The Council of Economic Advisers is a cabinet-level council consisting of three members appointed by the U.S. President and with the advice and consent of the Senate. On November 24, 2008, President-Elect Barack Obama named UCLA economist Christina Romer to chair his Council of Economic Advisers.CNN: Obama names his economic team (November 24, 2008)

1. to assist the President prepare the Economic ReportWhiteHouse.gov: About the Council of Economic Advisers
2. to gather information about economic developments and trendsWhiteHouse.gov: About the Council of Economic Advisers
3. to advise other Federal Government bodies on economic issuesWhiteHouse.gov: About the Council of Economic Advisers
4. to develop and recommend economic policiesWhiteHouse.gov: About the Council of Economic Advisers
5. to make and furnish additoinal reports and recommendations as required by the PresidentWhiteHouse.gov: About the Council of Economic Advisers

"Christina is both a leading macroeconomist and a leading economic historian, perhaps best known for her work on America's recovery from the Great Depression and the robust economic expansion that followed. Since 2003, she has been co-director of the National Bureau of Economic Research Monetary Economics program. She is also a member of the Bureau's Business Cycle Dating Committee—the body charged with officially determining when a recession has started and ended—experience which will serve her well as she advises me on our current economic challenges." Barack ObamaWashington Wire: Text of President-Elect Obama’s Remarks on Economic Team (November 24, 2008)