Requires the Secretary of the Treasury to examine the Federal Government’s ability to respond to potential fiscal shocks.
Mandates coordination with the Director of the Office of Management and Budget for this examination.
The examination must assess fiscal risks and impacts related to various events, including:
Economic recession or depression
Domestic energy crisis
Catastrophic natural disaster
Health crises, such as global pandemics
Significant armed conflicts or events
Significant cyber attacks
Financial crises
Requires estimation of short-term and long-term fiscal effects on the Federal Government for the identified events.
The Secretary of the Treasury must describe significant economic impacts and indicators to convey fiscal effects effectively.
Allows consideration of historical instances of similar events and the Federal Government’s responses to them.
The amendment takes effect after the first report submission by the Secretary of the Treasury and 180 days post-enactment.
The Government Accountability Office (GAO) must review the methodology and results of the fiscal analysis within one year of the first examination and publish findings.
GAO findings will be made available on its website and submitted to the Senate and House Budget Committees.