Fiscal Contingency Preparedness Act

New Treasury fiscal shock reports

This bill would require the Secretary of the Treasury, with the Director of OMB, to add an annual analysis of fiscal risks and impacts from major shocks. The analysis would cover events like an economic recession or depression; a domestic energy crisis; a catastrophic natural disaster; a health crisis such as a pandemic; a significant armed conflict; a major cyber attack; and a financial crisis. The report would estimate short-term and long-term federal budget effects and describe key economic indicators chosen by Treasury and OMB. Treasury could use historical examples and pick the format that best meets the analysis goal. The GAO would review the first analysis within 1 year, publish findings on its website, and send the report to the House and Senate Budget Committees. The rule would start on the later of the next required Treasury report date or 180 days after enactment.