Budget and Accounting Act of 1921

The Budget and Accounting Act of 1921 established a framework for federal budgeting and financial management in the United States. It created the Bureau of the Budget, now part of the Office of Management and Budget (OMB), to help the President prepare the annual budget. The Act also required federal agencies to follow standardized accounting practices, improving transparency and oversight of government spending. Ultimately, it aimed to enhance fiscal responsibility and ensure that taxpayer dollars were used effectively and accounted for properly throughout the federal government.