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Current law requires state agencies to get approval from the governor (or the Judicial Council for courts, or the State Board of Education for schools) before accepting new federal grants of $1 million or less that don't require new staff or state matching money; this bill raises that threshold to $5 million. It also reclassifies larger grant requests: those bringing in between $5 million and $25 million a year ("medium impact") would still go to the Legislature's Executive Appropriations Committee for review, while those between $25 million and $100 million ("high impact") would require full approval from the Legislature before an agency could accept the funds. The bill creates a new "ultra high impact" category for federal grants of $100 million or more, requiring agencies to obtain Executive Appropriations Committee review and a recommendation before formally applying to the federal government, and then requiring full Legislature approval within 120 days after that application before the agency could actually accept the money. For any ultra high impact grant the Legislature approves, the Senate president and House speaker would be required to create a dedicated legislative oversight committee, evenly split between senators and representatives and reflecting the Legislature's minority-party representation, to review how the funds are used and recommend how they should be appropriated.