The significance of the War Powers Act lies in its aim to check the U.S. President's ability to engage in military actions without congressional approval. Enacted in 1973, the act requires the President to consult with Congress before deploying armed forces and to notify Congress within 48 hours of such deployments. If military action extends beyond 60 days, Congress must authorize it to continue. This legislation seeks to restore the balance of power between the executive and legislative branches concerning military engagement, ensuring that representatives elected by the populace have a say in matters of war and peace.