A committee of three members charged with advising the President of the United States on
economic matters. Among its duties are helping the President formulate policy, interpreting data, and generally serving as the White House's resident experts on the economy. Each year, the Council prepares a report, which gives information on the state of the economy of the previous year and contains predictions for the coming year. The Council consists of a chairperson and two members, who are appointed by the President upon approval of the Senate. It is the subject of criticism at times because political considerations have been known to color its reports.