Under The National Emergencies Act of 1974 (enacted September 14, 1976, codified at 50 U.S.C. § 1601–1651), the President of the United States is empowered to activate special powers during a crisis. Congress has defined those statutory emergency powers, available to the President upon the declaration of an emergency (so called "National Emergency"). Congress also can terminate an emergency declaration with a joint resolution enacted into law.

This market will resolve to "Yes" if, before September 1, 12 AM ET, President Joe Biden declares a new National Emergency.

Otherwise, this market will resolve to "No".

This market's timeframe spans from July 26, 10 AM ET to September 1, 12 AM ET.

Please note, for this market to resolve to "Yes" the national emergency declaration must be official, issued under authority of the National Emergencies Act by the Executive Office of the President. Any public announcement by President Biden without an official declaration will not suffice to resolve this market to "Yes". A continuation of any existing National Emergencies will not suffice to resolve this market to "Yes". An executive emergency order which is not subject to the provisions of the National Emergencies Act will not suffice to resolve this market to "Yes".

The primary resolution source for this market will be the Federal Register of official documents published by the Executive Office of the President (https://www.federalregister.gov/agencies/executive-office-of-the-president), however other official government sources may be used.