Strengthening US Economic Resilience Against Crises and Disasters
This Act mandates the Secretary of the Treasury and the Office of Management and Budget to annually examine the Federal Government's ability to respond to potential fiscal shocks. This means the government must better plan how to protect public finances during events like recessions, pandemics, natural disasters, or cyberattacks. While the law does not directly change taxes or benefits, its goal is to increase the country's economic stability, indirectly safeguarding citizens' jobs and savings from the impact of sudden crises.
Key points
Mandatory Annual Risk Assessment: The government must study the short-term and long-term fiscal costs to the nation in the event of major crises (e.g., recession, war, natural disaster, health crisis).
Better Preparation for Shocks: The analysis covers scenarios such as an energy crisis, significant armed conflict, or a cyberattack, aiming for improved management of public finances during emergencies.
External Oversight: The Government Accountability Office (GAO) will review the methodology and results of these analyses, ensuring transparency and reliability of government forecasts.
Increased Stability: The objective is to enhance the government's capacity to maintain economic stability in the face of unforeseen events.
Expired
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