Fiscal Contingency Preparedness Act

S 2492, the Fiscal Contingency Preparedness Act, requires the Treasury Secretary and OMB Director to annually assess how the federal government would respond to major fiscal shocks like recessions, pandemics, natural disasters, cyberattacks, or financial crises. The bill mandates they evaluate both short-term and long-term fiscal impacts of these events, including historical responses. This assessment must be included in an existing annual Treasury report and will be reviewed annually by the Government Accountability Office (GAO). The law directly affects federal agencies responsible for fiscal planning (Treasury and OMB) and aims to improve preparedness for national economic disruptions.