72:7.14

Federal appropriations, except war funds assessed by the National Council of Defense, are originated in the upper legislative house, concurred in by the lower house, approved by the chief executive, and finally validated by the federal budget commission of one hundred. The members of this commission are nominated by the state governors and elected by the state legislatures to serve for twenty-four years, one quarter being elected every six years. Every six years this body, by a three-fourths ballot, chooses one of its number as chief, and he thereby becomes director-controller of the federal treasury.