Utah Valley Times

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 that the U.S. Treasury Secretary and Director of the Office of Management and Budget (OMB) perform annual assessments of the federal government’s capacity to respond to potential 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.”

Senator Manchin echoed these concerns: “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,” he 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,” added Senator Warner. “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.”

Senator Braun also emphasized fiscal discipline: “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.”

The proposed annual examination would evaluate how well-equipped the federal government is in handling various types of crises.

Additionally, as it does with its annual Financial Report of the United States Government, an independent review by the Government Accountability Office (GAO) would be conducted on these examinations. The findings would then be reported back to Congress and made available to the public.

Full text of this legislation can be accessed here.

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