US HB4642

Secretary of the Treasury and OMB Director must annually examine fiscal risks and impacts of potential national and international fiscal shocks as part of existing Treasury reporting requirements

Required assessment must cover seven categories of events: economic recession/depression, domestic energy crisis, catastrophic natural disaster, global pandemic, significant armed conflict, significant cyber attack, and financial crisis

Examination must estimate both short-term and long-term fiscal effects on the federal government and describe significant economic indicators for each scenario type

GAO must review the methodology and results within 1 year of the first examination, publish findings online, and submit reports to Senate and House Budget Committees

Takes effect 180 days after enactment or upon the next Treasury report submission, whichever is later