Bills · HR 4642
REPORTED· 119TH CONGRESS
House BillHR 4642Government studies and investigationsCongressional oversight
Fiscal Contingency Preparedness Act
INTRO JUL 23· LAST ACTION MAR 18
READING
4MIN
COSPONSORS
22BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Reported, not passed
LEGISLATIVE PROGRESS
STEP 3 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it aims to make the federal government more prepared for unexpected financial emergencies. By requiring a regular, in-depth look at potential crises like recessions, pandemics, or cyberattacks, the government can proactively identify vulnerabilities and estimate potential costs before disaster strikes. This foresight can help policymakers develop better plans and allocate resources more wisely.
If this bill becomes law, it could lead to more robust financial planning, potentially saving taxpayer money by enabling more efficient responses during crises. It could also provide greater transparency about the nation's financial readiness. If it doesn't become law, the government would continue its existing reporting, but without a dedicated, regular, and comprehensive assessment of specific fiscal shock scenarios, potentially leaving blind spots in its preparedness for major economic disruptions.
KEY PROVISIONS
4AI-extractedPROVISION 01
Requires the Secretary of the Treasury, in coordination with the Director of OMB, to include an annual examination of the government's ability to respond to potential 'fiscal shocks' in an existing report.
This establishes a mandatory, annual review process to assess the federal government's financial resilience against various crises.
PROVISION 02
Specifies types of events to be assessed, including economic recessions, natural disasters, health crises, armed conflicts, cyber attacks, and financial crises.
This ensures a broad range of significant potential threats are considered in the examination, providing a comprehensive risk assessment.
PROVISION 03
Mandates the examination to determine both short-term and long-term fiscal effects on the government and describe significant economic impacts and indicators.
This provides critical details on the financial consequences of crises, helping to quantify potential costs and identify warning signs.
PROVISION 04
Requires the Government Accountability Office (GAO) to review the methodology and results of the Treasury's examination and publish a report.
This provides an independent oversight mechanism to ensure the quality and reliability of the government's fiscal preparedness assessments.
SPONSORSHIP
1 + 22
R· Virginia
YRS IN OFFICE
7
BILLS LED
29
COSPONSOR BREAKDOWNBIPARTISAN · 100%
DEM 11 REP 11 IND 0
ACTION TIMELINE
4 EVENTSMAR 18
Committee Consideration and Mark-up Session Held
MAR 18
Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 1.
JUL 23
Introduced in House
JUL 23
Referred to the House Committee on Oversight and Government Reform.
BILL INFO
TypeHouse Bill
NumberHR 4642
Congress119th
StatusReported
IntroducedJul 23, 2025
Last actionMar 18, 2026
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REPORTED· 119TH CONGRESS · OVERSIGHT AND GOVERNMENT REFORM COMMITTEE · INTRODUCED JUL 23, 2025
House BillHR 4642Government studies and investigationsCongressional oversight
Fiscal Contingency Preparedness Act
INTRODUCED JUL 23, 2025· LAST ACTION MAR 18, 2026
PASSAGE CHANCES
—%
READING
4 min
COSPONSORS
22
COMPLEXITY
Moderate
