A bill to affirm the President's power to impound appropriated funds, subject to the right of either House of Congress to disapprove any such action.

Provides that whenever the President impounds any funds appropriated by law out of the Treasury for a specific purpose he shall at the time he takes such action transmit to each house of Congress a special message specifying the amount of funds impounded, the specific projects or governmental functions affected thereby, and the reason for impounding such funds.

Requires the President to cease the impounding of such funds if, within sixty calendar days of continuous session after the date on which the message is received by the Congress, the specific impoundment shall have been disapproved by either House of Congress by passage of a resolution. Specifies the procedure to be followed in considering such a resolution.