes later.
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