A bill to require the President to notify the Congress whenever he impounds funds, or authorizes the impounding of funds, and to provide a procedure under which the House of Representatives and the Senate may approve the President's action or require the President to cease such action.

Requires the President to notify within ten days each House of the Congress by special message of every instance in which he impounds funds or authorizes such impoundment by any officer of the United States. States that such message must specify the amount of impounded funds, the specific programs affected, and the reasons for the impoundment of funds. Provides that the President shall cease the impounding of funds set forth in each special message within sixty days of continuous session after the message is received by the Congress unless the specific impoundment shall have been ratified by the Congress by the passage of a resolution in accordance with the provisions of this Act.