Assembly Bill 150 mandates that the Wisconsin legislature convene an extraordinary session if the President of the United States issues an executive order that freezes federal aid previously authorized for the state. The bill outlines specific requirements for the extraordinary session, including the drafting and introduction of a bill that establishes a procedure to estimate the federal aid deprivation for state agencies, eligible local governmental units, and eligible nonprofit organizations. It also provides for payments from the budget stabilization fund to offset these estimated deprivation amounts, prioritizing essential services, and limits payments to the amounts that would have been received under state appropriations.

Additionally, the bill includes provisions for reimbursement to the budget stabilization fund when the state receives back payments of federal aid that were frozen. If federal aid is paid directly to a state agency, local governmental unit, or nonprofit organization instead of being reimbursed, those entities are required to remit an equivalent amount to the budget stabilization fund. This legislation aims to ensure that Wisconsin can effectively respond to disruptions in federal funding and maintain essential services during such crises.