Congressional Oversight Act

Congressional Oversight Act - Establishes within the General Accounting Office an Office of Budget and Expenditure Oversight which shall exercise oversight over the Executive with respect to the preparation and administration of the Federal budget, the raising of revenues, the expenditures of moneys, the preparation and presentation of legislative proposals, and the implementation of legislative programs enacted by Congress.

Makes the General Accounting Office an agency of the Congress.

Eliminates the position of Assistant Comptroller General and replaces it with a Deputy Comptroller General. Requires the Comptroller General and the Deputy Comptroller General to be nominated by the Speaker of the House of Representatives and the President pro tempore of the Senate respectively and for each to be appointed by a concurrent resolution of both Houses of Congress.

Reduces the term of office of the Comptroller General and his Deputy from fifteen years to five years. Sets forth the functions of the Office of Budget and Expenditure Oversight.

Sets forth requirements for any officer or employee of the United States, including the President, regarding the impoundment of any appropriation.

Requires the head of each department and establishment in the executive to submit to the Office of Budget and Expenditure Oversight a duplicate copy of all legislative and budgetary requests submitted by him to the Office of Management and Budget.

Authorizes to be appropriated such sums as may be necessary to carry out the purpose of this Act.