Government Financial Crisis Preparedness: New Reports and Risk Assessments
This act aims to enhance government readiness for future financial crises, such as recessions, natural disasters, or pandemics. It requires the Department of the Treasury and the Office of Management and Budget to annually report on potential threats and their impact on national finances. This ensures citizens can have greater confidence that the government is better prepared for difficult times, potentially stabilizing the economy and protecting their savings.
Key points
The government will be required to annually assess the financial risks posed by various crises, such as recessions, pandemics, cyberattacks, or armed conflicts.
Reports will include estimates of short-term and long-term financial effects on the federal government if such events occur.
The Government Accountability Office (GAO) will review these analyses for reliability and publish its findings, increasing government transparency.
Status:
Introduced
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