U.S. Senators Mitt Romney (R-UT), Joe Manchin (I-WV), Mark Warner (D-VA), and Mike Braun (R-IN) have unveiled the Reassuring Economic Stability In Light of International, Economic, and Natural Conflicts and Emergencies (RESILIENCE) Act. This bipartisan bill mandates the U.S. Treasury Secretary and the Director of the Office of Management and Budget (OMB) to perform annual assessments of the federal government’s ability to react to potential domestic and international financial shocks.
Senator Romney expressed concern over the national debt, stating, “With the national debt at a staggering $35 trillion, our country is on the fast track to fiscal calamity. A national or global event—such as a recession, armed conflict, or domestic energy crisis—could accelerate this process and put American families, businesses, and our nation at economic risk. Gaining a better understanding of how the federal government can respond to significant, unforeseen economic events will allow us to proactively enhance the United States’ resilience against potential fiscal challenges.”
Senator Manchin noted, “In July, our national debt surpassed $35 trillion for the first time ever. This is the greatest threat facing America. I am proud to introduce the RESILIENCE Act alongside my bipartisan colleagues to mandate crucial, comprehensive annual evaluations of our nation’s finances, which will better guide Congress and the American public towards effective solutions for restoring our fiscal health. Every person is responsible for managing their debts, and the federal government must adhere to the same principle for the benefit of future generations.”
Senator Warner added, “This legislation calls for annual evaluations to ensure our finances are equipped to handle potentially disastrous global events. It’s our duty to ensure we can respond effectively when the next crisis arises, and this legislation aims to achieve that.”
Senator Braun highlighted the urgency of the nation’s fiscal situation, stating, “Our nation’s fiscal health is jeopardized, and the immense national debt poses the greatest threat to our national security. The RESILIENCE Act would implement a comprehensive examination of the federal government’s finances, reestablish fiscal responsibility, and ensure preparedness for any domestic or international challenges.”
The annual examinations mandated by the bill will evaluate the federal government’s readiness to tackle various scenarios, including:
– An economic recession or depression
– A domestic energy crisis
– A catastrophic natural disaster
– A health crisis, such as a pandemic
– Significant armed conflict or event
– Major cyberattacks
– A financial crisis
The Government Accountability Office (GAO) will provide an independent review of the examination findings, reporting them to Congress and the public.