S.2492

Fiscal Contingency Preparedness Act requires the Treasury to assess fiscal risks of federal responses to shocks.

The Fiscal Contingency Preparedness Act mandates the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, to evaluate fiscal risks and impacts of federal responses to potential fiscal shocks. These shocks include economic recessions, energy crises, natural disasters, health crises, armed conflicts, cyber attacks, and financial crises. The assessment must determine short-term and long-term fiscal effects and significant economic impacts.