The Budget and Accounting Procedures Act of 1950

The Budget and Accounting Procedures Act of 1950 is a U.S. law that standardized how federal government budgets and finances are prepared and managed. It established the framework for creating, reviewing, and executing the federal budget, ensuring transparency and consistency across agencies. The act created the Bureau of the Budget (now the Office of Management and Budget) and the General Accounting Office (GAO) to oversee budget preparation and auditing. Its goal is to promote efficient use of government funds, improve accountability, and provide Congress and the public with clear financial information about federal activities.