A bill to provide greater efficiency and equity in the operation and administration of Federal and federally aided income assistance programs.

Declares it to be the policy of the Congress to promote greater efficiency and equity in the operation and administration of Federal and federally aided income assistance programs.

Requires the President, from time to time, to examine the operation of, the provisions of law governing, and the organization of the agencies responsible for administering specified income assistance programs under the: (1) Social Security Act; (2) Food Stamp Act of 1964; (3) United States Housing Act of 1937; (4) National Housing Act; (5) Housing and Urban Development Act of 1965; and the (6) Housing Act of 1949.

Requires the President, when it is determined that changes to such programs are necessary in order to carry out the policy of the Congress, to prepare an income assistance program modification specifying the changes found to be required.

States that such changes may include modifications to the organization of agencies administering such programs, including transfer and consolidation of organizations and functions within and between such existing agencies.