[The biographical sketches follow:] HERBERT STEIN Born: Detroit, Mich., August 27, 1916. A.B., Williams College, Williamstown, Mass. Ph. D., University of Chicago (economics). Employment: Federal Deposit Insurance Corporation, 1938-40; various Federal war agencies, 1940-45; Committee for Economic Development, 1945-69 (Economist, 1945-48; Associate Director of Research, 1948-56; Director of Research, 1956-66; Vice President and Chief Economist, 1966-67; Chief Economic Consultant, 1967-69); The Brookings Institution, senior fellow, 1967-69; Council of Economic Advisers, member, 1969-71; Council of Economic Advisers, Chairman, January 1, 1972; University of Virginia, A. Willis Robertson Professor (1971-)-on leave. Author: "Government Price Policy in the United States during the World War," "Jobs and Markets" (with others); "Policies To Combat Depression" (editor); "The Fiscal Revolution in America"-published April 29, 1969; numerous articles. Military service: Ensign, U.S. Navy, 1944–45. Fellowship: Center for Advanced Study in the Behavioral Sciences, 1965–66. Home address: 9342 Harvey Road, Silver Spring, Md. MARINA V. N. WHITMAN Born: New York City, March 6, 1935. A.B., Radcliffe College, Cambridge, Mass. (summa cum laude). Ph. D., Columbia University (economics). Fellowships: Social Science Research Council Faculty Research Fellowship, awarded for 1970-71 (postponed in order to accept CEA appointment); National Science Foundation research grant (jointly with Prof. N. C. Miller) for research on "Long term Portfolio Investment in the U.S. Balance of Payments," 1968-70. Home address: 5027 Sedgwick Street NW, Washington, D.C. GARY L. SEEVERS Born: 1937, Jonesville, Mich. 1. Married, four children, ages, 7 to 14. 2. 1959: B.S. in animal husbandry, Michigan State University. 3. 1959-62: County Extension Agent, 4-H, Adrian, Mich. 4. 1962-63: Associate Director, Science in 4-H Study, National 4-H Club Foundation, Washington, D.C. 5. 1963-64: County Extension Agent, 4-H, Mason, Mich. 6. 1964-68: Graduate student (M.S. and Ph. D.), Michigan State University. 7. 1968-70: Assistant professor, Department of Agricultural Economics, Oregon State University. 8. 1970-72: Senior staff economist, Council of Economic Advisers, Washington, D.C. 9. From August 1972. Special Assistant to the Chairman, Council of Economic Advisers, Washington, D.C. 10. Fields: Agricultural and International Trade Policy. 11. Doctorate research: The benefits and costs of food aid: an analysis of Indian shipments. STATEMENT OF THE CHAIRMAN, COUNCIL OF ECONOMIC ADVISERS Mr. STEIN. Mr. Chairman and members of the committee, it is a pleasure to be here today to present the appropriation request of the Council of Economic Advisers for fiscal year 1974. The Council is requesting an appropriation of $1,376,000. This request is composed of $1,319,000 for the Council's continuing activities, and $57,000 to support the activities of the newly created Advisory Committee on the Economic Role of Women. The $1,319,000 requested for the Council's continuing activities reflects a reduction of five net permanent positions and $50,000 from the amount appropriated last fiscal year for these activities. This reduction is in keeping with the administration's program at this time for fiscal restraint in Federal spending. In recognition of the increasingly important role of women in the Nation's economy, the President established the Advisory Committee on the Economic Role of Women on September 21, 1972, and asked that I organize the committee and select the members. The membership consists of women and men from both the private and public sectors who are concerned with the changing role of women in the economy. The purpose and objective of the committee will be to appraise progress and problems in this crucial area" and "ensure that progress and change in this important area of human rights will be constructive." Your committee is familiar with the general activities of the Council, so I am requesting permission to insert in the record the "Report to the President on the Activities of the Council of Economic Advisers During 1972." I shall be happy to answer any questions you may have relating to Our budget submittal or to the activities of the Council. [The report follows:] Appendix B REPORT TO THE PRESIDENT ON THE ACTIVITIES of the COUNCIL OF ECONOMIC ADVISERS DURING 1972 THE PRESIDENT: LETTER OF TRANSMITTAL COUNCIL OF ECONOMIC ADVISERS, SIR: The Council of Economic Advisers submits this report on its activities during the calendar year 1972 in accordance with the requirements of the Congress, as set forth in Section 4(d) of the Employment Act of 1946. Respectfully, HERBERT STEIN, Chairman. EZRA SOLOMON. MARINA V.N. WHITMAN. Report to the President on the Activities of the Council of Economic Advisers During 1972 The Employment Act of 1946 established the Council of Economic Advisers to advise and assist the President in discharging his responsibilities under the act. In carrying out its duties in 1972, the Council devoted major attention to the prograins and policies that were initiated by the President's New Economic Policy announced in August 1971. Herbert Stein became Chairman of the Council on January 1, 1972, succeeding Paul W. McCracken, who returned to the University of Michigan. Mr. Stein is on leave of absence from the University