Romney, Manchin, Warner, Braun Introduce Bipartisan Legislation to Assess U.S. Resilience to Fiscal Shocks

WASHINGTON—U.S. Senators Mitt Romney (R-UT), Joe Manchin (I-WV), Mark Warner (D-VA), and Mike Braun (R-IN) as we speak 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 Director of the Workplace of Administration and Funds (OMB) to conduct annual examinations on the federal authorities’s potential to answer hypothetical home and worldwide fiscal shocks.

“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 outdoors of the realm of risk {that a} nationwide or world occasion—reminiscent of a recession, armed battle, or home vitality disaster—would expedite that course of and depart American households, companies, and our nation in financial peril. Higher understanding the federal authorities’s skills to answer main, unanticipated financial occasions will equip us with wanted perception to assist proactively strengthen the US’ resilience to potential 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 essential, 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 chargeable for managing the money owed they incur and the federal authorities should be held to the identical commonplace for the sake of our kids, grandchildren and the American Dream.”

“This commonsense laws requires the federal authorities to conduct annual exams to make sure that our funds can face up to doubtlessly catastrophic world occasions,” Senator Warner mentioned. “It’s our duty to make sure that we aren’t 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 big nationwide debt is the primary menace to our nationwide safety. The RESILIENCE Act would set up a radical 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, the annual examination would assess the power of the federal authorities to answer the next occasions:

• An financial recession or despair;
• A home vitality disaster;
• A catastrophic pure catastrophe;
• A well being disaster, reminiscent of a pandemic;
• A major armed battle or occasion;
• A major cyberattack; and
• A monetary disaster.

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

Full textual content of the RESILIENCE Act is on the market right here.