Fiscal Contingency Preparedness Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 4642 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 4642 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 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; ``