Council of economic Advisers - wikipedia Council of economic Advisers This article 's lead section may not adequately summarize its contents. To comply with Wikipedia 's lead section guidelines, please consider modifying the lead to provide an accessible overview of the article 's key points in such a way that it can stand on its own as a concise version of the article. ( discuss ). ( July 2017 ) This article cites its sources but does not provide page references. You can help to improve it by introducing citations that are more precise. ( July 2017 ) For the body that advises the Scottish Government, see Council of Economic Advisers ( Scotland ). For another similarly sounding agency within the U.S. federal government, see National Economic Council ( United States ). Council of Economic Advisers Agency overview Formed 1946 ; 72 years ago ( 1946 ) Preceding agencies Office of Price Administration ( World War II ) Council on Wage and Price Stability ( Carter era ) Headquarters Eisenhower Executive Office Building Employees About 35 Agency executive Kevin Hassett, Chairman Parent agency Executive Office of the President of the United States Website Council of Economic Advisers The Council of Economic Advisers ( CEA ) is a United States agency within the Executive Office of the President established in 1946, which advises the President of the United States on economic policy. The CEA provides much of the objective empirical research for the White House and prepares the annual Economic Report of the President. Contents 1 History, 1946 - 1978 2 History 1978 - present 3 Organization 4 Chairmen and members 4.1 List of chairmen 4.2 List of members 5 References 6 Sources 7 External links History, 1946 - 1978 The Truman administration established the Council of Economic Advisers via the Employment Act of 1946, to provide presidents with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. It was a step from an `` ad hoc style of economic policy making to a more institutionalized and focused process ''. In 1949 Chairman Edwin Nourse and member Leon Keyserling argued about whether the advice should be private or public and about the role of government in economic stabilization. Nourse believed a choice had to be made between `` guns or butter '' but Keyserling argued for deficit spending, an expanding economy could afford large defense expenditures without sacrificing an increased standard of living. In 1949, Keyserling gained support from Truman advisors Dean Acheson and Clark Clifford. Nourse resigned as chairman, warning about the dangers of budget deficits and increased funding of `` wasteful '' defense costs. Keyserling succeeded to the chairmanship and influenced Truman 's Fair Deal proposals and the economic sections of NSC 68 that, in April 1950, asserted that the larger armed forces America needed would not affect living standards or risk the `` transformation of the free character of our economy. '' During the 1953 -- 54 recession, the CEA, headed by Arthur Burns deployed non-traditional neo-keynesian interventions, which provided results later called the `` steady fifties '' wherein many families stayed in the economic `` middleclass '' with just one family wage - earner. The Eisenhower Administration supported an activist contracyclical approach that helped to establish Keynesianism as a possible bipartisan economic policy for the nation. Especially important in formulating the CEA response to the recession -- accelerating public works programs, easing credit, and reducing taxes -- were Arthur F. Burns and Neil H. Jacoby. Until 1963 - during its first seven years - the CEA made five technical advances in policy making, including the replacement of a `` cyclical model '' of the economy by a `` growth model, '' the setting of quantitative targets for the economy, use of the theories of fiscal drag and full - employment budget, recognition of the need for greater flexibility in taxation, and replacement of the notion of unemployment as a structural problem by a realization of a low aggregate demand. The 1978 Humphrey -- Hawkins Full Employment Act required each administration to move toward full employment