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Fiscal Contingency Preparedness Act
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.
Summary
The Fiscal Contingency Preparedness Act requires the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, to annually examine how the federal government could respond to major fiscal shocks such as recessions, natural disasters, pandemics, and cyber attacks. The examination must assess the estimated short-term and long-term fiscal impacts of federal government responses to these types of events, using historical precedents as reference. The results must be included in an existing annual Treasury report to Congress. The Government Accountability Office must review the methodology and findings of this examination annually and report to the congressional budget committees.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Cline, Ben [R-VA-6] (R-VA)
22 cosponsors
- Rep. Barr, Andy [R-KY-6] (R-KY)
- Rep. Bergman, Jack [R-MI-1] (R-MI)
- Rep. Case, Ed [D-HI-1] (D-HI)
- Rep. Cuellar, Henry [D-TX-28] (D-TX)
- Rep. Davidson, Warren [R-OH-8] (R-OH)
- Rep. Davids, Sharice [D-KS-3] (D-KS)
- Rep. Davis, Donald G. [D-NC-1] (D-NC)
- Rep. Edwards, Chuck [R-NC-11] (R-NC)
- Rep. Fitzpatrick, Brian K. [R-PA-1] (R-PA)
- Rep. Golden, Jared F. [D-ME-2] (D-ME)
- Rep. Houchin, Erin [R-IN-9] (R-IN)
- Rep. Houlahan, Chrissy [D-PA-6] (D-PA)
- Rep. Huizenga, Bill [R-MI-4] (R-MI)
- Rep. LaLota, Nick [R-NY-1] (R-NY)
- Rep. Landsman, Greg [D-OH-1] (D-OH)
- Rep. Moore, Blake D. [R-UT-1] (R-UT)
- Rep. Morelle, Joseph D. [D-NY-25] (D-NY)
- Rep. Perez, Marie Gluesenkamp [D-WA-3] (D-WA)
- Rep. Peters, Scott H. [D-CA-50] (D-CA)
- Rep. Van Epps, Matt [R-TN-7] (R-TN)
- Rep. Vindman, Eugene Simon [D-VA-7] (D-VA)
- Rep. Womack, Steve [R-AR-3] (R-AR)
Actions (4)
- Mar 18, 2026 Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 1. · house
- Mar 18, 2026 Committee Consideration and Mark-up Session Held · house
- Jul 23, 2025 Referred to the House Committee on Oversight and Government Reform. · house
- Jul 23, 2025 Introduced in House
More bills on these subjects (8)
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Similar bills (6)
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Text versions (1)
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Committee action
What happened to this bill in committee — the meetings where it was considered and every recorded vote taken on it.
As published:Vote #05: Final Passage – H.R. 4642, the Fiscal Contingency Preparedness Act. The bill passed by a recorded vote of 39-1.
Meetings where this bill was on the agenda
Full text
IN THE HOUSE OF REPRESENTATIVES
July 23, 2025
Mr. Cline (for himself, Mr. Golden of Maine, Mr. Bergman, and Ms. Perez) introduced the following bill; which was referred to the Committee on Oversight and Government Reform
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 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). <all>
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