Office of Management and Budget Act

Office of Management and Budget Act - Title I: Office of Management and Budget - Establishes, as an agency within the legislative branch of the Government, an Office of Mangement and Budget. Provides that the Office shall be headed by a Director of Management and Budget who shall be appointed by the President, by and with the advice and consent of the Senate and who shall serve for a term of ten years.

Transfers to the Office all powers, duties, and functions, and all property, records, and files of the Office of Mangement and Budget originally established by the Budget and Accounting Act, 1921, and redesignated by Reorganization Plan Numbered 2 of 1970.

Transfers to the Director all powers, duties, and functions of the Director of the Office of Management and Budget and all powers, duties, and functions of the President insofar as such powers, duties, and functions are vested by or derived from the Budget and Accounting Act, 1921, the Budget and Accounting Procedures Act of 1950, or any law related or supplementary to such Acts.

Title II: Joint Committee on the Budget - Establishes a joint committee of the Congress which shall be known as the Joint Committee on the Budget. States that the joint committee shall be composed of twelve members.

Sets forth the method and criteria for selecting the twelve members. States that it shall be the duty and function of the joint committee to oversee and supervise the operations and activities of the Office of Management and Budget, including the preparation and submission to the Congress of the Budget of the United States Government for each fiscal year. Sets forth the administrative functions and responsibilities of the committee.