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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.
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Additional Information
Print number: 119_HR_4642
Sponsor: Rep. Cline, Ben [R-VA-6]
Process start date: 2025-07-23
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Fiscal Contingency Preparedness Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_4642.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-07-23.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Cline, Ben [R-VA-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Oversight and Government Reform.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

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