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The National Economic Council (NEC), established in 1993, is part of the Executive Office of the President and operates under the Office of Policy Development. The Director of the NEC is also titled the Assistant to the President for Economic Policy. The National Economic Council (NEC) was devised to advise the President on 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.
NEC plays a key role in coordinating the development of the President’s domestic and international economic programs.The NEC also helps to coordinate the development of new initiatives that represent the President’s priorities. Although the NEC is not an implementation agency, it periodically monitors the implementation of key initiatives to ensure that the President’s objectives are being met.
The NEC is comprised of numerous department and agency heads, within the Cabinet, that impact the nation’s economy. Typically, more than one agency has a stake in the economic issues that are handled through the NEC process. This requires interagency input and coordination. The NEC Director works along with these officials to coordinate and implement the President’s economic policy objectives. The NEC Director is supported by two Deputies with the responsibilities divided between domestic and international economic issues. The Director is supported by a staff of policy specialists in various fields including: agriculture, commerce, energy, financial markets, fiscal policy, healthcare, labor, and Social Security.