Marketplace®

Daily business news and economic stories
Donate
Dec 27, 2016

How the Council of Economic Advisers serves the president

They have the ear of the president when it comes to economic policy, but what do they even do?

by Adam Allington
Shaun Donovan, OMB Budget Director, Jason Furman, Chairman of the Council of Economic Advisers, Cecilia Muoz, Director of the Domestic Policy Council and Jeff Zients, Director of the National Economic Council, participate in a briefing on President Obama's FY 2017 budget request, at the White House, February 8, 2016 in Washington, DC. 
Shaun Donovan, OMB Budget Director, Jason Furman, Chairman of the Council of Economic Advisers, Cecilia Muoz, Director of the Domestic Policy Council and Jeff Zients, Director of the National Economic Council, participate in a briefing on President Obama's FY 2017 budget request, at the White House, February 8, 2016 in Washington, DC. 
Mark Wilson/Getty Images

How does this group typically serve a president? It’s a little bit like the president’s personal think  tank.

Members look at economic data, run analysis and then advise the president on policies that might find fertile ground. One of the council’s big roles is to head off bad ideas. Because the council doesn’t have any explicit authority within the government, its influence is largely based on the chairman’s relationship with the president. In the past, Council of Economic Advisers economists have tended to come from academic institutions, that are apolitical or non-political. But Trump has reportedly signaled he might tap CNBC commentator Larry Kudlow to head the council.

Click the audio player above to hear the full story. 

Related Topics