A bill to require the President to notify the Congress whenever he impounds funds, to provide that the House of Representatives and the Senate may disapprove the President's action and require him to cease such impounding and to place an overall limit on policy impoundments.

Requires the President to notify the Congress within ten day if he or any U.S. department or agency head impounds funds authorized for specific projects.

Requires the President to give the reasons, including any legal authority, for impoundment.

Requires the Comptroller General to report to the Congress on the facts of the impoundment and whether it was in accord with any statutory authority.

Provides that the impoundment will cease if within sixty days the House of Representatives and the Senate pass a concurrent resolution disappproving the impoundment.

Requires the Comptroller General to notify the Congress of any impoundment if the President fails to notify the Congress.

States that nothing in this Act shall be construed as asserting or conceding the constitutional powers of the Congress or the President.

Provides that no impoundment shall reduce the amount available for any specific program by more than twenty percent.