Senators Joe Manchin (I-WV), Mitt Romney (R-UT), Mark Warner (D-VA) and Mike Braun (R-IN) recently was introduced the Reassuring Economic Stability in the Light of International, Economic and Natural Conflicts and Emergencies (RESILIENCE) Act. The RESILIENCE Act would mandate that the Secretary of the Treasury work with the Director of the Office of Management and Budget (OMB) to complete annual assessments of the government’s fiscal strength as they face various emergencies at home or abroad.

Specifically, these assessments would examine how the federal government might respond to things like an economic downturn, energy shortages or shocks, significant natural disasters, a pandemic or other public health emergency, foreign military entanglement, cyber warfare, or a financial crisis.

Following the release of this assessment, the Government Accountability Office (GAO) would then conduct its own review of the Treasury Department’s and OMB’s analysis. The GAO would publish this review on its website for the public and transmit it to Congress, as the agency also does with the Treasury’s annual financial report of the United States government.

Congress needs accurate and complete information to make the best decisions for our nation’s economic future. Without regular assessments of our fiscal resilience, our country becomes more vulnerable to economic shocks and fails to properly plan for fiscal emergencies by giving itself the necessary fiscal space or stabilization measures to counter these unexpected events. Assessing our fiscal risks would help ensure policymakers have the critical information they need and enable the government to respond more effectively to potential crises.

With debt heading towards record highs, trust funds nearing insolvency and interest costs consuming more of our budget, regular fiscal assessments would hopefully encourage policymakers to fully address the risks posed by our current fiscal trajectory and to take steps to get our nation on a more sustainable fiscal policy.