To establish an Office of Management in the Executive Office of the President, and to redesignate the Office of Management and Budget as the Office of the Federal Budget.

Abolishes the following offices of the Office of Management and Budget (OMB) and transfers their functions and authorities to the OM Director: (1) the Office of Federal Procurement Policy; (2) the Office of Information and Regulatory Affairs; (3) the Office of Federal Financial Management; (4) the Office of the Deputy Director for Management; and (5) the Office of the Chief Financial Officer.

Redesignates OMB as the Office of the Federal Budget.