The person speaking accepts responsibility, and will not pass the blame on to others.
This expression "the buck stops here" derives from the poker term, "passing the buck." A marker is placed in front of the person whose turn it is to deal; if that person does not choose to deal, they can pass the buck to someone else. Apparently, back in the days of the American frontier, the marker used would be a knife, probably with a buckhorn handle, hence pass the buck.
President Harry S. Truman did not coin the phrase but he did make it famous, keeping a sign on his desk that read on one side "I’m From Missouri," and on the other "The Buck Stops Here." The sign was made at the Federal Reformatory at El Reno, Oklahoma at the behest of Fred A. Canfil, then United States Marshal for the Western District of Missouri and a friend of President Truman. Canfil saw a similar sign while visiting the Reformatory and asked if one could be made for the President. It was duly mailed to Truman on October 2, 1945.
For more on this, and photos of the sign, visit artsandculture.google.com (link opens in a new window).
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