The bill establishes a new legal framework for the management of federal funds received by the State of Oklahoma. It creates the "Federal Funds Holding Account" within the General Revenue Fund of the State Treasury, where all federal funds authorized or required to be paid to the state will be deposited or transferred, unless restricted by federal law. The bill mandates that these funds be subject to appropriation by the Legislature, ensuring that the state has control over the allocation of these resources.

Additionally, the bill specifies that any federal funds transferred to Oklahoma must be directed to the newly created account, reinforcing the requirement for legislative oversight. The act is set to take effect on July 1, 2025, and includes an emergency clause to ensure its immediate implementation upon passage and approval.