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) today introduced the Reassuring Economic Stability In Light of International, Economic, and Natural Conflicts and Emergencies (RESILIENCE) Act. The bipartisan legislation would require the U.S. Treasury Secretary and Director of the Office of Management and Budget (OMB) to conduct annual examinations on the federal government’s ability to respond to hypothetical domestic and international fiscal shocks.

“With the national debt at a staggering $35 trillion, our country is on the fast track to fiscal calamity,” said Senator Romney. “It’s not outside of the realm of possibility that a national or global event—such as a recession, armed conflict, or domestic energy crisis—would expedite that process and leave American families, businesses, and our country in economic peril. Better understanding the federal government’s abilities to respond to major, unanticipated economic events will equip us with needed insight to help proactively strengthen the United States’ resilience to potential fiscal shocks.”

“This past July, our national debt exceeded $35 trillion for the first time in history. Make no mistake – this is the greatest threat America is facing,” Senator Manchin said. “I’m proud to introduce the RESILIENCE Act with my bipartisan colleagues to establish these critical, comprehensive annual examinations of our nation’s finances, which will better inform Congress and the American public on the most effective solutions for getting our fiscal house back in order. Every West Virginian and American is personally responsible for managing the debts they incur and the federal government must be held to the same standard for the sake of our children, grandchildren and the American Dream.”

“This common-sense legislation requires the federal government to conduct annual tests to ensure that our finances can withstand potentially catastrophic global events,” Senator Warner said. “It is our responsibility to ensure that we are not caught on our heels when responding to the next crisis, and this legislation would do just that.”

“Our nation’s fiscal health is in dire straits and the enormous national debt is the number one threat to our national security. The RESILIENCE Act would establish a thorough examination of our federal government’s finances, so we can reestablish fiscal discipline and make sure we are prepared for any domestic or international crisis,” said Senator Braun.

Specifically, the annual examination would assess the ability of the federal government to respond to the following events:

• An economic recession or depression;
• A domestic energy crisis;
• A catastrophic natural disaster;
• A health crisis, such as a pandemic;
• A significant armed conflict or event;
• A significant cyberattack; and
• A financial crisis.

As it does with the annual Financial Report of the United States Government, the Government Accountability Office (GAO) would conduct an independent review of the examination and relay its findings to Congress and the American public.

Full text of the RESILIENCE Act is available here.