Fiscal Contingency Preparedness Act
Summary
What This Bill Does
This bill amends the annual report requirement in 31 U.S.C. 331(e). As part of that report, the Treasury Secretary, in coordination with the Office of Management and Budget Director, must examine fiscal risks and fiscal impacts from potential national and international fiscal shocks. The required examples include economic recession or depression, domestic energy crisis, catastrophic natural disaster, global pandemic or other health crisis, significant armed conflict, significant cyberattack, and financial crisis.
Treasury and OMB must estimate short-term and long-term fiscal effects on the federal government, describe significant economic impacts, and select indicators that best convey the effects. They may use historical examples and prior federal responses to determine the scope and magnitude of the events analyzed.
Who Benefits and How
Congressional budget committee staff benefit from a recurring report that identifies fiscal-shock exposures before they occur. Treasury fiscal analysts benefit from explicit authority to frame federal balance-sheet risk around disasters, crises, conflicts, and cyber events. OMB budget examiners benefit from coordinated indicators for short-term and long-term federal fiscal effects. Taxpayers benefit indirectly if fiscal-risk planning helps Congress understand future emergency spending and borrowing pressure.
Who Bears the Burden and How
Treasury fiscal-reporting staff must add the fiscal-shock examination to the annual report. OMB budget examiners must coordinate with Treasury on scenarios, indicators, and estimates. Federal agencies responding to disasters, health crises, cyberattacks, or conflicts may need to provide data for the analysis. Congressional fiscal staff must review the results and decide whether follow-up legislation or oversight is needed.
Key Provisions
- Requires Treasury and OMB to examine fiscal risks and fiscal impacts from potential shocks.
- Requires analysis of recessions, energy crises, disasters, health crises, armed conflict, cyberattacks, and financial crises.
- Requires short-term and long-term estimates of federal fiscal effects.
- Provides authority to use historical examples and prior federal responses when sizing the scenarios.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Requires Treasury, coordinated with OMB, to add fiscal-shock risk analysis to the annual financial report, including short-term and long-term federal fiscal effects from recessions, energy crises, disasters, health crises, wars, cyberattacks, and financial crises.
Key Policy Areas
Federal Budget, Fiscal Risk, Treasury, OMB, Congressional Oversight
Primary Purpose
Requires Treasury, coordinated with OMB, to add fiscal-shock risk analysis to the annual financial report, including short-term and long-term federal fiscal effects from recessions, energy crises, disasters, health crises, wars, cyberattacks, and financial crises.
Policy Domains
House resolution provisions
Identified Gains
- Congressional budget committee staff
- Treasury fiscal analysts
- OMB budget examiners
- Taxpayers
Identified Costs
- Treasury fiscal-reporting staff
- OMB budget examiners
- Federal agencies responding to fiscal shocks
- Congressional fiscal staff
Sponsors
Legislative Progress
ReportedOrdered to be Reported (Amended) by the Yeas and Nays: …
Committee Consideration and Mark-up Session Held
Mr. Cline (for himself, Mr. Golden of Maine, Mr. Bergman, …
Referred to the House Committee on Oversight and Government Reform.
Introduced in House
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Congressional budget committee staff, OMB budget examiners, Taxpayers
Positive-direction: Congressional budget committee staff, Taxpayers
Negative-direction: OMB budget examiners, Treasury fiscal-reporting staff
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "omb"
- → Office of Management and Budget
- "treasury"
- → Department of the Treasury
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology