HISTORICAL NOTE

1956 Amendment.-Subsection (a) amended June 18, 1956, by Public Law 84-591, cited to text, by striking out "at the beginning of each regular session (commencing with the year 1947)." In the original Act, before amendments, this read: "within sixty days after the beginning of each regular session (commencing with the year 1947)". This was changed to "at the beginning of each regular session" in the Legislative Reorganization Act of 1946, Public Law 79-601, August 2, 1946.

(b) The President may transmit from time to time to the Congress reports supplementary to the Economic Report, each of which shall include such supplementary or revised recommendations as he may deem necessary or desirable to achieve the policy declared in section 2.

(c) The Economic Report, and all supplementary reports transmitted under subsection (b) of this section shall, when transmitted to Congress, be referred to the Joint Committee created by section 5. (15 U.S.C. 1022.)

COUNCIL OF ECONOMIC ADVISERS TO THE PRESIDENT

SEC. 4. (a) There is hereby 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 2, and to formulate and recommend national economic policy to promote employment, production, and purchasing power under free competitive enterprise. The President shall designate one of the members of the Council as 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 Act, without regard to the civil service laws and the Classification Act of 1949,1 as amended, 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 Act, and fix their compensation in accordance with the Classification Act of 1949, as amended.

(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 2 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

1 Originally Classification Act of 1923. This act was completely written in 1949, Public Law 81-249, Oct. 8, 1949.

2 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, to avoid economic fluctuations or to diminish the effects thereof, and to maintain 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.

HISTORICAL NOTE

The original Act, before amendments, read: "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. This was subsequently changed by Reorganization Plan No. 9 of 1953 as follows:

"The functions vested in the Council of Economic Advisers by section 4(b) of the Employment Act of 1946 (60 Stat. 24), and so much of the functions vested in the Council by section 4 (c) of that Act as consists of reporting to the President with respect to any function of the Council under the said section 4 (c), 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, is hereby abolished."

(Prepared 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, as amended.)

(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 Act

(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;

(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 Act, there are authorized to be appropriated such sums as may be necessary. (15 U.S.C. 1023.)

HISTORICAL NOTE

1961 Amendment.-Subsection (f) amended June 16, 1961, by Public Law 87-49, cited to text, by striking out "To enable the Council to exercise its powers, functions, and duties under this Act, there are authorized to be appropriated (except for the salaries of the members and the salaries of officers and employees of the Council) such sums as may be necessary. For the salaries of the members and the salaries of officers and employees of the Council, there is authorized to be appropriated not exceeding $345,000 in the aggregate for each fiscal year."

JOINT ECONOMIC COMMITTEE

SEC. 5. (a) There is established a Joint Economic Committee, to be composed of ten Members of the Senate, to be appointed by the

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President of the Senate, and ten Members of the House of Representatives, to be appointed by the Speaker of the House of Representatives. In each case, the majority party shall be represented by six members and the minority party shall be represented by four

members.

HISTORICAL NOTES

1956 Amendment.-Section 5(a) of such Act and the heading thereof are each amended by striking out "Joint Committee on the Economic Report" and inserting in lieu thereof "Joint Economic Committee"; and any other statute in which the name "Joint Committee on the Economic Report" appears is amended to conform to the foregoing change in the name of the Joint Committee. (60 Stat. 25; U.S.C. 1024) Public Law 84-591, June 18, 1956.

1967 Amendment.-Section 5(a) amended by Public Law 90-2, January 25, 1967, cited to text. The original Act provided that "The party representation on the joint committee shall as nearly as may be feasible reflect the relative membership of the majority and minority parties in the Senate and House of Representatives," and be composed of seven Members of the Senate and seven Members of the House of Representatives. This was changed to eight Members of the Senate and eight Members of the House of Representatives with the majority party being represented by 5 members and the minority party by 3 members, in Public Law 86-1, February 17, 1959.

(b) It shall be the function of the joint committee

(1) to make a continuing study of matters relating to the Economic Report;

(2) to study means of coordinating programs in order to further the policy of this Act; and

(3) as a guide to the several committees of the Congress dealing with legislation relating to the Economic Report, not later than March 1, of each year (beginning with the year 1947) to file a report with the Senate and the House of Representatives containing its findings and recommendations with respect to each of the main recommendations made by the President in the Economic Report, and from time to time to make such other reports and recommendations to the Senate and House of Representatives as it deems advisable.

HISTORICAL NOTE

In the original act, before amendments, this read: "May 1." This was changed to "February 1" in the Legislative Reorganization Act of 1946, and subsequently to "March 1" in Public Law 80-405, February 2, 1948. (c) Vacancies in the membership of the joint committee shall not affect the power of the remaining members to execute the functions of the joint committee, and shall be filled in the same manner as in the case of the original selection. The joint committee shall select a chairman and a vice chairman from among its members.

(d) The joint committee, or any duly authorized subcommittee thereof, is authorized to hold such hearings as it deems advisable, and, within the limitations of its appropriations, the joint committee is empowered to appoint and fix the compensation of such experts, consultants, technicians, and clerical and stenographic assistants, to procure such printing and binding, and to make such expenditures, as it deems necessary and advisable. [The cost of stenographic services to report hearings of the joint committee, or any subcommittee thereof, shall not exceed 25 cents per hundred words.] The joint committee

is authorized to utilize the services, information and facilities of the departments and establishments of the Government, and also of private research agencies.

HISTORICAL NOTE

Amended by Public Law 84-624, June 27, 1956, as follows: "Compensation for stenographic assistance of committees paid out of the foregoing items under 'Contingent expenses of the Senates' hereafter shall be computed at such rates and in accordance with such regulations as may be prescribed by the Committee on Rules and Administration, notwithstanding, and without regard to any other provision of law." (70 Stat. 360.)

(e) To enable the joint committee to exercise its powers, functions, and duties under this Act, there are authorized to be appropriated for each fiscal year such sums as may be necessary, to be disbursed by the Secretary of the Senate on vouchers signed by the chairman or vice chairman.

HISTORICAL NOTES

1964 Amendment.-Section 5(e) amended by Public Law 88-661, October 13, 1964, cited to text. In the original Act, before amendments, the appropriation authorization was $50,000. This was changed to $125,000 in Public Law 81-830, October 6, 1949.

Subsection (f) is no longer in effect, having expired upon the completion of the investigation authorized by Senate Concurrent Resolution 26 of the 81st Congress.