In January 2016, Schmitt was appointed Chairman of the Budapest 2024 Summer Olympic and Paralympic Games Bid Committee. The committee was nicknamed "the Guardians of the Olympic Bid", as Schmitt stated that it is a decisive step in Hungary's bid to host the 2024 Summer Olympics and 2024 Summer Paralympics. The committee was put together in order to promote efforts inside and outside of Hungary and it is made up of 23 members from various sport, business and public backgrounds working together to monitor, review and find a strategic direction for the bidding process.