July 30, 2003

LANSING – Governor Jennifer M. Granholm today announced that she has signed an Executive Order creating the Governor’s Council of Economic Advisors.  The council will serve as an advisory body to the Governor, offering advice and counsel on economic issues in the state.

“Michigan’s economy depends on Michigan jobs,” said Granholm.  “By leveraging the joint power of the state’s preeminent economic experts from academia, business, and government, Michigan can proactively plan to thrive in any economic storm.”

The council will exist within the Department of Consumer and Industry Services (CIS) and will consist of 47 members appointed by the Governor.  The director of the CIS, the chief executive officer of the Michigan Economic Development Corporation, the state treasurer, or their designees, will serve as ex officio, non-voting members of the council.  The director of the Department of Consumer and Industry Services will serve as chairperson of the council.

The council’s responsibilities include:
 
•gathering information concerning current and prospective economic developments and trends for the State of Michigan, the region, the nation, and the international economy;

•analyzing and interpreting economic developments and trends to determine whether the trends will interfere with the achievement of economic policy objectives;

•evaluating various state government programs to determine whether they contribute or impede the achievement of economic policy objectives that are significantly positive for Michigan residents, businesses, and workers;

•developing and recommending economic policies that promote job creation and economic growth and that diminish the effect of economic fluctuation.

“Tackling the economic issues we face today is a critical step in meeting the economic challenges we’ll face tomorrow,” said Granholm.  “The creation of this council will ensure that the economic policy decisions of the state are built on the analysis of the greatest – and greatest array – of economic intelligence.”

The members of the council may establish committees and request public participation on advisory panels as it deems necessary.  Members will serve without compensation.  The Executive Order is effective July 30, 2003.  Specific members and the date of the first meeting will be announced in the fall.