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- Created by Executive Order by President Bill Clinton in January 1993NARA: National Economic Council (Clinton Archives
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- NEC includes a Deputy Assistant to the President and an unspecified number of Special AssistantsWhiteHouse.gov: National Economic Council
- First NEC chair: Robert RubinNARA: National Economic Council (Clinton Archives
- Current Bush administration NEC chair: Keith Hennessey, who replaced Al Hubbard in November 2007WhiteHouse.gov: ...Keith Hennessey as... Deputy Director of the National Economic Council
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The National Economic Council (or NEC) is a U.S. federal agency established in 1993 within the United States President's Office of Policy Development. As such, it is part of the Executive Office, and it was created for advising the president on matters related to global and U.S. economic policy.WhiteHouse.gov: National Economic Council On November 24, 2008, President-Elect Barack Obama nominated Lawrence Summers as the head of the NEC, with the title of Deputy Assistant to the President.CNN: Obama names his economic team (November 24, 2008)
Functions of the NEC
- to coordinate policy-making for domestic and international issuesWhiteHouse.gov: National Economic Council
- to coordinate economic policy adviceWhiteHouse.gov: National Economic Council
- to ensure that policy decisions and programs are consistent with the President's economic goalsWhiteHouse.gov: National Economic Council
- to monitor implementation of the economic policy agenda.WhiteHouse.gov: National Economic Council
Why Obama Chose Summers
"As undersecretary, deputy secretary, and then secretary of the Treasury, Larry helped guide us through several major international financial crises—and was a central architect of the policies that led to the longest economic expansion in American history, with record surpluses, rising family incomes and more than 20 million new jobs. He also championed a range of measures—from tax credits to enhanced lending programs to consumer financial protections—that greatly benefitted middle income families."Washington Wire: Text of President-Elect Obama’s Remarks on Economic Team (November 24, 2008)


