September 25, 2024

Washington, DC – As we speak, U.S. Senators Joe Manchin (I-WV), Mitt Romney (R-UT), Mark Warner (D-VA) and Mike Braun (R-IN) launched the Reassuring Financial Stability In Mild of Worldwide, Financial, and Pure Conflicts and Emergencies (RESILIENCE) Act. The bipartisan laws would require the U.S. Treasury Secretary and the Director of the Workplace of Administration and Finances (OMB) to conduct annual examinations on the federal authorities’s capacity to answer hypothetical home and worldwide fiscal shocks.

“This previous July, our nationwide debt exceeded $35 trillion for the primary time in historical past. Make no mistake – that is the best menace America is going through,” Senator Manchin mentioned. “I’m proud to introduce the RESILIENCE Act with my bipartisan colleagues to ascertain these important, complete annual examinations of our nation’s funds, which is able to higher inform Congress and the American public on the best options for getting our fiscal home again so as. Each West Virginian and American is personally answerable for managing the money owed they incur and the federal authorities have to be held to the identical normal for the sake of our youngsters, grandchildren and the American Dream.”

“With the nationwide debt at a staggering $35 trillion, our nation is on the quick monitor to fiscal calamity,” mentioned Senator Romney. “It’s not exterior of the realm of risk {that a} nationwide or world occasion—resembling a recession, armed battle, or home vitality disaster—would expedite that course of and go away American households, companies, and our nation in financial peril. Higher understanding the federal authorities’s talents to answer main, unanticipated financial occasions will equip us with wanted perception to assist proactively strengthen the US’ resilience to potential fiscal shocks.”

“This common sense laws requires the federal authorities to conduct annual checks to make sure that our funds can face up to probably catastrophic world occasions,” Senator Warner mentioned. “It’s our duty to make sure that we’re not caught on our heels when responding to the following disaster, and this laws would just do that.”

“Our nation’s fiscal well being is in dire straits and the large nationwide debt is the primary menace to our nationwide safety. The RESILIENCE Act would set up an intensive examination of our federal authorities’s funds, so we are able to reestablish fiscal self-discipline and ensure we’re ready for any home or worldwide disaster,” mentioned Senator Braun.

Particularly, this annual examination would assess the power of the federal authorities to answer the next occasions:

• An financial recession or melancholy;
• A home vitality disaster;
• A catastrophic pure catastrophe;
• A well being disaster, resembling a pandemic;
• A big armed battle or occasion;
• A big cyberattack; and
• A monetary disaster.

Because it does already with the annual Monetary Report of the US Authorities, the Authorities Accountability Workplace (GAO) would conduct an impartial evaluate of the examination and relay its findings to Congress and the American public.

The complete textual content of the RESILIENCE Act is offered right here.