This legislation significantly amends the National Emergencies Act to enhance congressional oversight of presidential emergency declarations. It mandates that any national emergency declared by the President will automatically terminate 30 days after its declaration unless a joint resolution affirming the emergency is enacted into law. This change ensures that Congress must actively approve the continuation of such declarations, thereby limiting unilateral executive power. Furthermore, the bill establishes a two-year limit for affirmed national emergencies, requiring both a presidential executive order and a congressional joint resolution to affirm any renewal. Upon termination, unobligated funds are returned, construction contracts are ended (unless work began), and emergency powers cease, with exceptions for prior actions or rights. Existing national emergencies declared before this Act's enactment will also terminate two years after its effective date unless renewed under these new, stricter provisions.