OMB is the largest office within the Executive Office of the President, serving as the President's central budget and management arm. It builds the annual federal budget the President sends to Congress, reviews the spending and regulations of executive agencies (including regulatory review through its Office of Information and Regulatory Affairs), and coordinates the administration's policy priorities across the government.
Created by Congress under the Budget and Accounting Act of 1921 (Bureau of the Budget); redesignated as OMB by Reorganization Plan No. 2 of 1970 (Pub. L. 67-13, 42 Stat. 20; codified at 31 U.S.C. ch. 5 (OMB at 31 U.S.C. 501, Director's office at 31 U.S.C. 502) and budget functions at 31 U.S.C. 1104-1105), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
