To establish an Office of Management in the Executive Office of the President, and to redesignate the Office of Management and Budget as the Office of the Federal Budget.

Establishes an Office of Management (OM) in the Executive Office of the President to improve Federal management and organization and to promote efficiency and effectiveness in the operation of the Federal Government.

Abolishes the following offices of the Office of Management and Budget (OMB) and transfers their functions and authorities to the OM Director: (1) the Office of Federal Procurement Policy; (2) the Office of Information and Regulatory Affairs; (3) the Office of Federal Financial Management; (4) the Office of the Deputy Director for Management; and (5) the Office of the Chief Financial Officer.

Redesignates OMB as the Office of the Federal Budget.