II 

118TH CONGRESS 

2D SESSION S. 5225 

To require the Secretary of the Treasury, in coordination with the Director 

of the Office of Management and Budget, to examine the ability of 

the Federal Government to respond to potential fiscal shocks, and for 

other purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 25, 2024 

Mr. MANCHIN (for himself, Mr. ROMNEY, Mr. WARNER, and Mr. BRAUN) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs 

A BILL 

To require the Secretary of the Treasury, in coordination 

with the Director of the Office of Management and 

Budget, to examine the ability of the Federal Government to respond to potential fiscal shocks, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Reassuring Economic 

5 Stability In Light of International, Economic, and Natural 

6 Conflicts and Emergencies Act’’ or the ‘‘RESILIENCE 

7 Act’’. 


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1 SEC. 2. ANNUAL REPORT. 

2 (a) IN GENERAL.—Section 331(e) of title 31, United 

3 States Code, is amended by adding at the end the fol4 lowing: 

5 ‘‘(3)(A) As a component of the report required under 

6 paragraph (1), the Secretary of the Treasury, in coordina7 tion with the Director of the Office of Management and 

8 Budget, shall examine the fiscal risks and fiscal impacts 

9 of the response of the Federal Government to potential 

10 national and international fiscal shocks. 

11 ‘‘(B) In making the examination required under sub12 paragraph (A), the Secretary of the Treasury, in coordina13 tion with the Director of the Office of Management and 

14 Budget, shall — 

15 ‘‘(i) include an assessment of the fiscal risks 

16 and fiscal impacts of the Federal Government re17 sponding to events, such as— 

18 ‘‘(I) an economic recession or depression; 

19 ‘‘(II) a domestic energy crisis; 

20 ‘‘(III) a catastrophic natural disaster; 

21 ‘‘(IV) a health crisis, such as a global pan22 demic; 

23 ‘‘(V) a significant armed conflict or event; 

24 ‘‘(VI) a significant cyber attack; and 

25 ‘‘(VII) a financial crisis; 


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1 ‘‘(ii) determine the estimated short-term and 

2 long-term fiscal effects on the Federal Government 

3 in the case of an event described in clause (i); and 

4 ‘‘(iii) describe significant economic impacts and 

5 indicators selected by the Secretary of the Treasury, 

6 in coordination with the Director of the Office of 

7 Management and Budget, to convey the short-term 

8 and long-term fiscal effects on the Federal Govern9 ment in the case of an event described in clause (i) 

10 in the method that best accomplishes the goal of the 

11 examination. 

12 ‘‘(C) In making the examination required under sub13 paragraph (A) and determining the scope and magnitude 

14 of an event described in subparagraph (B)(i), the Sec15 retary of the Treasury, in coordination with the Director 

16 of the Office of Management and Budget, may consider 

17 historical instances of those events and the response of 

18 the Federal Government to those historical instances. 

19 ‘‘(D) In including the examination required under 

20 subparagraph (A) in the report required under paragraph 

21 (1), the Secretary of the Treasury, in coordination with 

22 the Director of the Office of Management and Budget, 

23 may structure and report the examination in the method 

24 that best accomplishes the goal of the examination.’’. 


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1 (b) EFFECTIVE DATE.—The amendment made by 

2 subsection (a) shall take effect on the later of— 

3 (1) the first date following the date of enact4 ment of this Act on which the Secretary of the 

5 Treasury, in coordination with the Office of Manage6 ment and Budget, submits a report under section 

7 331(e)(1) of title 31, United States Code; and 

8 (2) 180 days after the date of enactment of this 

9 Act. 

10 (c) GAO REPORT.—Not later than 1 year after the 

11 date on which the Secretary of the Treasury publishes the 

12 first examination required under section 331(e)(3)(A) of 

13 title 31, United States Code, as added by subsection (a), 

14 after the date of enactment of this Act, and periodically 

15 thereafter as determined necessary by the Comptroller 

16 General of the United States, the Comptroller General of 

17 the United States shall— 

18 (1) review the methodology and results of the 

19 fiscal analysis performed during the examination; 

20 (2) publish a report of the findings of the re21 view under paragraph (1) on the website of the Gov22 ernment Accountability Office; and 

23 (3) submit to the Committee on the Budget of 

24 the Senate and the Committee on the Budget of the 


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1 House of Representatives the report published under 

2 paragraph (2). 

Æ 


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