The Budget and Accounting Act of 1921 (Pub.L. 67-13, 42 Stat. 20, enacted June 10, 1921) was landmark legislation that established the framework for the modern federal budget.Link to 1921 Act For the first time, it required the President to submit to Congress an annual budget for the entire federal government. [1] The Act also created the Bureau of the Budget, now called the Office of Management and Budget, to review funding requests from government departments and assist the president in formulating the budget.
In addition, the Act created the General Accounting Office, the non-partisan audit, evaluation, and investigative arm of Congress, and an agency in the Legislative Branch of the United States Government.
The Act required the head of GAO to "investigate, at the seat of government or elsewhere, all matters relating to the receipt, disbursement, and application of public funds, and shall make to the President...and to Congress...reports (and) recommendations looking to greater economy or efficiency in public expenditures" (Sec. 312(a), 42 Stat. 25). The GAO's name was changed to Government Accountability Office in 2004 to better reflect the mission of the office.[2]
- Notes
- ^ Desimone, Daniel C. (June, 2002). "The making of the federal budget". Government Finance Review. http://findarticles.com/p/articles/mi_hb6642/is_/ai_n28924827. Retrieved 2008-12-14.
- ^ GAO.gov
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