and reasonable price stability within a specific time period. It has made CEA 's annual economic report highly political in nature, as well as highly unreliable and inaccurate over the standard two or five year projection periods. History 1978 - present This section needs expansion. You can help by adding to it. ( July 2017 ) Since 1980, the CEA focused on sources of economic growth, the supply side of the economy and on international issues. Organization The council 's chairman is nominated by the president and approved by the United States Senate. The members are appointed by the president. As of July 2017, the council  ́ s 18 person staff consisted of a chief of staff ( Director of Macroeconomic Forecasting ), 15 economists ( 5 senior, 4 research, 4 staff economists, 2 economic statisticians ) and 2 operations staff. Many of the staff economists are academics on leave or government economists on temporary assignment from other agencies. Chairmen and members List of chairmen Officeholder Term start Term end President Edwin G. Nourse August 9, 1946 November 1, 1949 Harry Truman Leon Keyserling Acting : 1949 -- 1950 November 2, 1949 January 20, 1953 Arthur F. Burns March 19, 1953 December 1, 1956 Dwight Eisenhower Raymond J. Saulnier December 3, 1956 January 20, 1961 Walter Heller January 29, 1961 November 15, 1964 John F. Kennedy Lyndon Johnson Gardner Ackley November 16, 1964 February 15, 1968 Arthur M. Okun February 15, 1968 January 20, 1969 Paul W. McCracken February 4, 1969 December 31, 1971 Richard Nixon Herbert Stein January 1, 1972 August 31, 1974 Gerald Ford Alan Greenspan September 4, 1974 January 20, 1977 Charles Schultze January 22, 1977 January 20, 1981 Jimmy Carter Murray Weidenbaum February 27, 1981 August 25, 1982 Ronald Reagan Martin Feldstein October 14, 1982 July 10, 1984 Beryl W. Sprinkel April 18, 1985 January 20, 1989 Michael J. Boskin February 2, 1989 January 20, 1993 George H.W. Bush Laura Tyson February 5, 1993 February 21, 1995 Bill Clinton Joseph Stiglitz June 28, 1995 February 13, 1997 Janet Yellen February 18, 1997 August 3, 1999 Martin N. Baily August 12, 1999 January 20, 2001 Glenn Hubbard May 11, 2001 February 28, 2003 George W. Bush Greg Mankiw May 29, 2003 February 18, 2005 Harvey S. Rosen February 23, 2005 June 10, 2005 Ben Bernanke June 21, 2005 January 31, 2006 Edward Lazear February 27, 2006 January 20, 2009 Christina Romer January 28, 2009 September 3, 2010 Barack Obama Austan Goolsbee September 10, 2010 August 5, 2011 Alan Krueger November 7, 2011 August 2, 2013 Jason Furman August 2, 2013 January 20, 2017 Kevin Hassett September 13, 2017 Incumbent Donald Trump List of members John D. Clark 1946 -- 1953 Roy Blough 1950 -- 1952 Leon Keyserling 1950 -- 1953 Robert C. Turner 1952 -- 1953 Karl A. Fox 1953 -- 1955 Neil H. Jacoby 1953 -- 1955 Walter W. Stewart 1953 -- 1955 Joseph S. Davis 1955 -- 1958 Paul W. McCracken 1956 -- 1959 Karl Brandt 1958 -- 1961 Henry C. Wallich 1959 -- 1961 James Tobin 1961 -- 1962 Kermit Gordon 1961 -- 1962 John P. Lewis 1963 -- 1964 Otto Eckstein 1964 -- 1966 James S. Duesenberry 1966 -- 1968 Merton J. Peck 1968 -- 1969 Warren L. Smith 1968 -- 1969 Hendrik S. Houthakker 1969 -- 1971 Herbert Stein 1969 -- 1971 Ezra Solomon 1971 -- 1973 Marina von Neumann Whitman 1972 -- 1973 Gary L. Seevers 1973 -- 1975 William J. Fellner 1973 -- 1975 Paul. W. MacAvoy 1975 -- 1976 Burton G. Malkiel 1975 -- 1977 William D. Nordhaus 1977 -- 1979 Lyle E. Gramley 1977 -- 1980 George C. Eads 1979 -- 1981 Stephen Goldfeld 1980 -- 1981 William A. Niskanen 1981 -- 1985 Jerry L. Jordan 1981 -- 1982 William Poole 1982 -- 1985 Thomas Gale Moore 1985 -- 1989 Michael L. Mussa 1986 -- 1988 John B. Taylor 1989 -- 1991 Richard L. Schmalensee 1989 -- 1991 David F. Bradford 1991 -- 1993 Paul Wonnacott 1991 -- 1993 Alan S. Blinder 1993 -- 1994 Joseph Stiglitz 1993 -- 1995 Martin N. Baily 1995 -- 1996 Alicia H. Munnell 1996 -- 1997 Jeffrey A. Frankel 1997 -- 1999 Rebecca M. Blank 1998 -- 1999 Robert Z. Lawrence 1999 -- 2001 Kathryn L. Shaw 2000 -- 2001 Mark B. McClellan 2001 -- 2002 Randall S. Kroszner 2001 -- 2003 Kristin J. Forbes 2003 -- 2005 Harvey S. Rosen 2003 -- 2005 