of Virginia, where he is A. Willis Robertson Professor of Economics. Ezra Solomon served on the Council throughout 1972. He became a Member in June 1971 and is on leave of absence from Stanford University, where he is Dean Witter Professor of Finance. On March 13, 1972, Marina v.N. Whitman became a Member of the Council, filling a vacancy created by the departure of Mr. McCracken at the end of 1971. Mrs. Whitman is on leave of absence from the University of Pittsburgh, where she is Professor of Economics. Name Edwin G. Nourse.. Leon H. Keyserling.. John D. Clark.. Pov Blough.. Past Council Members and their dates of service are listed below Position Member.. August 9, 1946. November 1, 1949. January 20, 1953. August 9, 1946. February 4, 1969. February 4, 1969. February 11, 1953. January 20, 1961. February 15, 1968. January 20, 1969. ECONOMIC POLICY MAKING AND THE COUNCIL OF RESPONSIBILITIES OF THE COUNCIL The central responsibility of the Council is to contribute economic analyss to the solution of public policy problems that warrant the attention of the Executive Office of the President. In the Employment Act of 1946, which created the Council, the primary goal mandated by the Congress was "to promote maximum employment, production, and purchasing power." The Council's major responsibility continues to be to provide the President with analysis and recommendations directed toward reaching that goal. The Council furnishes the President with regular reports on current economic conditions and forecasts of the economic outlook. Economic studies' contribte information for Presidential decisions on appropriate policies to achieve greater price stability, to expand employment and economic growth, and to reach balance in the Nation's external payments position. In 1972 particular emphasis was placed on the proper evolution of aggregate demand management, the operation and evaluation of the price-wage control system of the Economic Stabilization Program, and the formulation of proposals for international economic reform. The Council's role has broadened far beyond the primary goal of macroeconomic policy set forth in the Employment Act. Under the act, the Council s also given responsibility "to appraise the various programs and activities of the Federal Government." Experience has demonstrated that economic analysis can be useful in dealing with many issues other than employment and price stability. As the Council has become increasingly involved in a broader range of subjects, its direct advisory role to the President has been expanded to include advisory work with many departments, agencies, and offices in the executive branch. Members of the Council's staff maintain close working relations with other agencies and assist in evaluating current programs and developing new ones. The Council's activities in 1972 covered a wide range of economic issues. The Council participated in areas of emerging prominence, including the evaluation of science policies, the development of programs to improve environmental quality, studies of productivity in the food sector, and an intensive review of the Nation's energy problems. Contributions were made to the analysis of changes in tax regulations, social security benefits and financing, Federal credit programs and regulation of financial markets, as well as to the formulation of agricultural programs, review of the timber supply situation, and the evaluation of housing programs. The Council continued to analyze the problems of certain regulated industries, particularly transportation, and examined several aspects of national growth policy. Work in the area of human resources included a review of manpower programs and the study of a variety of issues in health and education. In many instances the Council provided leadership to interagency studies in these fields. The problems and policies of international trade and investment continue to be a major concern of the Council. The Council helps formulate the Administration's position on overall international trade policy, and it also works on the resolution of specific trade problems. In 1972 the Council contributed to decisions on meat imports, preparations for upcoming trade legislation and negotiations, and studies of the impact of direct foreign investment and the transfer of technology abroad. The Council also provided liaison with the President's Advisory Panel on Timber and the Environment. The Papel is expected to submit its report and recommendations to the President in early 1973. In September the President announced that he had requested the Chairman to organize an Advisory Committee on the Economic Role of Women. The Committee's purpose is to expand knowledge of the role of women in the economy, to highlight problem areas, and to ensure that the economic interests of women are considered in the formation of economic policy. The first meeting of the Committee is planned for early 1973. Early each year the President submits the Economic Report of the President to the Congress as required by the Employment Act. The Council assumes major responsibility for preparation of this Report which, together with the Annual Report of the Council of Economic Advisers, reviews the progress of the economy over the past year and outlines the Administration's policies and programs to achieve the goals of the act. |