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119-s-2492119th CongressWALLET

Fiscal Contingency Preparedness Act

Sponsored By: Senator Warner, Mark R. [D-VA]

Introduced

Summary

Require Treasury to analyze and report fiscal risks from major national and international shocks. It would add a dedicated examination to the annual fiscal report that estimates short‑ and long‑term federal fiscal effects of events like recessions, pandemics, natural disasters, energy crises, cyberattacks, armed conflicts, and financial crises.

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  • Treasury, in coordination with the Director of the Office of Management and Budget, would have to assess fiscal risks and determine estimated short‑term and long‑term effects for each enumerated event, use selected economic indicators, and consider historical examples.
  • The Comptroller General would review the examination's methodology and results within one year of the first published analysis, publish findings on the Government Accountability Office website, and submit that report to the Senate and House Budget Committees.
  • The annual report would present a structured, consistent analysis to help budget officials and the public understand how major shocks could affect the federal ledger.

It would take effect on the later of the next annual report submission required under current law or 180 days after enactment.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Annual federal fiscal risk reports

If enacted, the bill would require the Treasury Secretary, with the OMB Director, to add a yearly exam of fiscal risks to the Treasury annual report. The exam would cover events like recessions, energy crises, major disasters, pandemics, wars, cyberattacks, and financial crises. For each event it would estimate short-term and long-term federal fiscal effects and describe the economic indicators used. The change would take effect on the later of the first Treasury report after enactment or 180 days after enactment. The bill would also require the Comptroller General to review the Treasury analysis within one year after the first exam, publish the findings on the GAO website, and send that report to the House and Senate Budget Committees.

Sponsors & CoSponsors

Sponsor

Warner, Mark R. [D-VA]

VA • D

Cosponsors

  • Sen. Young, Todd [R-IN]

    IN • R

    Sponsored 7/29/2025

Roll Call Votes

No roll call votes available for this bill.

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