Fiscal Contingency Preparedness Act

This bill tells the Treasury Department, working with the White House budget office, to add a new part to its yearly financial report. That new part must look at how big shocks—like a recession, a major storm, a pandemic, a war, a big cyberattack, or a financial crisis—could affect the federal budget now and in the future. It must also explain key economic signs that show those effects, and it can use lessons from past events to do so .

The change takes effect with the first regular report after the law is passed, or 6 months after passage—whichever is later. After the first study comes out, the Government Accountability Office will review how it was done and what it found, publish a report, and send it to Congress, and may repeat this as needed .

• Who is affected: Treasury and the Office of Management and Budget must add this analysis to the annual report; GAO reviews it. The public benefits from clearer information on how crises might hit the budget .
• What changes: Annual federal financial reporting will include estimates of short- and long-term budget impacts from events like recessions, energy crises, natural disasters, pandemics, wars, cyberattacks, and financial crises, plus key indicators to track those impacts. Agencies may draw on history to shape the analysis .
• When: Starts with the first annual report after enactment or 180 days after enactment, whichever is later; GAO’s first review is due within one year after the first study is published .