DOO 35-7

SECTION 1. PURPOSE.

.01 This Order prescribes the organization and functions of the Office of the Chief Economist.

.02 This revision renames and redefines the responsibilities of one component element of the Chief Economist pursuant to current operational requirements of the Under Secretary for Economic Affairs.

SECTION 2. STATUS AND LINE OF AUTHORITY.

The Office of the Chief Economist, a constituent operating unit of the Department, shall be headed by the Chief Economist, who shall be appointed by the Secretary, and shall report and be responsible to the Under Secretary for Economic Affairs.

SECTION 3. FUNCTIONS.

The Office of the Chief Economist shall be the principal unit in the Department for monitoring, analyzing, interpreting, and reporting on the overall economic outlook, including related business issues. The Chief Economist, as head of the Office, shall serve as a principal Deputy and advisor to the Under Secretary for Economic Affairs on macroeconomic matters. In carrying out these responsibilities, the Office shall:

a. Monitor and interpret current economic developments, prepare projections of the economic outlook, and develop reports on economic issues.

b. Ensure timely analysis and development of policies on macroeconomic issues in response to the needs and interests of the Secretary and the Under Secretary for Economic Affairs.

c. Monitor, interpret, and conduct policy-relevant research in the areas of monetary developments and arrangements, financial markets, and capital flows.

d. In conjunction with the Departmental Office of Public Affairs, coordinate contacts with the communications media regarding press releases, public statements, and news conferences on economic topics and issues.

SECTION 4. ORGANIZATION.

The Office of the Chief Economist shall consist of the Office of Economic Conditions and Forecasting and the Office of International Macroeconomic Analysis:

a. The Office of Economic Conditions and Forecasting shall:

1. Assist the Chief Economist in providing advice on and interpretations of economic trends and developments, and in the forecasting of macroeconomic variables;

2. As requested by Department officials, review material prepared for their use to ensure that the information contained therein regarding the current economic situation is timely and accurate;

3. Represent the Chief Economist in interagency groups involved in the preparation of economic forecasts and similar material; and

4. In collaboration with the Departmental Office of Public Affairs, provide independent assessments of the views, recommendations, reports, and public statements of Departmental offices and operating units regarding domestic economic matters of major interest to the Secretary, the Under Secretary for Economic Affairs, and the Chief Economist.

b. The Office of International Macroeconomic Analysis shall:

1. Assist the Chief Economist, the Under Secretary, and other Department officials in the analysis of macroeconomic issues and problems within or affecting the U.S. economy, including analysis of economic developments and trends within the principal industrialized countries, the economies in transition, and developing nations;

2. Conduct special studies on macroeconomic matters, including foreign fiscal, monetary, and macroeconomic policy initiatives and international investment flows, in response to the concerns and priorities of the Secretary, the Under Secretary for Economic Affairs, and the Chief Economist;

3. Conduct analyses of policy proposals with macroeconomic implications and implications for U.S. competitiveness, developing recommendations in response to the policy responsibilities of the Secretary and the Under Secretary for Economic Affairs;

4. Assist the Chief Economist and the Under Secretary for Economic Affairs in developing policies consistent with the objective of improved economic harmonization; and

5. As requested, assist the Office of the General Counsel in the review and evaluation of macroeconomic impacts of proposed legislation.

As required, the work of the Office of International Macroeconomic Analysis shall be carried out in coordination with the International Trade Administration.

SECTION 5. EFFECT ON OTHER ORDERS.

This Order supersedes Department Organization Order 35-7, dated March 7, 1990.

Signed by: Under Secretary for Economic Affairs

Approved by: Chief Financial Officer and Assistant Secretary for Administration