Economic Advisers, Council of

Economic Advisers, Council of, is a three-member group that advises the president of the United States on economic policies. The council reports to the president on current economic conditions, and it predicts future economic activity. It also helps the president prepare economic reports to Congress. In addition, the council works to increase cooperation among various government agencies by advising them on economic policies.

Congress established the council in 1946 in an effort to promote the nation’s economic growth and stability. The council studies problems concerning the national economy and suggests ways for the president to deal with them. Such problems include unemployment and any decrease in the purchasing power of the nation’s money. The president appoints the members of the Council of Economic Advisers, subject to Senate approval.