The bill recreates the Emergency Preparedness and Response Fund within the Executive Office of the Governor to use for disaster preparation and response. It outlines the process for appropriations and use of the fund for various emergencies, including requirements for budget amendments and federal reimbursements. The bill also highlights prohibitions on specific purchases from the fund. Additionally, it sets a termination date for the fund with a review process before termination and requires periodic reporting by the Division of Emergency Management. The act operates retroactively to February 17, 2026, and takes effect upon becoming a law, impacting emergency management fund usage and oversight.