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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 27, 2021.
This bill establishes a Federal Rainy Day Fund to fund emergency spending. Under the bill, an emergency is any occasion or instance for which federal assistance is needed to supplement state and local efforts and capabilities to save lives and to protect property, public health, and safety; or to lessen or avert the threat of a catastrophe in any part of the United States.
The bill authorizes annual appropriations to the fund that are equal to 2% of the amount of the previous year's nonemergency discretionary spending.
In addition, the bill modifies or establishes various budget enforcement procedures to address spending from the fund. For example, the bill
establishes a point of order to prohibit the fund from being used for nonemergency spending, establishes a point of order against provisions that provide emergency spending from the general fund of the Treasury when unobligated funds are available in the rainy day fund, and repeals a provision that currently requires adjustments to discretionary spending limits to accommodate emergency spending. Finally, the bill requires the Government Accountability Office to report on the relationship between emergency, disaster, and wildfire spending, including any recommendations to modify the spending that qualifies as emergency spending.