A bill to require that not more than one-fourth of the budget authority of any department or agency of the executive branch may be obligated during the last quarter of a fiscal year.

Requires the Director of the Office of Management and Budget, for FY 1982 through 1984, to assure that no more than 25 percent of any Federal agency's budget authority for a fiscal year may be obligated in the last quarter of such year. Permits departures from such requirement if necessary to avoid disruption. Requires the Director to report to Congress on action taken pursuant to this Act and on any departures.

Exempts any reserves established and any other actions taken to satisfy this Act from specified reporting requirements of the Impoundment Control Act of 1974.