Sec. 318. Chief Economists Council
245 words·~1 min read·
/bill/115/hr/10/rh/section-318A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established the Chief Economists Council. The Council shall consist of the chief economist of each agency. The members of the Council shall select the first chairperson of the Council. Thereafter the position of Chairperson shall rotate annually among the members of the Council. The Council shall meet at the call of the Chairperson, but not less frequently than quarterly. One year after the effective date of this Act and annually thereafter, the Council shall prepare and submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Financial Services and the Committee on Agriculture of the House of Representatives a report on— the benefits and costs of regulations adopted by the agencies during the past 12 months; the regulatory actions planned by the agencies for the upcoming 12 months; the cumulative effect of the existing regulations of the agencies on economic activity, innovation, international competitiveness of entities regulated by the agencies, and net job creation (excluding jobs related to ensuring compliance with the regulation); the training and qualifications of the persons who prepared the cost-benefit analyses of each agency during the past 12 months; the sufficiency of the resources available to the chief economists during the past 12 months for the conduct of the activities required by this subtitle; and recommendations for legislative or regulatory action to enhance the efficiency and effectiveness of financial regulation in the United States.