A bill to protect the national security; protect the economic well-being of the American people including the Nation's present supplies and undeveloped sources of energy, fuel, food, and fiber from damage due to arbitrary and unsound regulation, order or decision issued by any Executive department, agency, or commission, and for other purposes.

Authorizes the President to nullify and cancel for as long as he deems necessary any Federal agency rule or regulation which he determines; (1) may be harmful to human life; (2) may restrict the Nation's production of fuel or energy resources; (3) may threaten the Nation's supplies of food and fiber; (4) may interfere with military maneuvers and national security; or (5) may have an adverse effect on the Nation's economy disproportionate to the ecological benefits of such rule or regulation. Permits Congress to countermand such presidential action within 30 days of its issuance.