Fiscal Contingency Preparedness Act

House Bill

H.R. 4642

119th Congress

Fiscal Contingency Preparedness Act

In Committee

Introduced:Nov 12, 2025

Primary Sponsor

Mike Flood

R - NE

Cosponsors

0

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill would require the Treasury Secretary and the Office of Management and Budget to analyze the government's ability to respond to major economic, natural, or security crises. They would have to estimate the short-term and long-term financial impacts on the federal government for events like recessions, natural disasters, and cyber attacks.

Latest Action

Referred to the House Committee on Financial Services.

AI Summary

Plain-English explanation of this bill

This bill would require the Treasury Secretary and the Office of Management and Budget to analyze the government's ability to respond to major economic, natural, or security crises. They would have to estimate the short-term and long-term financial impacts on the federal government for events like recessions, natural disasters, and cyber attacks.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

International Regulatory Transparency and Accountability Act This bill requires financial regulators to make certain disclosures related to international meetings, negotiations, and agreements. Specifically, financial regulators must notify Congress and the public of the details of an international negotiation prior to entering into the negotiation. Financial regulators also must (1) report to Congress the rationale, objectives, and the potential impacts of positions taken on matters before international regulatory bodies; and (2) publish summaries of meetings with international financial organizations. Finally, international agreements with an international financial organization require a public comment period.

Key Points

Main provisions of the bill

Requires the Treasury Secretary and OMB to examine the federal government's fiscal preparedness for major crises and events
Assessments must cover the estimated financial impact on the government in both the short and long term
Crises and events to be analyzed include recessions, energy shortages, natural disasters, pandemics, armed conflicts, and cyber attacks
Allows the use of historical examples to help determine the scope and magnitude of potential crises
Requires the Government Accountability Office to review the methodology and findings of the Treasury and OMB analysis

How This Impacts Americans

Potential effects on citizens and communities

If this bill becomes law, it would provide policymakers and the public with a clearer understanding of the government's financial vulnerability to major crises. This could inform decisions about budgeting, emergency preparedness, and policies to strengthen the government's fiscal resilience. The findings could impact how the government allocates resources and responds to future emergencies.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

4642, 119th Congress (2025). "Fiscal Contingency Preparedness Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-4642