This bill establishes a new Inspector General position for the Office of Management and Budget (OMB), the federal agency responsible for managing the President's budget and overseeing government operations. The Inspector General would be responsible for auditing and investigating OMB's activities, similar to inspector general offices that exist in other federal agencies. The bill requires the President to appoint an Inspector General within 120 days of the law taking effect, and specifies that this new inspector general's authority will be limited to matters specifically assigned by law. This creates an independent internal watchdog to monitor OMB's financial practices and operations.