National Economic Council Act

SECTION 1. SHORT TITLE AND PURPOSE.

    (a) Short Title.--This Act may be cited as the ``National Economic 
Council Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) domestic and international economic policy are 
        essential elements of our national security. America's 
        leadership in the world can be attributed in large measure to 
        the success of our Nation's economic vitality. That success, 
        and our Nation's security, is being challenged by the growth in 
        the international economic competition;
            (2) one of the fundamental lessons of the cold war period 
        is that a strong military nation cannot achieve national 
        security without economic vitality;
            (3) the ability of the United States to compete 
        internationally is central to the Nation's economic prosperity 
        and security. Exports now account for more than 10 per centum 
        of our country's gross domestic product and are a growing 
        percentage of our Nation's output. Increased exports are 
        fundamental to facilitating job creation and economic growth;
            (4) as we enter the post-cold war period with an increased 
        focus on policies to compete in world markets, America's 
        ability to produce exports and be competitive is in need of 
        constant and high level attention by our Nation's policy 
        makers;
            (5) the President's National Security Council has played a 
        vital and constant role in the successful development and 
        coordination of America's national security policy since the 
        creation of the Council in 1947;
            (6) to be successful, policies to meet the challenges of 
        international competitiveness must be given the same 
        coordinated high level attention as our successful national 
        security policy. In order to remain a strong economic force in 
        the increasingly competitive global economy, America needs a 
        coordinated economic strategy which will allow our country to 
        be on a competitive basis with other nations, taking into 
        account the free market system which has been the hallmark of 
        our economic system;
            (7) the President must have available a permanent council 
        of experts and advisors which have direct access to the 
        President and can coordinate the complex components of the 
        President's economic policy to facilitate exports, job 
        creation, and national prosperity; and
            (8) an organization equivalent to the National Security 
        Council should be established within the Executive Office of 
        the President to develop and coordinate economic policy as 
        trade and global competition emerge as essential elements of 
        our national security. The National Economic Council should 
        bring focus and coordination to domestic and international 
        economic policies at the highest level of government and should 
        be recognized as the President's organization for developing 
        and coordinating these policies.

SEC. 3. ESTABLISHMENT OF THE NATIONAL ECONOMIC COUNCIL.

    (a) There is established a council to be known as the National 
Economic Council (hereinafter in this Act referred to as the 
``Council'').
    (b) The President of the United States shall preside over meetings 
of the Council: Provided, That in his absence he may designate a member 
of the Council to preside.
    (c) The Council shall be composed of--
            (1) the President;
            (2) the Vice President;
            (3) the United States Trade Representative;
            (4) the Secretary of Treasury;
            (5) the Secretary of Commerce;
            (6) the Secretary of Labor;
            (7) the Secretary of Agriculture;
            (8) the Administrator of the Environmental Protection 
        Agency;
            (9) the Director of the Office of Management and Budget;
            (10) the Director of the Office of Science and Technology 
        Policy;
            (11) the Chairman of the Council of Economic Advisors; and
            (12) any other individual as the President may direct.
    (d) The Council shall have a staff to be headed by the National 
Economic Advisor who shall be appointed by the President. The National 
Economic Advisor is authorized, subject to the civil-service laws and 
chapter 51 and subchapter III of chapter 53 of title 5, to appoint and 
fix the compensation of such personnel as may be necessary to perform 
such duties as may be prescribed by the Council in connection with the 
performance of its functions.

SEC. 4. FUNCTIONS OF THE NATIONAL ECONOMIC COUNCIL.

    (a) The function of the Council shall be to advise the President 
with respect to the integration of domestic and international policies 
relating to the economy and international competitiveness so as to 
enable the Federal Government to operate more effectively in matters 
involving our Nation's ability to compete in the global economy.
    (b) In addition to performing such other functions as the President 
may direct, the Council shall--
            (1) formulate and coordinate an economic strategy which 
        will provide the economic environment necessary for our country 
        to be on a competitive basis with other nations;
            (2) consider matters of common interest of the departments 
        and agencies of the Government concerned with the economy and 
        international competitiveness, and to coordinate 
        recommendations concerning these policies to the President in 
        connection therewith;
            (3) assess the ability of the United States to compete 
        internationally, and the risk of a failure to meet this 
        challenge, for the purpose of making recommendations to the 
        President in connection therewith; and
            (4) define a set of guidelines for Government interaction 
        with the market, taking into account the free market system 
        which has been the hallmark of our national economy.
    (c) The functions of the Council under this Act shall be 
performed--
            (1) subject to the direction of the President; and
            (2) for the purpose of effectively coordinating the 
        policies and functions of the Federal departments and agencies 
        relating to the economy and international competitiveness.
    (d) The Council shall, from time to time, make such recommendations 
and such other reports to the President as it deems appropriate or as 
the President may require.

Summary: National Economic Council Act - Establishes the National Economic Council within the Executive Office of the President to advise the President about integration of domestic and international policies relating to the economy and international competitiveness in order to enable the Federal Government to operate more effectively in matters involving US ability to compete in the global economy. Lists specific Council functions, which include: (1) formulating and coordinating an economic strategy which will provide the economic environment necessary for the United States to be on a competitive basis with other nations. And (2) defining a set of guidelines for Government interaction with the market.