Title 15 — Commerce and TradeRelease 119-73
§1023 Council of Economic Advisers
Title 15 › Chapter CHAPTER 21— - NATIONAL POLICY ON EMPLOYMENT AND PRODUCTIVITY › § 1023
Summary
Creates a Council of Economic Advisers inside the Executive Office of the President. The Council has three members: one chair (picked by the President with Senate approval) and two others chosen by the President. Members must be highly qualified to study the economy, evaluate government programs, and recommend national economic policy to help keep people working, maintain production, and protect buying power in a free, competitive economy. The President names one member as vice chair to act when the chair is absent. The Council can hire experts and set their pay without following civil-service rules, and it can hire other staff under the civil-service system with pay set according to chapter 51 and subchapter III of chapter 53 of title 5. It must help prepare the Economic Report, collect and analyze economic trends, review federal programs, and recommend policies to reduce downturns and support employment and production. It gives an annual report to the President each December, may form advisory committees and consult many groups and boards (including those under section 1022f), should use other government and private research to avoid duplication, and may receive whatever funds are necessary.
Full Legal Text
Title 15, §1023
Commerce and Trade — Source: USLM XML via OLRC
(a)(1)There is created in the Executive Office of the President a Council of Economic Advisers (hereinafter called the “Council”).
(2)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.
(3)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)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)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)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)The Council shall make an annual report to the President in December of each year.
(e)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.
(f)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.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
The Full Employment and Balanced Growth Act of 1978, referred to in subsec. (e), is Pub. L. 95–523, Oct. 27, 1978, 92 Stat. 1887, which is classified principally to chapter 58 (§ 3101 et seq.) of this title. For complete classification of this Act to the Code, see
Short Title
note set out under section 3101 of this title and Tables. Codification In subsec. (a), provisions that fixed the compensation of members of the Council have been omitted as obsolete. The positions of chairman and members of the Council are under the Executive Schedule, see section 5313 and 5315 of Title 5, Government Organization and Employees. In subsec. (b), provisions that authorized the Council to 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 Classification Act of 1923, as amended”, were omitted as obsolete. section 1202 and 1204 of the Classification Act of 1949, 63 Stat. 972, 973, repealed the 1923 Act and all laws or parts of laws inconsistent with the 1949 Act. While section 1106(a) of the 1949 Act provided that references in other laws to the 1923 Act should be held and considered to mean the 1949 Act, it did not have the effect of continuing the exceptions contained in this subsection because of section 1106(b) which provided that the application of the 1949 Act to any position, officer, or employee shall not be affected by section 1106(a). The Classification Act of 1949 was repealed by Pub. L. 89–554, Sept. 6, 1966, § 8(a), 80 Stat. 632 (of which section 1 revised and enacted Title 5, Government Organization and Employees, into law). Section 5102 of Title 5 contains the applicability provisions of the 1949 Act, and section 5103 of Title 5 authorizes the Office of Personnel Management to determine the applicability to specific positions and employees. “Chapter 51 and subchapter III of chapter 53 of title 5” substituted in subsec. (b) for “the Classification Act of 1949” on authority of Pub. L. 89–554, § 7(b), Sept. 6, 1966, 80 Stat. 631, the first section of which enacted Title 5.
Amendments
2012—Subsec. (a). Pub. L. 112–166 added subsec. (a) and struck out former subsec. (a). Prior to amendment, text read as follows: “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.” 1978—Subsec. (a). Pub. L. 95–523, § 110(a)(1), inserted “full” after “policy to promote”. Subsec. (c)(4). Pub. L. 95–523, § 110(a)(2), inserted “including small and larger business” after “free competitive enterprise” and inserted “full” after “and to maintain”. Subsec. (e). Pub. L. 95–523, § 110(a)(3), (4), inserted in par. (1) “, and shall consult with the board or boards established under section 1022f of this title” after “as it deems advisable” and after par. (2) inserted provisions authorizing and directing the Council to seek and obtain the cooperation of executive and independent agencies in the development of specialized studies essential to its responsibilities. 1961—Subsec. (f). Pub. L. 87–49 struck out provisions which limited the appropriations for salaries of the members and officers and employees of the Council to not more than $345,000 for each fiscal year. 1949—Subsec. (b). Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”.
Statutory Notes and Related Subsidiaries
Effective Date
of 2012 AmendmentAmendment by Pub. L. 112–166 effective 60 days after Aug. 10, 2012, and applicable to appointments made on and after that
Effective Date
, including any nomination pending in the Senate on that date, see section 6(a) of Pub. L. 112–166, set out as a note under section 113 of Title 6, Domestic Security.
Repeals
Act Oct. 28, 1949, ch. 782, cited as a credit to this section, was repealed (subject to a savings clause) by Pub. L. 89–554, Sept. 6, 1966, § 8, 80 Stat. 632, 655. Termination of Advisory CommitteesAdvisory committees in existence on Jan. 5, 1973, to terminate not later than the expiration of the 2-year period following Jan. 5, 1973, unless, in the case of a committee established by the President or an officer of the Federal Government, such committee is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a committee established by the Congress, its duration is otherwise provided by law. See section 1013 of Title 5, Government Organization and Employees.
Executive Documents
Transfer of Functions
Certain functions of Council of Economic Advisers transferred to Chairman, see 1953 Reorg. Plan No. 9, eff. Aug. 1, 1953, 18 F.R. 4542, set out below. 1953 Reorg. Plan No. 9 also abolished office of Vice Chairman. REORGANIZATION PLAN NO. 9 OF 1953Eff. Aug. 1, 1953, 18 F.R. 4543, 67 Stat. 644Prepared by the President and transmitted to the Senate and the House of Representatives in Congress assembled,
June 1, 1953, pursuant to the provisions of the Reorganization Act of 1949, approved
June 20, 1949, as amended [see 5 U.S.C. 901 et seq.]. COUNCIL OF ECONOMIC ADVISERSThe functions vested in the Council of Economic Advisers by section 4(b) of the Employment Act of 1946 (60 Stat. 24) [subsec. (b) of this section], and so much of the functions vested in the Council by section 4(c) of that Act [subsec. (c) of this section] as consists of reporting to the President with respect to any function of the Council under the said section 4(c) [subsec. (c) of this section], are hereby transferred to the Chairman of the Council of Economic Advisers. The position of Vice Chairman of the Council of Economic Advisers, provided for in the last sentence of section 4(a) of the said Act [subsec. (a) of this section] is hereby abolished. 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 1013 of 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 1013 of 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 section 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.
Reference
Citations & Metadata
Citation
15 U.S.C. § 1023
Title 15 — Commerce and Trade
Last Updated
Apr 6, 2026
Release point: 119-73