Fiscal Contingency Preparedness Act

Fiscal Contingency Preparedness Act would require the Secretary of the Treasury, working with the Director of the Office of Management and Budget (OMB), to regularly assess how the Federal Government would respond to major fiscal shocks. The assessment would be included as part of the annual report required under law and would cover possible events such as recessions, energy crises, natural disasters, health crises, armed conflict, large cyber attacks, and financial crises. The goal is to forecast short- and long-term fiscal effects of responses to these shocks and to identify economic indicators and methods to communicate those effects. A GAO review would periodically examine the methodology and findings and report to Congress. The measure does not authorize new spending; it creates structured reporting and oversight to improve fiscal contingency planning.