Fiscal Contingency Preparedness Act

This bill asks the Treasury Department, working with the Office of Management and Budget, to add a new section to its yearly report. The new part must study how big shocks—like a recession, an energy crisis, a major natural disaster, a pandemic, a war or major conflict, a large cyberattack, or a financial crash—could affect federal spending and debt in both the short and long term. They can look at past events and choose the clearest way to show the likely costs and economic signs the public should watch.

The change starts with the first annual report that comes at least six months after the bill becomes law. After the first study is published, the Government Accountability Office will review how it was done and what it found, and then post a report for the public and share it with Congress.

• Who is affected: Treasury, OMB, and GAO; the public benefits from clearer information on crisis costs.
• What changes: A yearly, plain-language look at how different crises could hit the federal budget, including estimates for short- and long-term effects and key economic indicators.
• When: Begins with the first annual report filed at least 180 days after the law takes effect; GAO reviews within a year of the first study and periodically after that.