(a) Creation; composition; qualifications; chairman and vice chairman (1) Creation
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, of whom—
(A) 1 shall be the chairman who shall be appointed by the President by and with the advice and consent of the Senate; and
(B) 2 shall be appointed by the President.
Each member shall be a person who, as a result of 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.
(4) Vice chairman
The President shall designate 1 of the members of the Council 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.
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—
(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.
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.
EXECUTIVE ORDER NO. 10802 Ex. Ord. No. 10802, Jan. 23, 1959, 24 F.R. 557, which established the Committee on Government Activities Affecting Prices and Costs, was revoked by Ex. Ord. No. 10928, Mar. 23, 1961, 26 F.R. 2547. EXECUTIVE ORDER NO. 11453 Ex. Ord. No. 11453, Jan. 24, 1969, 34 F.R. 1301, which established the Cabinet Committee on Economic Policy, was revoked by Ex. Ord. No. 11702, Jan. 25, 1973, 38 F.R. 2957, set out as a note under section 887d of Title 20, Education. EXECUTIVE ORDER NO. 12296 Ex. Ord. No. 12296, Mar. 2, 1981, 46 F.R. 15129, as amended by Ex. Ord. No. 12309, June 9, 1981, 46 F.R. 30997, which related to the establishment, functions, administration, and termination of the President’s Economic Policy Advisory Board, was revoked by Ex. Ord. No. 12692, Sept. 29, 1989, 54 F.R. 40627, formerly set out as a note under section 14 of the Federal Advisory Committee Act in the Appendix to Title 5, Government Organization and Employees. EXTENSION OF TERM OF PRESIDENT’S ECONOMIC POLICY ADVISORY BOARD Term of President’s Economic Policy Advisory Board extended until Sept. 30, 1989, by Ex. Ord. No. 12610, Sept. 30, 1987, 52 F.R. 36901, formerly set out as a note under section 14 of the Federal Advisory Committee Act in the Appendix to Title 5, Government Organization and Employees. Previous extensions of term of President’s Economic Policy Advisory Board were contained in the following prior Executive Orders: Ex. Ord. No. 12534, Sept. 30, 1985, 50 F.R. 40319, extended term until Sept. 30, 1987. Ex. Ord. No. 12489, Sept. 28, 1984, 49 F.R. 38927, extended term until Sept. 30, 1985. Ex. Ord. No. 12399, Dec. 31, 1982, 48 F.R. 379, extended term until Sept. 30, 1984. EX. ORD. NO. 12835. ESTABLISHMENT OF NATIONAL ECONOMIC COUNCIL Ex. Ord. No. 12835, Jan. 25, 1993, 58 F.R. 6189, as amended by Ex. Ord. No. 13286, §27, Feb. 28, 2003, 68 F.R. 10625; Ex. Ord. No. 13499, Feb. 5, 2009, 74 F.R. 6979; Ex. Ord. No. 13569, §2, Apr. 5, 2011, 76 F.R. 19891, provided: By the authority vested in me as President of the United States by the Constitution and the laws of the United States of America, including sections 105, 107, and 301 of title 3, United States Code, it is hereby ordered as follows: Section 1. Establishment. There is established the National Economic Council ("the Council"). Sec. 2. Membership. The Council shall comprise the: (a) President, who shall serve as Chairman of the Council; (b) Vice President; (c) Secretary of State; (d) Secretary of the Treasury; (e) Secretary of Agriculture; (f) Secretary of Commerce; (g) Secretary of Labor; (h) Secretary of Housing and Urban Development; (i) Secretary of Transportation; (j) Secretary of Energy; (k) Secretary of Homeland Security; (l) Secretary of Health and Human Services; (m) Secretary of Education; (n) Senior Advisor and Assistant to the President for Intergovernmental Affairs and Public Liaison; (o) Chair of the Council on Environmental Quality; (p) Assistant to the President and Chief Technology Officer; (q) Administrator of the Small Business Administration[;] (r) Administrator of the Environmental Protection Agency; (s) Chair of the Council of Economic Advisers; (t) Director of the Office of Management and Budget; (u) United States Trade Representative; (v) Assistant to the President for Economic Policy; (w) Assistant to the President for Domestic Policy; (x) National Security Adviser; (y) Assistant to the President for Science and Technology Policy; and (z) Such other officials of executive departments and agencies as the President may, from time to time, designate. Sec. 3. Meetings of the Council. The President, or upon his direction, the Assistant to the President for Economic Policy ("the Assistant"), may convene meetings of the Council. The President shall preside over the meetings of the Council, provided that in his absence the Vice President, and in his absence the Assistant, will preside. Sec. 4. Functions. (a) The principal functions of the Council are: (1) to coordinate the economic policy-making process with respect to domestic and international economic issues; (2) to coordinate economic policy advice to the President; (3) to ensure that economic policy decisions and programs are consistent with the President’s stated goals, and to ensure that those goals are being effectively pursued; and (4) to monitor implementation of the President’s economic policy agenda. The Assistant may take such actions, including drafting a Charter, as may be necessary or appropriate to implement such functions. (b) All executive departments and agencies, whether or not represented on the Council, shall coordinate economic policy through the Council. (c) In performing the foregoing functions, the Assistant will, when appropriate, work in conjunction with the Assistant to the President for Domestic Policy and the Assistant to the President for National Security. (d) The Secretary of the Treasury will continue to be the senior economic official in the executive branch and the President’s chief economic spokesperson. The Director of the Office of Management and Budget, as the President’s principal budget spokesperson, will continue to be the senior budget official in the executive branch. The Council of Economic Advisers will continue its traditional analytic, forecasting and advisory functions. Sec. 5. Administration. (a) The Council may function through established or ad hoc committees, task forces or interagency groups. (b) The Council shall have a staff to be headed by the Assistant to the President for Economic Policy. The Council shall have such staff and other assistance as may be necessary to carry out the provisions of this order. (c) All executive departments and agencies shall cooperate with the Council and provide such assistance, information, and advice to the Council as the Council may request, to the extent permitted by law.
15 U.S.C. § 1023 (2018)