Bipartisan Senators Introduce RESILIENCE Act to Bolster U.S. Economic Stability

Washington, DC – U.S. Senators Joe Manchin (I-WV), Mitt Romney (R-UT), 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 aims to require the U.S. Treasury Secretary and the Director of the Office of Management and Budget (OMB) to conduct annual examinations regarding the federal government’s capacity to respond to potential domestic and international fiscal shocks.

The introduction of the Act comes amidst growing concerns over the nation’s financial health, highlighted by Senator Manchin’s statement, “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.” Manchin emphasized the importance of these examinations in providing insight to Congress and the public, aiding in the development of solutions to manage national finances effectively. “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,” he added.

Senator Romney echoed these concerns, noting, “With the national debt at a staggering $35 trillion, our country is on the fast track to fiscal calamity.” He warned that unforeseen national or global events, such as a recession or energy crisis, could exacerbate the nation’s economic challenges, placing American families and businesses at risk. “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,” Romney said.

Senator Warner advocated for the “common-sense” nature of the legislation. “This common-sense legislation requires the federal government to conduct annual tests to ensure that our finances can withstand potentially catastrophic global events,” Warner stated. He emphasized the government’s responsibility to prepare adequately for future crises.

Senator Braun stressed the importance of fiscal discipline, asserting, “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.” He highlighted that such measures are crucial for preparing the nation for both domestic and international emergencies.

The proposed annual examination would assess the federal government’s capacity to handle various hypothetical crises. Additionally, as with the current Financial Report of the United States Government, the Government Accountability Office (GAO) would conduct an independent review of the examination, ensuring transparency by providing detail to both Congress and the public.