Stability of a switching system, which comes to existence when stabilizing a chain of two integrators by a feedback in the form of nested saturators, is studied. The use of the feedback in the form of nested saturators makes it possible to take into account boundedness of the control resource and to ensure the fulfillment of the phase constraint on the velocity of approaching the equilibrium state, which is especially important in the case of large initial deviations. A Lyapunov function is constructed by means of which global asymptotic stability of the closed-loop system is proved for any positive feedback coefficients.