'Council of Economic Advisers (CEA)' is explained in detail and with examples in the Laws & Regulations edition of the Herold Financial Dictionary, which you can get from Amazon in Ebook or Paperback edition.
The President’s Council of Economic Advisors proves to be an agency of the President’s Executive Office. They give the President unbiased and non partisan economic advice for coming up with both international and national economic policies. This council is made up of three people of whom one is the chair. They use analysis of empirical evidence based on economic research to come up with their regular recommendations to the President. They gather the most esteemed information they can to help the President in putting together the critical national economic policy and annual report.
In 2016 the Chairman of this CEA was Jason Furman. The two members of the group were Jay Shambaugh and Sandra Black. Distinguished one time chairs of the group include former Chairmen of the Federal Reserve Alan Greenspan and Ben Bernanke and 2016 Federal Reserve Chairperson Janet Yellen. This council receives significant support from a number of staff members. Among their support personnel are staff economists and senior economists, research assistants, and a statistical back office.
Congress established this Council of Economic Advisors for the President with its 1946 Employment Act. In this act, the legislation called for three members whom the President would appoint. The Senate was to advise on selection and give consent on the final selection of these members. Members chosen for the CEA are to be recognized for their experience, training, and accomplishments in the field of economics.
Their purpose in greater detail is to consider and explain the economic developments to the President and to review the activities and programs the government establishes for economic appropriateness. They are also expected to create and recommend policies to encourage production, better employment, and higher purchasing power in a freely competitive economy. One of the three members the President is to appoint as Chairman for the council.
The council specifically has five different duties in the performance of their role. They have to help with and give advice for the Economic Report that the President’s office prepares annually. They are instructed to collect information that is timely and accepted on the economic trends and developments in the U.S. They can then analyze and understand if the trends are interfering with attaining the stated Presidential policy. The group has to put all of this information together and turn it in to the President.
A third role is to consider the activities and programs of the government. The CEA is supposed to ascertain which of these activities and programs are helping to advance the policy and which are hurting it so they can let the President know.
They must also create and recommend policies for the President that help to develop and encourage competitive free enterprise. These policies should help to reduce and stop economic fluctuations and to improve national production, employment, and purchasing power.
Finally, the Council of Economic Advisors was set up to create and provide a range of reports and studies that have bearing on national economic legislation and policies. These are to be drawn up as the President requests them.
Every month the CEA prepares a report for the Joint Economic Committee of Congress. This is known as the Economic Indicators. In this publication there is information on income, gross domestic product, business activity, production, employment, prices, credit, money, security markets, international statistics, and the finances of the Federal government.
They also produce reports and fact sheets on a nearly every month basis that address a wide variety of economic issues. These reports and the speeches and testimony of the members of the Council of Economic Advisors are all available to the public on their official website.