Council of Economic Advisers
executive-branch body responsible for advising the president on policy matters relating to the national economy. The council analyzes the national economy and its various segments; appraises the federal government's economic programs and policies; recommends to the president policies for economic growth and stability; and prepares various reports. The administration of the federal budget, as approved by Congress, is controlled by the Office of Management and Budget (OMB), which also advises the president on budget matters and assists in the development of efficient management procedures for the executive branch.
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