H.R. 4642 · In committee · Government Operations and Politics

Fiscal Contingency Preparedness Act

What it does

Requires the Secretary of the Treasury, in coordination with the Director of OMB, to examine the fiscal risks and impacts of Federal Government response to potential national and international fiscal shocks as part of an annual report.
Directs the Treasury Secretary and OMB Director to assess fiscal risks and impacts from seven categories of events: economic recession or depression, domestic energy crisis, catastrophic natural disaster, health crisis such as global pandemic, significant armed conflict, significant cyber attack, and financial crisis.
Requires the Treasury Secretary and OMB Director to determine estimated short-term and long-term fiscal effects and describe economic impacts and indicators for each event category examined.
Directs the Comptroller General to review the Treasury's methodology and fiscal analysis findings and publish a report to the Senate and House Budget Committees within one year of the first examination, and periodically thereafter.

Mar 18, 2026: Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 1.

Committee: House Oversight and Government Reform