A bill to insure the separation of Federal powers and to protect the legislative function by requiring the President to notify the Congress whenever he impounds funds, or authorizes the impounding of funds, and to provide a procedure under which the Senate and House of Representatives may approve the President's action or require the President to cease such action.

Requires the President, when he impounds funds appropriated or otherwise obligated for a specific purpose or project, within ten days thereafter, to transmit to the Senate and the House of Representatives a special message specifying: (1) the amount of the funds impounded; (2) the date on which the funds were ordered to be impounded; (3) the date the funds were impounded; (4) any account, department, or establishment of Government to which such impounded funds would have been available for obligation except for such impoundment; (5) the period of time during which the funds are to be impounded; (6) the reasons for the impoundment; and (7) to the maximum extent practicable, the estimated fiscal, economic, and budgetary effect of the impoundment.

Requires the President to cease the impounding of funds set forth in each special message within sixty calender days of continuous session after the message is received by the Congress unless the specific impoundment shall have been ratified by the Congress by passage of a resolution. Establishes rules of debate for such resolution.