S. 2492 — 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 (i.e., Treasury's comprehensive annual report on the federal government's financial position and results) an examination of fiscal risks and impacts from federal responses to potential national and international fiscal shocks—such as an economic recession or depression; domestic energy crisis; catastrophic natural disaster; health crisis such as a global pandemic; significant armed conflict; significant cyber attack; and financial crisis—including assessments of short-term and long-term fiscal effects, descriptions of significant economic impacts and indicators, and consideration of historical instances. The requirement takes effect on the later of the first such report after enactment or 180 days after enactment. Separately, this section directs the Comptroller General of the United States, not later than one year after publication of the first such examination and periodically thereafter as determined necessary, to review its methodology and results, publish findings on the Government Accountability Office website, and submit the report to the Senate and House Budget Committees.