This Act requires the Secretary of the Treasury, working with the Director of the Office of Management and Budget (OMB), to examine how the Federal Government could respond to major national and international fiscal shocks. The examination must assess risks and fiscal impacts from events such as a recession or depression, a domestic energy crisis, a catastrophic natural disaster, a health crisis (for example a pandemic), a significant armed conflict, a major cyber attack, and a financial crisis. The Treasury and OMB must estimate short-term and long-term fiscal effects and describe key economic impacts and indicators. They may use historical examples and may choose the best way to structure and present the examination. The amendment adds this examination to the annual report required under 31 U.S.C. 331(e). The amendment takes effect on the later of the first following report submission date and 180 days after enactment. The Comptroller General (GAO) must, within one year after the first published examination and periodically after that, review the methodology and results, publish findings on the GAO website, and send the report to the Senate and House Budget Committees.
Federal Treasury and OMB staff will produce an annual analysis of how large events could affect federal finances. The analysis will include estimates of short- and long-term fiscal effects and selected economic indicators. The GAO will review and publish a report on the analysis methods and results. The Act does not itself change taxes, spending levels, or programs. There is no public information in the bill text about immediate effects on individual taxes, benefits, or services.
No publicly available information on estimated costs or savings from this Act is included in the bill text. The bill does require additional reporting and a GAO review, but it does not include cost estimates or funding provisions.
The text shows the goal is to improve knowledge about fiscal risks by requiring regular examinations and clear reporting. Supporters intend for Treasury and OMB to identify and describe how major events could affect federal finances, and for the GAO to review the work.
No publicly available information on opponents' views or formal objections is included in the provided bill text or metadata.