The high tariffs established under Harding, Coolidge, and Hoover have historically been viewed as a contributing factor to the Wall Street Crash of 1929. Harding believed the federal government should be fiscally managed in a way similar to private sector businesses. He had campaigned on the slogan, "Less government in business and more business in government." As the House Ways and Means Committee found it increasingly difficult to balance revenues and expenditures, Taft had recommended the creation of a federal budget system during his presidency. Businessmen and economists coalesced around Taft's proposal during the Wilson administration, and by 1920, both parties favored it. Reflecting this goal, in June 1921, Harding signed the Budget and Accounting Act of 1921. The act established the Bureau of the Budget to coordinate the federal budgeting process. At the head of this office was the presidential budget director, who was directly responsible to the president rather than to the Secretary of Treasury. The law also stipulated that the president must annually submit a budget to Congress, and all presidents since have had to do so. Additionally, the General Accounting Office (GAO) was created to assure congressional oversight of federal budget expenditures. The GAO would be led by the Comptroller General, who was appointed by Congress to a term of fifteen years. Harding appointed Charles Dawes as the Bureau of the Budget's first director. Dawes's first year in office saw government spending reduced by $1.5 billion, a 25 percent reduction, and he presided over another 25 percent reduction the following year. In the first two decades of the 20th century, immigration to the United States had increased, with many of the immigrants coming from Southern Europe and Eastern Europe rather than Western Europe. Many Americans viewed these new immigrants with suspicion, and World War I and the First Red Scare further heightened nativist fears. The Per Centum Act of 1921, signed by Harding on May 19, 1921, reduced the numbers of immigrants to 3 percent of a country's represented population based on the 1910 Census. The act, which had been vetoed by President Wilson in the previous Congress, also allowed unauthorized immigrants to be deported. Harding and Secretary of Labor James Davis believed that enforcement had to be humane, and Harding often allowed exceptions granting reprieves to thousands of immigrants. Immigration to the United States fell from roughly 800,000 in 1920 to approximately 300,000 in 1922. Though the act was later superseded by the Immigration Act of 1924, it marked the establishment of the National Origins Formula. Many World War I veterans were unemployed or otherwise economically distressed when Harding took office.