A bill to establish the Federal Rainy Day Fund to control emergency spending.

S 718 establishes the Federal Rainy Day Fund in the Treasury, funded annually with 2% of the previous year's nonemergency federal discretionary spending. The bill requires the government to use this fund first for emergencies before accessing general Treasury funds, prohibiting its use for nonemergency purposes. It amends Senate budget rules to enforce this by allowing points of order (with two-thirds votes needed to override) against any bill or amendment that bypasses the fund. This directly affects how federal emergency spending is authorized and controlled, applying to fiscal years 2024 and beyond.