,,ii  #aaith ,,congress  #ast ,session  
,s4 #bdib  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bi1     
#bjbe,mr4 ,warner 7for himself and ,mr4 
,young7 introduced the following bill2  
which was read twice and referred to the
 ,committee on ,homeland ,security and  
,governmental ,affairs  ,a ,,bill  ,to  
require the ,secretary of the ,treasury1
 in coordination with the ,director of  
the ,office of ,management and ,budget1 
to examine the ability of the ,federal  
,government to respond to potential     
fiscal shocks1 and for other purposes4  
#a4 ,short title ,this ,act may be cited
 as the ,fiscal ,contingency            
,preparedness ,act4  #b4 ,annual report 
7a7 ,in general ,section #cca7;e7 of    
title #ca1 ,united ,states ,code1 is    
amended by adding at the end the        
following3  7#c7 7,a7 ,as a component of
 the report required under paragraph    
7#a71 the ,secretary of the ,treasury1  
in coordination with the ,director of   
the ,office of ,management and ,budget1 

shall examine the fiscal risks and      
fiscal impacts of the response of the   
,federal ,government to potential       
national and international fiscal       
shocks4  7,b7 ,in making the examination
 required under subparagraph 7,a71 the  
,secretary of the ,treasury1 in         
coordination with the ,director of the  
,office of ,management and ,budget1     
shall-- 7i7 include an assessment of the
 fiscal risks and fiscal impacts of the 
,federal ,government responding to      
events1 such as-- 7,i7 an economic      
recession or depression2  7,,ii7 a      
domestic energy crisis2  7,,iii7 a      
catastrophic natural disaster2  7,,iv7 a
 health crisis1 such as a global        
pandemic2  7,v7 a significant armed     
conflict or event2  7,,vi7 a significant
 cyber attack2 and  7,,vii7 a financial 
crisis2  7ii7 determine the estimated   
short-term and long-term fiscal effects 
on the ,federal ,government in the case 
of an event described in clause 7i72 and
  7iii7 describe significant economic   

impacts and indicators selected by the  
,secretary of the ,treasury1 in         
coordination with the ,director of the  
,office of ,management and ,budget1 to  
convey the short-term and long-term     
fiscal effects on the ,federal          
,government in the case of an event     
described in clause 7i7 in the method   
that best accomplishes the goal of the  
examination4  7,c7 ,in making the       
examination required under subparagraph 
7,a7 and determining the scope and      
magnitude of an event described in      
subparagraph 7,b77i71 the ,secretary of 
the ,treasury1 in coordination with the 
,director of the ,office of ,management 
and ,budget1 may consider historical    
instances of those events and the       
response of the ,federal ,government to 
those historical instances4  7,d7 ,in   
including the examination required under
 subparagraph 7,a7 in the report        
required under paragraph 7#a71 the      
,secretary of the ,treasury1 in         
coordination with the ,director of the  

,office of ,management and ,budget1 may 
structure and report the examination in 
the method that best accomplishes the   
goal of the examination4  4  7b7        
,effective date ,the amendment made by  
subsection 7a7 shall take effect on the 
later of-- 7#a7 the first date following
 the date of enactment of this ,act on  
which the ,secretary of the ,treasury1  
in coordination with the ,director of   
the ,office of ,management and ,budget1 
submits a report under section          
#cca7;e77#a7 of title #ca1 ,united      
,states ,code2 and  7#b7 #ahj days after
 the date of enactment of this ,act4    
7c7 ,,gao report ,not later than #a year
 after the date on which the ,secretary 
of the ,treasury publishes the first    
examination required under section      
#cca7;e77#c77;,a7 of title #ca1 ,united 
,states ,code1 as added by subsection   
7a71 after the date of enactment of this
 ,act1 and periodically thereafter as   
determined necessary by the ,comptroller
 ,general of the ,united ,states1 the   

,comptroller ,general of the ,united    
,states shall-- 7#a7 review the         
methodology and results of the fiscal   
analysis performed during the           
examination2  7#b7 publish a report of  
the findings of the review under        
paragraph 7#a7 on the website of the    
,government ,accountability ,office2 and
  7#c7 submit to the ,committee on the  
,budget of the ,senate and the          
,committee on the ,budget of the ,house 
of ,representatives the report published
 under paragraph 7#b74