U.S. Senators Mitt Romney (R-UT), Joe Manchin (I-WV), Mark Warner (D-VA), and Mike Braun (R-IN) have introduced the Reassuring Economic Stability In Light of International, Economic, and Natural Conflicts and Emergencies (RESILIENCE) Act. This bipartisan legislation mandates the U.S. Treasury Secretary and the Director of the Office of Management and Budget (OMB) to carry out annual assessments of the federal government’s capacity to tackle potential domestic and international fiscal shocks.
Senator Romney highlighted the urgency of the matter, stating, “With the national debt reaching an alarming $35 trillion, we are on a fast track toward fiscal disaster. We must recognize the likelihood of significant national or global events—like a recession, conflict, or energy crisis—that could worsen our economic situation, endangering American families and businesses. By better understanding the government’s response capabilities to major unforeseen economic events, we can strengthen our nation’s resilience against potential fiscal challenges.”
Senator Manchin stressed the gravity of the national debt, noting, “In July, our national debt surpassed $35 trillion for the first time. This is a significant threat to America. I am honored to introduce the RESILIENCE Act with my bipartisan colleagues, which aims to implement vital annual examinations of our nation’s finances. This will ensure Congress and Americans are informed about effective strategies to restore our fiscal balance. Every citizen is responsible for their debts, and the federal government should be held to the same standard for the future of our children and the American Dream.”
Senator Warner added that the legislation promotes responsible fiscal management, stating, “This legislation necessitates annual evaluations of our financial stability against catastrophic global events. We must be prepared for crises, and this act will help us achieve that.”
Senator Braun expressed his concern over national fiscal health, declaring, “The national debt poses the foremost threat to our security. The RESILIENCE Act would implement a comprehensive review of governmental finances, helping us reestablish fiscal discipline and prepare for any crisis, whether domestic or international.”
The annual assessment outlined in the act would focus on the government’s response capability to various events, including:
– An economic recession or depression
– A domestic energy crisis
– A catastrophic natural disaster
– A health crisis, like a pandemic
– A significant armed conflict or event
– A significant cyberattack
– A financial crisis
The Government Accountability Office (GAO) would conduct an independent review of these examinations, with findings reported to Congress and the public.