S. 6215 (71st Congress) A BILL TO ESTABLISH A NATIONAL ECONOMIC COUNCIL PART 1 OCTOBER 22, 1931 OCTOBER 22, 23, 26, 27, 28, 29, AND 30, AND NOVEMBER 2, 3, AND 4 82819 Printed for the use of the Committee on Manufactures UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1931 H0100 A5 1931 COMMITTEE ON MANUFACTURES ROBERT M. LA FOLLETTE, JR., Wisconsin, Chairman CHARLES L. MCNARY, Oregon. H. D. HATFIELD, West Virginia. ELLISON D. SMITH, South Carolina. ROBERT J. BULKLEY, Ohio. ESTABLISHMENT OF NATIONAL ECONOMIC COUNCIL THURSDAY, OCTOBER 22, 1931 UNITED STATES SENATE, SUBCOMMITTEE OF THE COMMITTEE ON MANUFACTURES, Washington, D. C. The subcommittee met, pursuant to call of the chairman, at 10 o'clock a. m. in room 412, Senate Office Building. Present: Senators Robert M. La Follette, jr. (chairman), Hatfield, and Sheppard. The subcommittee had under consideration the bill (S. 6215) to establish a national economic council, which is here printed in full, as follows: [S. 6215, Seventy-first Congress, third session] A BILL To establish a National Economic Council Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) there is hereby established a National Economic Council to be composed of fifteen members to be appointed by the President, by and with the advice and consent of the Senate. The members of the council shall be selected annually from lists submitted by groups of associations and organizations representing the industrial, financial, agricultural, transportation, and labor interests of the United States, but not more than three such members shall be selected from the list submitted by each of such groups. The terms of office of the members of the council first taking office after the approval of this act shall expire, as designated by the President at the time of nomination, five at the end of the first year, five at the end of the second year, and five at the end of the fourth year, after the date of approval of this act. The term of office of a successor to any such member of the council shall expire four years from the date of the expiration of the term for which his predecessor was appointed, except that any member of the council appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of such term. (b) The President shall annually designate one of the members of the council as chairman and one as vice chairman of the council. The vice chairman shall act as chairman in case of the absence or disability of the chairman. A majority of the members of the council in office shall constitute a quorum, but the council may function notwithstanding vacancies. The members of the council shall serve without salary but may be paid a per diem compensation not to exceed $ while engaged upon the business of the council. Each member of the council shall be paid his necessary traveling expenses to and from the meetings of the council and his expenses incurred for subsistence, or per diem allowance in lieu thereof, within the limitations prescribed by law, while attending or traveling to or from such meetings. SEC. 2 (a) The council (1) Shall keep advised with respect to general economic and business conditions in the United States; (2) Shall consider problems affecting the economic situation of the United States and its citizens; (3) Shall endeavor to formulate proposals looking to the solution of such problems; 1 |