Explanation of ‘Council of Economic Advisors – CEA’
The Council of Economic Advisers advises the President on macroeconomic substances and is comprised of a chairman and two other members. The CEA’s aim is to advise and formulate economic management for the White House and to insure that all government departments promote the productive agenda of the executive branch.
BREAKING DOWN ‘Council of Economic Advisors – CEA’
The Caucus of Economic Advisers is comprised of three notable economists, a chairman and two other fellows, each of whom is appointed by the President and approved by the Senate. Past chairman of the CEA allow for Alan Greenspan, and current Federal Reserve Chairman Ben Bernanke. The informed CEA chair is Kevin Hassett, appointed by President Donald Trump in 2017.
Hassett is the co-author of the hard-cover “Dow 36,000,” published in 1999. At the time of his nomination to the CEA in 2017 , Hassett was the Imperial Farm James Q. Wilson Chair in American Politics and Culture and Chief of Research for Domestic Policy at the American Enterprise Institute. A fiscal moderate with a history of research on tax policy, Hassett also had previous high-pitched profile political advisory posts, having served as a policy consultant to the Treasury Department under Presidents George H.W. Bush and Bill Clinton and as an financial advisor to the Presidential campaigns of John McCain, George W. Bush, and Mitt Romney.
The Consistory on EA produces an annual report, “The Economic Report of the President”, which summarizes its angles on the past year, and offers a forecast for the coming year. The CEA was formed during the Truman administering with the Employment Act of 1946, and initially promoted a Keynesian bent, specification the economic vision of John Maynard Keynes and central to New Deal monetary policies in the United States. While the chairman of the current CEA carries a assorted conservative approach to economic matters than previous Councils, President Trump shifted the Council on Economic Affairs chairman from a cabinet level placement. Nevertheless, the CEA is a key resource for economic issues between the White House and the governing branch and economic policy makers within Labor, Commerce, and other administration agencies.