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H.R. 4642119th CongressIn markupLatest action Mar 18, 2026Decoded by AI · checked against the record
Official title: Fiscal Contingency Preparedness Act
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
HR 4642 would require the Treasury to add a federal crisis cost analysis to its annual report, then have the GAO review it.
55-second read · 4 questions answered below
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.
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.
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.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 1.