Public Health Emergency Preparedness Act - Makes a $5 billion supplemental appropriation to the Department of Health and Human Service (HHS) Public Health Emergency Fund.
Designates the funding as an emergency requirement exempt from budget enforcement limits. Makes the funding available, however, only if the President subsequently designates the amount as an emergency requirement.
Permits the activities funded under this Act to include acquisition of products such as drugs, vaccines and other biological products, and medical devices for deposit into the Strategic National Stockpile.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to add the Public Health Emergency Fund to the list of programs and activities exempt from a sequestration. (A sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals.)