Fiscal Contingency Preparedness Act

This legislation requires the Secretary of the Treasury , in coordination with the Director of the Office of Management and Budget , to conduct an annual examination of the Federal Government's capacity to respond to potential national and international fiscal shocks. This examination will be a component of the existing annual financial report, focusing on the fiscal risks and impacts associated with such responses. The examination must assess fiscal risks and impacts from various events, including economic recessions or depressions , domestic energy crises, catastrophic natural disasters, health crises like global pandemics, significant armed conflicts, major cyber attacks, and financial crises. For each event, the assessment will determine the estimated short-term and long-term fiscal effects on the Federal Government and describe significant economic impacts and indicators. To inform their analysis, the Secretary and OMB may consider historical instances of these events and the government's past responses. Additionally, the Government Accountability Office (GAO) is required to review the methodology and results of the Treasury's first examination within one year of its publication, and periodically thereafter, publishing its findings for Congress.