Senate Bill 149 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, prioritizes funding for essential services, and sets limits on the payments based on what the entities would have 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. The bill aims to ensure that essential services are maintained during periods of federal aid disruption.