Statement by the President Upon Signing the Budget and Accounting Procedures Act.

I HAVE today signed the Budget and Accounting Procedures Act of 1950. This is the most important legislation enacted by the Congress in the budget and accounting field since the Budget and Accounting Act, 1921, was passed almost 30 years ago.

The budget provisions will enable the President to present the financial program of the Government in simpler and more meaningful terms. It will provide the basis for a better evaluation of Government programs and activities in terms of where the funds come from, the purposes to which they are to be applied, and the costs involved.

The accounting and auditing provisions lay the foundation for far-reaching improvements and simplification. For the first time, clear-cut legislation is provided which nails down responsibility for accounting, auditing, and financial reporting in the Government. The legislation embodies the principles and objectives of the joint accounting program which has been successfully carried forward for several years under the leadership of the Comptroller General of the United States, the Secretary of the Treasury, and the Director of the Bureau of the Budget, in collaboration with all other agencies of the Government. This program has had my endorsement and support from the start.

A sound system of accounting in each agency, appropriately integrated for the Government as a whole, is fundamental to responsible and efficient administration in the Government.

This act provides a firm foundation for modernizing the Government's accounting along efficient lines to serve management purposes, safeguard the public funds, and inform the Congress and the taxpayers clearly of what happens to the funds provided for Government activities.

The implementation of the provisions of this act represents a tremendous task and will require a continuation of the same teamwork which has been demonstrated in the joint accounting program.