Under Secretary of Commerce for Economic Affairs

Under Secretary of Commerce for Economic Affairs
United States Department of Commerce. · Public domain · source
Post	Under Secretary of Commerce for Economic Affairs
Body	United States Department of Commerce
Department	United States Department of Commerce
Reports to	United States Secretary of Commerce
Seat	Washington, D.C.
Appointer	President of the United States
Formation	1971

Contents

Under Secretary of Commerce for Economic Affairs The Under Secretary of Commerce for Economic Affairs is a principal economic adviser within the United States Department of Commerce who oversees statistical agencies and produces analyses used by the President of the United States, the United States Congress, the Federal Reserve System, the Office of Management and Budget, and state and local governments. The office links empirical data from the Bureau of Economic Analysis, the United States Census Bureau, and interagency partners to inform policy decisions in administrations such as the Nixon administration, the Reagan administration, the Clinton administration, the Obama administration, and the Biden administration.

Role and Responsibilities

The Under Secretary directs the Bureau of Economic Analysis and the United States Census Bureau to compile national accounts, gross domestic product measures, and demographic statistics relied upon by the Congressional Budget Office, the Council of Economic Advisers, the International Monetary Fund, the World Bank, and market participants including the New York Stock Exchange and the Nasdaq. Responsibilities include setting standards for economic indicators used by the Bureau of Labor Statistics, coordinating with the Department of the Treasury, the Department of Labor, the Department of Health and Human Services, the Environmental Protection Agency, and international organizations like the Organisation for Economic Co-operation and Development and the United Nations for statistical comparability. The Under Secretary also advises on data policy related to the American Rescue Plan Act of 2021, the Inflation Reduction Act, the Tax Cuts and Jobs Act of 2017, and other major statutes used by the Supreme Court of the United States and lower federal courts in adjudicating administrative rules.

The position emerged amid reorganizations of the Department of Commerce in the late 20th century, formalized to elevate economic analysis after initiatives like the Economic Report of the President gained prominence during the Nixon administration and the expansion of national income accounting following work by economists at Harvard University, Massachusetts Institute of Technology, University of Chicago, and the Brookings Institution. Legislative milestones involving members of the United States Congress such as the Senate Committee on Commerce, Science, and Transportation and the House Committee on Ways and Means shaped the office's authority. The role evolved through crises including the 1973 oil crisis, the 1980s Latin American debt crisis, the 2008 financial crisis, and the COVID-19 pandemic, prompting coordination with the Federal Emergency Management Agency, the World Health Organization, and financial regulators like the Securities and Exchange Commission and the Federal Deposit Insurance Corporation.

The Under Secretary oversees senior officials who lead the Bureau of Economic Analysis and the United States Census Bureau, working with chief economists, statisticians, and data scientists drawn from institutions such as Columbia University, Stanford University, Princeton University, and the National Bureau of Economic Research. Notable officeholders have interacted with leaders including Janet Yellen, Ben Bernanke, Alan Greenspan, Lawrence Summers, Robert Rubin, and Ben S. Bernanke during interagency policy processes. The office collaborates with federal entities like the General Services Administration, the Office of Personnel Management, the National Science Foundation, and state counterparts such as the California Department of Finance and city agencies in New York City and Chicago. Career civil servants and political appointees who served under Secretaries such as Ron Johnson (businessman), Wilbur Ross, Penny Pritzker, and Gary Locke have shaped the bureau's operational priorities.

The Under Secretary is appointed by the President of the United States and confirmed by the United States Senate, often vetted by the Senate Committee on Commerce, Science, and Transportation and subject to hearings involving senators from states like California, Texas, New York, Florida, and Illinois. Candidates frequently come from academia, think tanks such as the American Enterprise Institute and the Center for American Progress, or from corporations including Goldman Sachs, JP Morgan Chase, Microsoft, and consulting firms like McKinsey & Company. The tenure can span multiple administrations or conclude with transitions tied to inaugural activities at the United States Capitol and confirmations of successors by the Senate.

Initiatives led by the Under Secretary have included modernization of the Decennial Census, revisions to Gross Domestic Product accounting, enhancement of regional economic accounts used by the Economic Development Administration, and data initiatives integrating administrative records from the Social Security Administration and the Internal Revenue Service. Policy impacts manifest in fiscal projections informing the Congressional Budget Office and trade statistics affecting negotiations at the World Trade Organization and bilateral talks with countries such as China, Mexico, Canada, Japan, and Germany. The office has driven open data collaborations with platforms like Data.gov and research partnerships with institutions including the Carnegie Mellon University and the University of Michigan to improve metrics used by analysts at the International Monetary Fund and private-sector firms including Bloomberg L.P., S&P Global, and Moody's Corporation.

The Under Secretary maintains interagency ties with the Department of the Treasury, the Federal Reserve System, the Department of Labor, and regulatory bodies such as the Securities and Exchange Commission and the Commodities Futures Trading Commission while engaging state governments, metropolitan planning organizations like the Metropolitan Transportation Authority (New York), and international partners including the European Union and the G20. Stakeholders include academic researchers from Yale University, University of California, Berkeley, policy advocates at the Urban Institute and the Heritage Foundation, business groups such as the United States Chamber of Commerce, labor organizations like the AFL–CIO, and philanthropic funders including the Ford Foundation and the Gates Foundation.