Treasury directed to assess federal crisis readiness costs

What does this do?

This bill would require the Treasury Department and the White House budget office to add a new section to their annual financial report. That section would analyze how ready the federal government is to handle major crises — such as recessions, pandemics, natural disasters, wars, cyberattacks, and financial collapses — and estimate what each type of crisis could cost the government in the short and long term. Past crises could be used as a reference point for building those estimates.

Who does it affect?

This bill directly affects the Treasury Department and the White House budget office, who must produce the analysis. The Government Accountability Office, an independent watchdog for Congress, must then review the findings and share a public report with the budget committees in both the Senate and the House.

Why does it matter?

Without this kind of analysis, lawmakers and the public have less information about the country's financial vulnerabilities before a crisis strikes. The GAO review adds an independent check on the quality of the Treasury's methods and conclusions.

Where does it stand?