H.R. 4642 — Fiscal Contingency Preparedness Act

This section requires the Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget, to include in the annual Financial Report of the United States Government an examination of the fiscal risks and impacts of the federal government's response to potential national and international fiscal shocks—specifically, economic recessions or depressions, domestic energy crises, catastrophic natural disasters, health crises such as global pandemics, significant armed conflicts or events, significant cyber attacks, and financial crises. (As background, the Financial Report provides a comprehensive annual assessment of the federal government's financial position and operations.) The examination must assess fiscal risks and impacts, estimate short- and long-term fiscal effects, describe significant economic impacts and indicators, and may draw on historical events and responses; it takes effect on the later of the first such report after enactment or 180 days after enactment. This section further requires the Government Accountability Office, not later than one year after the first such examination and periodically thereafter, to review the methodology and results, publish findings on its website, and submit the report to the Senate and House Budget Committees.