Office of Management and Budget Director-designate Peter R. Orszag

Office of Management and Budget Director-designate Peter R. Orszag

Peter R. Orszag was selected by President-elect Barack Obama to be the 37th director of the Office of Management and Budget. Before his selection, Orszag was director of the U.S. Congressional Budget Office. During the Clinton administration, he was special assistant to the president for economic policy and senior economic adviser at the National Economic Council.

For more information, see “President-Elect Obama Selects Federal Budget Director.”

The Office of Management and Budget, established 1921

Mission: “To assist the president in overseeing the preparation of the federal budget and to supervise its administration in Executive Branch agencies.”

Staff: 489 employees

Duties: This office, known as the OMB, prepares the president’s annual budget proposal, which is submitted to Congress each year in early February. To do so, the OMB evaluates agency programs, assesses competing funding demands and sets funding priorities. The office also oversees the administration’s procurement, financial management, information collection and regulatory policies.

History: The Bureau of the Budget, the precursor to the office, was established in 1921 under the Department of Treasury. The office moved to the Executive Office of the President in 1939. It was given its current name, as well as expanded oversight authorities, in 1970 during the Nixon administration.

International engagement: The OMB incorporates funding requests for every aspect of U.S. foreign aid and overseas activities into the president’s proposed budget.

Fun fact: Charles Dawes, the first director of the office, was awarded the Nobel Peace Prize in 1925.

More information: http://www.whitehouse.gov/omb