Conditions the availability of such funds on the President: (1) transmitting to Congress an official budget request designating such appropriations as an emergency requirement under the Balanced Budget and Emergency Deficit Control Act of 1985; and (2) consulting with the chairmen and ranking minority members of the House and Senate Committees on Appropriations. Provides that: (1) $10 billion of such funds shall not be available for transfer to any department or agency until 15 days after the Director of the Office of Management and Budget has submitted a proposed allocation and plan for use of the funds for that department or agency; (2) $20 billion may be obligated only when enacted in a subsequent emergency appropriations bill, in response to such terrorist acts; (3) the President shall transmit an amended budget request proposing an allocation of funds; and (4) not less than one-half of the $40 billion shall be for disaster recovery activities and assistance related to such terrorist acts in New York, Virginia, and Pennsylvania.