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U.S. Code as of:
01/19/04
Section 1023. Council of Economic Advisers
(a) Creation; composition; qualifications; selection of chairman
and vice chairman
There is created in the Executive Office of the President a
Council of Economic Advisers (hereinafter called the "Council").
The Council shall be composed of three members who shall be
appointed by the President by and with the advice and consent of
the Senate, and each of whom shall be a person who, as a result of
his training, experience, and attainments, is exceptionally
qualified to analyze and interpret economic developments, to
appraise programs and activities of the Government in the light of
the policy declared in section 1021 of this title, and to formulate
and recommend national economic policy to promote full employment,
production, and purchasing power under free competitive enterprise.
The President shall designate one of the members of the Council as
chairman and one as vice chairman, who shall act as chairman in the
absence of the chairman.
(b) Employment of specialists, experts, and other personnel
The Council is authorized to employ, and fix the compensation of,
such specialists and other experts as may be necessary for the
carrying out of its functions under this chapter, without regard to
the civil-service laws, and is authorized, subject to the
civil-service laws, to employ such other officers and employees as
may be necessary for carrying out its functions under this chapter,
and fix their compensation in accordance with chapter 51 and
subchapter III of chapter 53 of title 5.
(c) Duties
It shall be the duty and function of the Council -
(1) to assist and advise the President in the preparation of
the Economic Report;
(2) to gather timely and authoritative information concerning
economic developments and economic trends, both current and
prospective, to analyze and interpret such information in the
light of the policy declared in section 1021 of this title for
the purpose of determining whether such developments and trends
are interfering, or are likely to interfere, with the achievement
of such policy, and to compile and submit to the President
studies relating to such developments and trends;
(3) to appraise the various programs and activities of the
Federal Government in the light of the policy declared in section
1021 of this title for the purpose of determining the extent to
which such programs and activities are contributing, and the
extent to which they are not contributing, to the achievement of
such policy, and to make recommendations to the President with
respect thereto;
(4) to develop and recommend to the President national economic
policies to foster and promote free competitive enterprise
including small and larger business, to avoid economic
fluctuations or to diminish the effects thereof, and to maintain
full employment, production, and purchasing power;
(5) to make and furnish such studies, reports thereon, and
recommendations with respect to matters of Federal economic
policy and legislation as the President may request.
(d) Annual report
The Council shall make an annual report to the President in
December of each year.
(e) Consultation with other groups and agencies; utilization of
Government services and private research agencies
In exercising its powers, functions and duties under this chapter
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(1) the Council may constitute such advisory committees and may
consult with such representatives of industry, agriculture,
labor, consumers, State and local governments, and other groups,
as it deems advisable, and shall consult with the board or boards
established under section 1022f of this title;
(2) the Council shall, to the fullest extent possible, utilize
the services, facilities, and information (including statistical
information) of other Government agencies as well as of private
research agencies, in order that duplication of effort and
expense may be avoided.
In its work under this chapter and the Full Employment and Balanced
Growth Act of 1978 [15 U.S.C. 3101 et seq.], the Council is
authorized and directed to seek and obtain the cooperation of the
various executive and independent agencies in the development of
specialized studies essential to its responsibilities.
(f) Appropriations
To enable the Council to exercise its powers, functions, and
duties under this chapter, there are authorized to be appropriated
such sums as may be necessary.
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