Bill > HR4642

This bill, known as the Fiscal Contingency Preparedness Act, requires the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), to conduct an annual comprehensive examination of the federal government's ability to respond to potential fiscal shocks. The report must assess fiscal risks and impacts associated with various potential national and international events, including economic recessions, domestic energy crises, catastrophic natural disasters, global pandemics, significant armed conflicts, cyber attacks, and financial crises. The examination must determine both short-term and long-term fiscal effects of these potential events and describe significant economic impacts using indicators selected by the Treasury Secretary and OMB Director. The bill allows for consideration of historical instances of such events and the government's past responses. Additionally, the Government Accountability Office (GAO) is mandated to review the methodology and results of this fiscal analysis within one year of the first report and periodically thereafter, with the findings to be published on their website and submitted to the Senate and House Budget Committees. The amendment to existing law will take effect either 180 days after enactment or on the first report submission date, whichever is later.