Assistant to the President for Economic Policy

Assistant to the President for Economic Policy is a senior role within the Executive Office of the President of the United States who serves as the principal advisor to the President of the United States on all aspects of domestic and international economic policy. The position is typically supported by the staff of the National Economic Council, which the Assistant often directs. This advisor coordinates the development and implementation of the administration's economic agenda across the federal government.

Role and responsibilities

The primary duty is to advise the President of the United States and coordinate the economic policy-making process across the Executive Office of the President and the Cabinet of the United States. This involves chairing meetings of the National Economic Council, a body established by Executive Order 12835 under President Bill Clinton. The Assistant works closely with other senior advisors, including the Director of the National Economic Council, the Chair of the Council of Economic Advisers, and the Secretary of the Treasury, to formulate policy on issues ranging from taxation and trade to labor markets and financial regulation. They are a key liaison with entities like the Federal Reserve, Congress, and international bodies such as the International Monetary Fund and the G20.

History and evolution of the position

The position was formally created in 1993 with the establishment of the National Economic Council by President Bill Clinton, who appointed Robert Rubin as the first Assistant. This institutionalized economic policy coordination within the White House, mirroring the structure of the National Security Council. Prior to this, economic advice was more fragmented, coming from the Council of Economic Advisers, the Office of Management and Budget, and the Treasury Department. The role's prominence has fluctuated with different administrations; under President George W. Bush, it was often combined with the directorship of the National Economic Council, while under President Barack Obama, it became a distinct, high-profile post.

Appointment and relationship to other advisors

The Assistant is appointed by the President of the United States without requiring Senate confirmation, allowing for a close, confidential advisory relationship. The position exists alongside, and must coordinate with, several other key economic posts. These include the Director of the National Economic Council, the Chair of the Council of Economic Advisers, the Secretary of the Treasury, and the Director of the Office of Management and Budget. The dynamic between these roles varies by administration; in some, the Assistant is the preeminent voice, while in others, power is more shared. The Assistant also regularly interacts with the White House Chief of Staff and the National Security Advisor.

Notable holders of the position

Notable individuals who have served in this role include its first holder, Robert Rubin, who later became Secretary of the Treasury. Gene Sperling held the role under both President Bill Clinton and President Barack Obama, playing a central part in policies like the 1993 Budget Reconciliation Act and the response to the Great Recession. Lawrence Summers served under Clinton before becoming Treasury Secretary and later Director of the National Economic Council. More recent holders include Gary Cohn, a former president of Goldman Sachs who served under President Donald Trump, and Lael Brainard, a former member of the Federal Reserve Board of Governors, who assumed the role under President Joe Biden.

Influence on economic policy

The influence of the Assistant is often decisive in shaping major economic initiatives. Robert Rubin and Lawrence Summers were instrumental in crafting the 1993 Budget Reconciliation Act and advocating for the North American Free Trade Agreement ratification. During the Great Recession, advisors like Lawrence Summers and Christina Romer were central to designing the American Recovery and Reinvestment Act of 2009 and the Troubled Asset Relief Program. Under President Donald Trump, Gary Cohn was a key architect of the Tax Cuts and Jobs Act of 2017. The Assistant also plays a critical role in international economic diplomacy, representing the President of the United States at forums like the World Economic Forum and in negotiations with the European Union and China.

Category:Executive Office of the President of the United States Category:Economic advisors to the President of the United States Category:1993 establishments in the United States