Budget and Accounting Act
The Budget and Accounting Act of 1921 established a framework for the federal government's budgeting and financial management. It aimed to create a more organized and efficient way to prepare, present, and control the federal budget. This act required the President to submit a detailed budget proposal to Congress, enhancing transparency. It also established the Bureau of the Budget (now the Office of Management and Budget) to help coordinate budget preparation and implementation. Overall, this act was a significant step in improving fiscal responsibility and accountability in government spending.
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The Budget and Accounting Act, enacted in 1921, established a formal framework for the federal budget process in the United States. It requires the President to submit an annual budget proposal to Congress, outlining expected revenues and expenditures. This act also created the Bureau of the Budget (now part of the Office of Management and Budget), which assists in budget preparation and monitoring government spending. By setting these processes, the act aims to ensure transparency and accountability in how taxpayer money is managed by the government, fostering a more organized approach to federal finances.