What does OMB stand for?

The abbreviation OMB stands for the Office of Management and Budget. This agency is part of the executive branch of the U.S. government and plays a crucial role in overseeing the federal budget process. It assists the President in formulating the budget, making recommendations regarding fiscal policies, and ensuring that funds are allocated effectively across various government agencies.

The Office of Management and Budget also evaluates the performance of federal programs and agencies, promotes efficient management practices, and is involved in regulatory reviews. Understanding the role of the OMB is essential for anyone studying governmental finance, as it directly influences the financial operations and accountability within the federal government.