Katherine Baicker 2005 -- 2007 Matthew J. Slaughter 2005 -- 2007 Donald B. Marron Jr. 2008 -- 2009 Cecilia Rouse 2009 -- 2011 Carl Shapiro 2011 -- 2012 Katharine Abraham 2011 -- 2013 James H. Stock 2013 -- 2014 Betsey Stevenson 2013 -- 2015 Maurice Obstfeld 2014 -- 2015 Jay Shambaugh 2015 -- 2017 Sandra Black 2015 -- 2017 References ^ Jump up to : Wage and Price Controls Encyclopedia.com n.d. Jump up ^ Council of Economic Advisers ^ Jump up to : Remarks by Chairman Alan Greenspan. Receipt of the Truman Medal for Economic Policy. Before the Truman Medal Award and Economics Conference, Kansas City, Missouri October 26, 2005, Council of Economic Advisers website under President Bush Jump up ^ Brune 1989 Jump up ^ Engelbourg 1980 Jump up ^ Salant 1973 Jump up ^ Cimbala and Stout 1983 Jump up ^ Council of Economic Advisers. Staff Whitehouse.gov, n.d. accessed 29 July 2017 Jump up ^ `` Obama names Furman as new White House chief economist '', Reuters, 2013 - 06 - 10 Jump up ^ `` Senate Confirms Kevin Hassett as Chairman of the President 's Council of Economic Advisers '', The Wall Street Journal, 2017 - 09 - 12 Sources Brazelton, W. Robert ( 2001 ), Designing U.S. Economic Policy : An Analytical Biography of Leon H. Keyserling, New York : Palgrave, ISBN 0 - 333 - 77575 - 9 Brazelton, W. Robert ( 1997 ), `` The Economics of Leon Hirsch Keyserling '', Journal of Economic Perspectives, 11 ( 4 ) : 189 -- 197, doi : 10.1257 / jep. 11.4. 189, ISSN 0895 - 3309 Brune, Lester H. ( 1989 ), `` Guns and Butter : the Pre-Korean War Dispute over Budget Allocations : Nourse 's Conservative Keynesianism Loses Favor Against Keyserling 's Economic Expansion Plan '', The American Journal of Economics and Sociology, 48 ( 3 ) : 357 -- 371, doi : 10.1111 / j. 1536 - 7150.1989. tb03189. x, ISSN 0002 - 9246 Cimbala, Stephen J. ; Stout, Robert L. ( 1983 ), `` The Economic Report of the President : Before and after the Full Employment and Balanced Growth Act of 1978 '', Presidential Studies Quarterly, 13 ( 1 ) : 50 -- 61, ISSN 0360 - 4918 Eizenstat, Stuart E. ( 1992 ), `` Economists and White House Decisions '', Journal of Economic Perspectives, 6 ( 3 ) : 65 -- 71, doi : 10.1257 / jep. 6.3. 65, ISSN 0895 - 3309 Engelbourg, Saul ( 1980 ), `` The Council of Economic Advisers and the Recession of 1953 -- 1954 '', Business History Review, 54 ( 2 ) : 192 -- 214, doi : 10.2307 / 3114480, ISSN 0007 - 6805, JSTOR 3114480 Leeson, Robert ( 1997 ), `` The Political Economy of the Inflation - unemployment Trade - off '', History of Political Economy, 29 ( 1 ) : 117 -- 156, doi : 10.1215 / 00182702 - 29 - 1 - 117, ISSN 0018 - 2702 McCaleb, Thomas S. ( 1986 ), `` The Council of Economic Advisers after Forty Years '', Cato Journal, 6 ( 2 ) : 685 -- 693, ISSN 0273 - 3072 Norton, Hugh S. ( 1977 ), The Employment Act and the Council of Economic Advisers, 1946 -- 1976, Columbia : University of South Carolina Press, ISBN 0 - 87249 - 296 - 6 Salant, Walter S. ( 1973 ), `` Some Intellectual Contributions of the Truman Council of Economic Advisers to Policy - making '', History of Political Economy, 5 ( 1 ) : 36 -- 49, doi : 10.1215 / 00182702 - 5 - 1 - 36, ISSN 0018 - 2702 Sobel, Robert ( 1988 ), Biographical Directory of the Council of Economic A dvisers, New York : Greenwood Press, ISBN 0 - 313 - 22554 - 0 Tobin, James ; Weidenbaum, Murray, eds. ( 1988 ), Two Revolutions in Economic Policy : The First Economic Reports of Presidents Kennedy and Reagan, Cambridge : MIT Press, ISBN 0 - 262 - 70034 - 4 Wehrle, Edmund F. ( 2004 ), `` Guns, Butter, Leon Keyserling, the AFL - CIO, and the Fate of Full - employment Economics '', Historian, 66 ( 4 ) : 730 -- 748, doi : 10.1111 / j. 1540 - 6563.2004. 00094. x, ISSN 0018 - 2370 External links List of recent reports by the Council of Economic Advisors Records of the Office of the Council of Economic Advisors, 1953 -- 61, Dwight D. Eisenhower Presidential Library Papers of Arthur F. Burns, Dwight D. Eisenhower Presidential Library Papers of Raymond J. Saulnier, Dwight D. 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Question: who is the head of the council of economic advisors
Answer: Kevin Hassett, Chairman