Page:United States Statutes at Large Volume 60 Part 1.djvu/51

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PUBLIC LAWS-CH. 33 -FEB. 20 , 1946 Transmittal to Con- gress; contents. Post, p. 838. Supplementary re- ports. Reference. Creation, composi- tion, etc. Specialists, experts, and other employees. 42 Stat. 1488 . 5U.8.C.I§661- 674; Bupp. V, § 661 d leq. Post, pp. 216, 219. Duty and function of Council. ECONOMIC REPORT OF THE PRESIDENT SEC. 3. (a) The President shall transmit to the Congress within sixty days after the beginning of each regular session (commencing with the year 1947) an economic report (hereinafter called the "Eco- nomic Report") setting forth (1) the levels of employment, produc- tion, and purchasing power obtaining in the United States and such levels needed to carry out the policy declared in section 2; (2) cur- rent and foreseeable trends in the levels of employment, production, and purchasing power; (3) a review of the economic program of the Federal Government and a review of economic conditions affecting employment in the United States or any considerable portion thereof during the preceding year and of their effect upon employment, pro- duction, and purchasing power; and (4) a program for carrying out the policy declared in section 2, together with such recommendations for legislation as he may deem necessary or desirable. (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 trans- mitted under subsection (b), shall, when transmitted to Congress, be referred to the joint committee created by section 5. 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. Each member of the Council shall receive compensation at the rate of $15,000 per annum. 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. (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 1923, 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 func- tions under this Act, and fix their compensation in accordance with the Classification Act of 1923 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; 24 [60 STAT.