National Economic Council (United States)

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National Economic Council
Seal of the Executive Office of the President of the United States 2014.svg
Agency overview
FormedJanuary 25, 1993
Headquarters Eisenhower Executive Office Building
Employees25
Agency executive
Parent agency Office of Policy Development, Executive Office of the President of the United States
Website National Economic Council Website

The National Economic Council (NEC) is the principal forum used by the president of the United States for the consideration of domestic and international economic policy matters with senior policymaking and Cabinet officials, and forms part of the Office of Policy Development [1] which is within the Executive Office of the President of the United States. [2]

Contents

Since the creation of the National Economic Council on January 25, 1993, its purpose is to coordinate domestic and international economic policy-making decisions; to advise the president on economic policy, with respect to domestic and international economic policy matters; to coordinate with various agencies across the federal government to establish consistent policy with the president's stated goals; and monitor the implementation of the economic agenda of the president.

The National Economic Council differs from the Domestic Policy Council, as it considers economic policy matters, while the Domestic Policy Council may consider anything which is related to domestic matters, with the exception of economic policy matters. It also differs from the Council of Economic Advisers, which provides research for the White House based on data, research, and evidence. The Council is also the principal arm of the president when coordinating his economic policies and goals among various other agencies.

The National Economic Council is headed by the assistant to the president for economic policy and director of the National Economic Council. Since February 21, 2023, that position has been held by Lael Brainard.

Barack Obama meets with William M. Daley, Mark Zuckerman, Gene Sperling, Lael Brainard and Neal S. Wolin, 2011 Barack Obama meets with Bill Daley, Mark Zuckerman, Gene Sperling, Lael Brainard and Neal S. Wolin, 2011.jpg
Barack Obama meets with William M. Daley, Mark Zuckerman, Gene Sperling, Lael Brainard and Neal S. Wolin, 2011

History and mission

The National Economic Council [3] was created on January 25, 1993 by Executive Order 12835 by President Bill Clinton, officially to coordinate the economic policy-making process with respect to domestic and international economic issues; to coordinate economic policy advice to the president; to ensure that economic policy decisions and programs are consistent with the president's stated goals, and to ensure that those goals are being effectively pursued; and to monitor implementation of the president's economic policy agenda. [4] Clinton appointed Robert Rubin as assistant to the president for economic policy and director of the National Economic Council on January 25, 1993, the same day as the creation of the Council. The creation of the council also fulfilled a major promise by President Bill Clinton, to make the economy of the United States a priority. [5]

Prior to the creation of the National Economic Council, economic policy staff had existed since the 1960s. President Lyndon B. Johnson assigned a senior aide to develop and organize domestic policy, of which economic policy was included. In 1970, President Richard M. Nixon issued an executive order which created the Office of Policy Development. President Clinton split the responsibilities of the Domestic Policy Council with the National Economic Council. [6]

The Council is considered an important tool for presidential administrations to use to achieve their domestic, and international economic goals. Robert Rubin said that the purpose for the creation of the Council was to "fix a process problem" and according to Rubin, Clinton said that he believed that he needed to find "some process instrument" which would be able to perform the role and function necessary to advance the president's agenda, and allow agencies to deliberate, coordinate, and solve matters of economic importance. Rubin states another reason Clinton established the Council was "“integrate domestic and international economic policy and. . .integrate international economic policy and so-called foreign policy.” Instead of having two domestic and international domestic staff, the council would blend the two together. [7]

Structure and membership

Additional members are added by the president of the United States, however the structure and membership of the National Economic Council, which is similar to that of the National Security Council, is as follows: [8] [9]

President George W. Bush meets with his economic advisors on February 25, 2003. President George W. Bush takes a few questions from the media during a meeting with the National Economic Council in the Cabinet Room.jpg
President George W. Bush meets with his economic advisors on February 25, 2003.
Structure and membership of the United States National Economic Council (As of March 2024)
Chair Joe Biden (President)
Director Lael Brainard (assistant to the president for economic policy)
Deputy Director Brendan Danaher (deputy assistant to the president and deputy director, National Economic Council)
Navtej Dhillon (deputy assistant to the president and deputy director, National Economic Council)
Jon Donenberg (deputy assistant to the president and deputy director, National Economic Council)
Daniel Hornung (deputy assistant to the president and deputy director, National Economic Council)
Regular attendees
Additional participants
Barack Obama meets with advisors in the Oval Office, Aug. 10, 2012 Barack Obama meets with advisors in the Oval Office, Aug. 10, 2012.jpg
Barack Obama meets with advisors in the Oval Office, Aug. 10, 2012

Directors of the National Economic Council

ImageNameStartEndPresident
Pr4262ls-treasury-rubin.jpg Bob Rubin January 25, 1993January 11, 1995 Bill Clinton
Laura tyson.jpg Laura Tyson February 21, 1995December 12, 1996
Gene Sperling (National Economic Council) (cropped).jpg Gene Sperling December 12, 1996January 20, 2001
Governor Lawrence B Lindsey 140501.jpg Larry Lindsey January 20, 2001December 12, 2002 George W. Bush
Stephen Friedman (cropped).jpg Steve Friedman December 12, 2002January 10, 2005
Allan B. Hubbard.jpg Allan Hubbard January 10, 2005November 28, 2007
Keith Hennessey.jpg Keith Hennessey November 28, 2007January 20, 2009
Lawrence Summers 2012.jpg Larry Summers January 20, 2009January 20, 2011 Barack Obama
Gene Sperling (National Economic Council) (cropped).jpg Gene Sperling January 20, 2011March 5, 2014
Jeffrey Zients official portrait.jpg Jeff Zients March 5, 2014January 20, 2017
Gary Cohn at Regional Media Day (cropped).png Gary Cohn January 20, 2017April 2, 2018 Donald Trump
White House Press Briefing (50322465258) (cropped).jpg Larry Kudlow April 2, 2018January 20, 2021
Brian Deese official portrait.jpg Brian Deese January 20, 2021February 21, 2023 Joe Biden
Lael Brainard (14438068496).jpg Lael Brainard February 21, 2023present

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References

  1. "The National Economic Council". Advanced Manufacturing National Program Office. Archived from the original on September 26, 2022. Retrieved January 19, 2022.
  2. "Federal Register :: Agencies - National Economic Council".
  3. "National Economic Council". The White House. Retrieved January 19, 2022.
  4. "Should you be the next Larry Summers? | Fortune.com". February 2, 2017. Archived from the original on February 2, 2017. Retrieved January 19, 2022.
  5. "The National Economic Council: A Work in Progress". PIIE. April 21, 2016. Retrieved January 19, 2022.
  6. "Domestic Policy Council". The White House. Retrieved January 19, 2022.
  7. "The National Economic Council, The White House Transition Project" (PDF).
  8. "National Economic Council Membership, U.S Government Manual".
  9. "The National Economic Council, The White House Transition Project" (PDF).

Further reading