Preparedness and Risk Management for Extreme Weather Patterns Assuring Resilience and Effectiveness Act of 2017 or the PREPARE Act of 2017 This bill directs the President to establish the Interagency Council on Extreme Weather Resilience, Preparedness, and Risk Identification and Management (council), which shall: (1) establish government-wide goals for extreme weather resilience, preparedness, and risk identification and management (EWR); (2) develop, recommend, coordinate, and track implementation of priority interagency federal government actions related to EWR; (3) provide recommendations to the Council on Environmental Quality, the Office of Management and Budget (OMB), and the Department of Homeland Security on how agencies should develop or update agency extreme weather plans, remove barriers to state and local EWR in agency regulations, guidance, and policy, and avoid duplication among federal activities; (4) issue guidance to agencies on developing agency extreme weather plans and agency regulations, guidance, and policies to remove barriers to state and local EWR; and (5) publish biannually an inventory of all regional agency offices, centers, and programs that assist with EWR at the state or local level. OMB shall ensure that each agency provides adequate resources to the council. Each agency shall submit biannually to OMB and to the council a comprehensive plan that integrates consideration of extreme weather into its operations and overall mission objectives. OMB shall consolidate and submit such plans to Congress. Annual agency performance plans shall include the most recent agency extreme weather plan.