(a) All powers and authorities possessed by the President, any other officer or employee of the Federal Government, or any executive agency, as defined in section 105 of Title 5 , as a result of the existence of any declaration of national emergency in effect on September 14, 1976, are terminated two years from September 14, 1976. Such termination shall not affect--
(1) any action taken or proceeding pending not finally concluded or determined on such date;
(2) any action or proceeding based on any act committed prior to such date; or
(3) any rights or duties that matured or penalties that were incurred prior to such date.
(b) For the purpose of this section, the words “any national emergency in effect” means a general declaration of emergency made by the President.
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