The Impoundment Control Act 1974 is a U.S federal statute. The Act provides for the budget procedures to be followed in the U.S. The Act sets the procedures by which Congress annually adopts a budget resolution and a concurrent resolution setting forth fiscal policy that is not signed by the President.
The Act is officially known as the Congressional Budget and Impoundment Control Act.
The Act aims:
1. to assure effective congressional control over the budgetary process;
2. to provide for the congressional determination of the federal revenues and expenditures;
3. to provide a system of impoundment control;
4. to establish national budget priorities; and
5. to provide for the furnishing of information by the executive branch in a manner that will assist the Congress in discharging its duties.
The Act established the Congressional Budget Office.