Summary

Title 2 of the Code of Federal Regulations, now focused on "Federal Financial Assistance," provides overarching guidance from the Office of Management and Budget (OMB) to federal agencies on policies for awarding and managing financial assistance, such as grants and cooperative agreements. This guidance is organized into two main sections: one containing non-regulatory OMB directives and the other featuring regulatory implementations by individual federal agencies, which may enforce parts of the OMB guidance. The OMB is tasked with issuing and maintaining this guidance, interpreting policy requirements, reviewing agency regulations, and overseeing government-wide compliance, while federal agencies must implement these directives and ensure adherence within their operations.

Estimated Impact