White House Statement on Executive Order 7126.

Under the terms of an Executive Order (No. 7126) signed by the President, seven agencies, with operations which do not come under the Budget and Accounting Act of 1921, are requested to submit to the Director of the Bureau of the Budget estimates covering future expenditures for administrative purposes. The seven agencies affected by the order are the Federal Home Loan Bank Board, the Home Owners Loan Corporation, the Federal Savings and Loan System, the Federal Savings and Loan Insurance Corporation, the Federal Housing Administration, the Farm Credit Administration, and the Federal Farm Mortgage Corporation.

The agencies are not to incur, from and after September 15, 1935, any obligations for administrative expenses not approved by the Director of the Bureau of the Budget. The Director of the Bureau of the Budget is directed to apportion funds for administrative expenses to each of the agencies named on a monthly basis, subject to modification in the event of emergency.