A bill to require the President to notify Congress whenever he impounds funds and to provide a procedure under which the Congress may disapprove such impoundment.

Declares it to be the sense of Congress that laws appropriating Federal funds for a specific purpose or project must be faithfully executed by the President.

Title I: Presidential Message - Provides that whenever the President impounds any funds appropriated by law out of the Treasury for a specific purpose or project, or approves the impounding of such funds by any officer or employee of the United States, he shall, within ten days thereafter, transmit to the Senate and the House of Representatives a special message specifying: (1) the amount of funds impounded; (2) the specific projects or governmental functions affected thereby; and (3) the reasons for the impounding of such funds.

Title II: Rulemaking Power of Congress - Provides that, in order to disapprove an impounding of funds by the President, a concurrent resolution of Congress must be introduced and acted upon by both Houses before the end of the first period of sixty calendar days of continuous session of the Congress after the date on which a special message from the President is received by that House pursuant to the provisions of title I of this Act. Provides that such resolution shall not be referred to a committee and shall be privileged business for immediate consideration.