Council of Economic Advisers
The Council of Economic Advisers (CEA) is a United States agency within the Executive Office of the President established in 1946, which advises the president of the United States on economic policy.[2] The CEA provides much of the empirical research for the White House and prepares the publicly-available annual Economic Report of the President.[3] The council is made up of its chairperson and generally two to three additional member economists. Its chairperson requires appointment and Senate confirmation, and its other members are appointed by the President.
For the body that advises the Scottish Government, see Council of Economic Advisers (Scotland). For another similarly sounding agency within the U.S. federal government, see National Economic Council (United States).History[edit]
Establishment[edit]
The Truman administration established the Council of Economic Advisers via the Employment Act of 1946 to provide presidents with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. It was a step from an "ad hoc style of economic policy-making to a more institutionalized and focused process". The act gave the council the following goals:
Organization[edit]
The council's chairman is nominated by the president and confirmed by the United States Senate. The members are appointed by the president. As of July 2017, the council's eighteen person staff consisted of a chief of staff (Director of Macroeconomic Forecasting), fifteen economists (five senior, four research, four staff economists, two economic statisticians) and two operations staff.[13] Many of the staff economists are academics on leave or government economists on temporary assignment from other agencies.[12]