The United States and the world were unprepared for the COVID-19 pandemic, despite decades of warnings highlighting the inevitability of global pandemics and the need for international coordination. The failure to prioritize and adequately fund preparedness and effectively implement response plans has exacted a heavy human and economic price, and the crisis is not yet over. Emerging and reemerging infectious diseases are a threat to global and national security that neither the United States nor the world can afford to ignore. This Task Force proposes a comprehensive strategy that includes institutional reforms and policy innovations to help the United States and the multilateral system perform better in this crisis and when the next one emerges. Without increased U.S. leadership on and adequate investment in pandemic preparedness and response, the United States and the world will remain unnecessarily vulnerable to epidemic threats. The Council on Foreign Relations sponsors Independent Task Forces to assess issues of current and critical importance to U.S. foreign policy and provide policymakers with concrete judgments and recommendations. Diverse in backgrounds and perspectives, Task Force members aim to reach a meaningful consensus on policy through private deliberations. Once launched, Task Forces are independent of CFR and are solely responsible for the content of their reports. Task Force members are asked to join a consensus signifying that they endorse the general policy thrust and judgments reached by the group, though not necessarily every finding and recommendation. Each Task Force member also has the option of putting forward an additional or a dissenting view.