National Economic Council
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According to the White House web site on the National Economic Council, the Council "was established in 1993 (by President William Jefferson Clinton) within the Office of Policy Development and is part of the Executive Office of the President. It was created for the purpose of advising the President on matters related to U.S. and global economic policy. By Executive Order, the NEC has four principal functions: to coordinate policy-making for domestic and international economic issues, to coordinate economic policy advice for the President, to ensure that policy decisions and programs are consistent with the President's economic goals, and to monitor implementation of the President's economic policy agenda.
"The purview of the NEC extends to policy matters affecting the various sectors of the nation's economy as well as the overall strength of the U.S. and global macro-economies. Therefore, the membership of the NEC comprises numerous department and agency heads within the administration, whose policy jurisdictions impact the nation's economy. Director Stephen Friedman works in conjunction with these officials to coordinate and implement the President's economic policy objectives. He is also supported in his capacity as an adviser to President Bush by a staff of policy specialists whose expertise pertains to the council's specific areas of decision-making.
"Included on this staff are two Deputy Assistants to the President, whose responsibilities are divided between domestic and international economic issues, the latter additionally reporting to the National Security Adviser. Furthermore, the NEC staff is comprised of several Special Assistants to the President who report to the Director on the following economic policy issues: agriculture, commerce, energy, financial markets, fiscal policy, healthcare, labor, and Social Security. A number of Special Assistants to the President who report directly to the National Security Adviser additionally support and coordinate with the NEC Director."
- Lawrence H. Summers is the Director of the National Economic Council and was appointed by President Barack H. Obama on November 24, 2008.
NEC's Role in Social Security Privatization
Chuck Blahous, who used to run the business-sponsored Alliance for Worker Retirement Security, was described by the New York Times in December 2004 as "now an architect of Social Security policy on Mr. Bush's National Economic Council."
Directors of the National Economic Council
- Allan Hubbard
- Robert E. Rubin
- Dr. Laura D'Andrea Tyson
- Gene B. Sperling
- Lawrence Lindsey
- Stephen Friedman
- Edmund Andrews, "Clamor Grows in the Privatization Debate," The New York Times, December 16, 2005.