Is it past time for Congress to rewrite the 1976 National Emergencies Act?

There are still "National Emergency" decrees from decades ago, that are still in effect.

The longest-standing decree dates to November 1979, when President Jimmy Carter froze Iran's U.S.-held assets.

Seems the law should allow the President to act quickly for true emergencies ... but say Congress has to approve the action within a year, or things revert back how they were before the decree.