((a)) Under regulations prescribed by him, the Secretary of Defense shall have the records of the fixed property, installations, major equipment items, and stored supplies of the military departments maintained on both a quantitative and a monetary basis, so far as practicable.

((b)) The regulations prescribed pursuant to subsection (a) shall include a requirement that the records maintained under such subsection—

((1)) to the extent practicable, provide up-to-date information on all items in the inventory of the Department of Defense;

((2)) indicate whether the inventory of each item is sufficient or excessive in relation to the needs of the Department for that item; and

((3)) permit the Secretary of Defense to include in the budget submitted to Congress under for each fiscal year, information relating to—

((A)) the amounts proposed for each appropriation account in such budget for inventory purchases of the Department of Defense; and

((B)) the amounts obligated for such inventory purchases out of the corresponding appropriations account for the preceding fiscal year.