diff --git a/x/distribution/CHANGELOG.md b/x/distribution/CHANGELOG.md
index 0a341876bc94..ae69c4d3d800 100644
--- a/x/distribution/CHANGELOG.md
+++ b/x/distribution/CHANGELOG.md
@@ -31,6 +31,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Improvements
 
+* [#22832](https://github.com/cosmos/cosmos-sdk/pull/22832) Ensure the distribution module has at least as many tokens as outstanding rewards at genesis import
 * [#20790](https://github.com/cosmos/cosmos-sdk/pull/20790) `x/distribution` does not depend on `x/protocolpool` anymore, now `x/distribution` only does token transfers and `x/protocolpool` does the rest.
 
 ### API Breaking Changes
diff --git a/x/gov/CHANGELOG.md b/x/gov/CHANGELOG.md
index 4743c45d6571..42130ee83d94 100644
--- a/x/gov/CHANGELOG.md
+++ b/x/gov/CHANGELOG.md
@@ -38,6 +38,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Improvements
 
+* [#22832](https://github.com/cosmos/cosmos-sdk/pull/22832) Ensure the governance module has at least as many tokens as are deposited at genesis import.
 * [#20521](https://github.com/cosmos/cosmos-sdk/pull/20521) Legacy proposals can now access the `appmodule.Environment` present in the `context.Context` of the handler. This is useful when migrating to server/v2 and removing the sdk context dependency.
 * [#19741](https://github.com/cosmos/cosmos-sdk/pull/19741) Add `ExpeditedQuorum` parameter specifying a minimum quorum for expedited proposals, that can differ from the regular quorum.
 * [#19352](https://github.com/cosmos/cosmos-sdk/pull/19352) `TallyResult` include vote options counts. Those counts replicates the now deprecated (but not removed) yes, no, abstain and veto count fields.
diff --git a/x/gov/genesis.go b/x/gov/genesis.go
index dd9e42b18017..6c2a23be7343 100644
--- a/x/gov/genesis.go
+++ b/x/gov/genesis.go
@@ -79,9 +79,9 @@ func InitGenesis(ctx context.Context, ak types.AccountKeeper, bk types.BankKeepe
 		ak.SetModuleAccount(ctx, moduleAcc)
 	}
 
-	// check if total deposits equals balance, if it doesn't return an error
-	if !balance.Equal(totalDeposits) {
-		return fmt.Errorf("expected module account was %s but we got %s", balance.String(), totalDeposits.String())
+	// check if the module account can cover the total deposits
+	if !balance.IsAllGTE(totalDeposits) {
+		panic(fmt.Sprintf("expected module to hold at least %s, but it holds %s", totalDeposits, balance))
 	}
 	return nil
 }