[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2492 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 2492

  To require the Secretary of the Treasury, in coordination with the 
Director of the Office of Management and Budget, to examine the ability 
 of the Federal Government to respond to potential fiscal shocks, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 29, 2025

 Mr. Warner (for himself and Mr. Young) introduced the following bill; 
which was read twice and referred to the Committee on Homeland Security 
                        and Governmental Affairs

_______________________________________________________________________

                                 A BILL


 
  To require the Secretary of the Treasury, in coordination with the 
Director of the Office of Management and Budget, to examine the ability 
 of the Federal Government to respond to potential fiscal shocks, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fiscal Contingency Preparedness 
Act''.

SEC. 2. ANNUAL REPORT.

    (a) In General.--Section 331(e) of title 31, United States Code, is 
amended by adding at the end the following:
    ``(3)(A) As a component of the report required under paragraph (1), 
the Secretary of the Treasury, in coordination with the Director of the 
Office of Management and Budget, shall examine the fiscal risks and 
fiscal impacts of the response of the Federal Government to potential 
national and international fiscal shocks.
    ``(B) In making the examination required under subparagraph (A), 
the Secretary of the Treasury, in coordination with the Director of the 
Office of Management and Budget, shall--
            ``(i) include an assessment of the fiscal risks and fiscal 
        impacts of the Federal Government responding to events, such 
        as--
                    ``(I) an economic recession or depression;
                    ``(II) a domestic energy crisis;
                    ``(III) a catastrophic natural disaster;
                    ``(IV) a health crisis, such as a global pandemic;
                    ``(V) a significant armed conflict or event;
                    ``(VI) a significant cyber attack; and
                    ``(VII) a financial crisis;
            ``(ii) determine the estimated short-term and long-term 
        fiscal effects on the Federal Government in the case of an 
        event described in clause (i); and
            ``(iii) describe significant economic impacts and 
        indicators selected by the Secretary of the Treasury, in 
        coordination with the Director of the Office of Management and 
        Budget, to convey the short-term and long-term fiscal effects 
        on the Federal Government in the case of an event described in 
        clause (i) in the method that best accomplishes the goal of the 
        examination.
    ``(C) In making the examination required under subparagraph (A) and 
determining the scope and magnitude of an event described in 
subparagraph (B)(i), the Secretary of the Treasury, in coordination 
with the Director of the Office of Management and Budget, may consider 
historical instances of those events and the response of the Federal 
Government to those historical instances.
    ``(D) In including the examination required under subparagraph (A) 
in the report required under paragraph (1), the Secretary of the 
Treasury, in coordination with the Director of the Office of Management 
and Budget, may structure and report the examination in the method that 
best accomplishes the goal of the examination.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the later of--
            (1) the first date following the date of enactment of this 
        Act on which the Secretary of the Treasury, in coordination 
        with the Director of the Office of Management and Budget, 
        submits a report under section 331(e)(1) of title 31, United 
        States Code; and
            (2) 180 days after the date of enactment of this Act.
    (c) GAO Report.--Not later than 1 year after the date on which the 
Secretary of the Treasury publishes the first examination required 
under section 331(e)(3)(A) of title 31, United States Code, as added by 
subsection (a), after the date of enactment of this Act, and 
periodically thereafter as determined necessary by the Comptroller 
General of the United States, the Comptroller General of the United 
States shall--
            (1) review the methodology and results of the fiscal 
        analysis performed during the examination;
            (2) publish a report of the findings of the review under 
        paragraph (1) on the website of the Government Accountability 
        Office; and
            (3) submit to the Committee on the Budget of the Senate and 
        the Committee on the Budget of the House of Representatives the 
        report published under paragraph (2).
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