"The Federal Records Act (FRA; 44 U.S.C. Chapters 21, 29, 31, and 33), enacted in 1950 and amended since, governs the collection, retention, and preservation of federal agency records. Congress deemed federal records worthy of preservation for the information they provide on the transaction of public business and also because they document the 'organization, functions, policies, decisions, procedures, and essential transactions' of the government (44 U.S.C. §3301). The FRA also governs how federal records are to be destroyed or provided to the National Archives and Records Administration (NARA) for 'permanent' archiving within the National Archives of the United States."
CRS In Focus, IF11119
Congressional Research Service: https://crsreports.congress.gov/