U.S. Council of Economic Advisers

BIOGRAPHICAL INFORMATION

Alan Greenspan

Alan Greenspan was appointed by President Nixon but was not confirmed by the Senate until September 10, 1974, succeeding Herbert Stein as chairman. He was educated at New York University and was president of Greenspan-Townsend and Company, Inc. of New York, an economic consulting firm. Considered one of the nation's foremost economic forecasters, he served as consultant to numerous government organizations and private corporations and was active with the Nixon for President Committee in 1968. In January 1977, he returned to the presidency of his corporation.

Gary L. Seevers

Gary L. Seevers became a member of the CEA on July 23, 1973, replacing Ezra Solomon, who had resigned in March. Prior to his appointment he had served the CEA as a senior staff economist from 1970 to 1972 and as special assistant to Chairman Stein from 1972 to 1973. He received his education at Michigan State University and taught agricultural economics for two years at Oregon State University before joining the Council. Seevers remained a member until April 1975, when President Ford appointed him to the newly created Commodity Futures Trading Commission.

William J. Fellner

William J. Fellner became a Council member on October 31, 1973. He replaced Marina von Neuman Whitman, who had served since March 1972. While on the Council, he was on leave from the American Enterprise Institute (AEI), where he had been resident scholar. Fellner was born in Budapest, Hungary, and educated in European universities. His primary professional interests included economic theory, forecasting and policy, especially international economic reform. Fellner served until February 1975, when he resigned to resume his work with the AEI.

Paul W. MacAvoy

Paul W. MacAvoy became a member of the CEA on June 13, 1975, succeeding Gary Seevers. MacAvoy was educated at Yale University and taught economics at the University of Chicago and Massachusetts Institute of Technology. During the Johnson administration, he served briefly as senior staff economist on the Council and then served from 1969 to 1972 as a member of New York's Council of Economic Advisers. Prior to his appointment, MacAvoy had worked with the Energy Policy Studies Group at the MIT Energy Laboratory and had published works on regulatory reform. MacAvoy served on the Council until November 1976, when he resigned to join the faculty of Yale University.

Burton G. Malkiel

Burton G. Malkiel became a Council member on July 22, 1975, succeeding William Fellner. Educated at Harvard and Princeton, he joined the latter's faculty upon graduation. As a specialist in monetary economics, theories of capital markets and corporate finance, Malkiel directed Princeton's Financial Research Center. He served on the Council to the end of the Ford administration, thereafter joining the American Enterprise Institute. The Council of Economic Advisers, established within the Executive Office of the President by the Employment Act of 1946, provided economic analysis and advice to the President and assisted him in developing and evaluating economic policies. The CEA consisted of a chairman and two members appointed by the President with the advice and consent of the Senate, and a supporting staff of economists, consultants and assistants. They prepared regular reports on current economic conditions, forecasted future economic developments and submitted recommendations for consideration in the formation of economic policy. CEA statistics and analyses on the performance of the nation's economy were published in the annual "Economic Report of the President", which also included the "Annual Report of the CEA." The Council also prepared the monthly publication "Economic Indicators." In carrying out its duties, the Ford CEA worked closely with federal agencies and departments, often participating in inter-agency groups.

INTRODUCTION

The Council of Economic Advisers, established within the Executive Office of the President by the Employment Act of 1946, provided economic analysis and advice to the President and assisted him in developing and evaluating economic policies. The CEA consisted of a chairman and two members appointed by the President, with the advice and consent of the Senate and a supporting cast of economists, consultants, and assistants. They prepared regular reports on current economic conditions, forecasted future economic developments, and submitted recommendations for consideration in the formation of economic policy. CEA statistics and analyses on the performance of the nation's economy were published in the annual Economic Report of the President, which also included the "Annual Report of the CEA." The Council also prepared the monthly publication Economic Indicators. In carrying out its duties, the Ford CEA worked closely with federal agencies and departments, often participating in interagency groups.

The Role of the Ford CEA

Since its creation, the effectiveness of the CEA in shaping national economic policy has varied depending on the needs of the President and his relationship with the chairman. During the Ford administration, the Council played an active and direct advisory role. Chairman Alan Greenspan served as one of President Ford's chief advisers on domestic and international economic policy. He was a member of the Executive Committee of both the Economic Policy Board (EPB) and the Energy Resources Council. He headed the US delegation to the Economic Policy Committee of the Organization for Economic Cooperation and Development (OECD) and served as vice-chairman of that committee. He also participated in a series of "Troika" working groups, comprised of representatives of the CEA, the Treasury and the Office of Management and Budget, which evaluated economic performance and formulated detailed economic forecasts. Greenspan was aided by special assistant John Davis.

Council members coordinated their work with the chairman, assumed special subject area responsibilities, and supervised the work of the staff. Gary L. Seevers, succeeded in 1975 by Paul W. MacAvoy, assumed responsibility for the following areas:

- energy and natural resources

- commodity trade issues

- food and agriculture

- environmental problems

- urban and national growth policy

- transportation

- regulatory reform

- antitrust

- health, education and welfare (MacAvoy, 1976 only)

Seevers and MacAvoy served as chairmen of the EPB's Food Deputies Group, and MacAvoy was co-chairman of the Domestic Council group on regulatory reform.

William J. Fellner, succeeded in 1975 by Burton G. Malkiel, assumed responsibility for the following areas:

- business conditions analysis

- short-term forecasting

- monetary and fiscal policy

- international trade and finance

- manpower employment and labor market development

- financial markets

- housing

- taxation and social security

- health, education and welfare

Malkiel was chairman of a "Troika" sub-group and of the EPB Subcommittee on Economic Statistics, and served on the Economic Policy Committee of the OECD.

Senior and junior staff economists and statisticians supported the Council by conducting much of the basic research. Staff economists worked closely with a particular Council member and were responsible for research and reporting in specific subject areas. Staff members and their responsibilities were listed each year in the CEA's Annual Report.

The CEA Records

These records consist of files accumulated by President Ford's Council members and staff, and include some materials pre-dating his administration. The records are arranged under the name of the CEA member who accumulated them, with staff files placed at the end of the collection. Various materials originated by one CEA member may appear in the files of his successor.

The collection is a rich resource, documenting the direct involvement of the CEA in economic policymaking; contacts with business leaders, lobbyists, and economists from universities, federal agencies, and international organizations; the work of interagency groups; and the Council's detailed research on micro and macro economic policy issues. The records document CEA analysis and policy recommendations in such areas as agricultural and food policy, housing construction, environmental and energy policies, supplies of strategic materials, exploitation of ocean resources, management of timber resources, transportation problems and policies, functioning of the labor market and problems of the unemployed, proposals for health insurance and income maintenance, and needed improvements in government economic statistics.

Prior to the Ford administration, records generated by the chairman and members were considered personal papers to be disposed of as they chose. In March 1977, the National Archives accessioned the Council files as federal records and deposited them in the Gerald R. Ford Library. Portions of files of declined invitations and unanswered correspondence were appraised and disposed of as valueless. The Library received a large accretion of records of junior and senior staff economists in 1982.

Related Materials (February 1995):

Extensive additional material concerning economic policy during the Ford administration may be found in various Library collections, particularly those of Assistant to the President for Economic Affairs L. William Seidman, Federal Reserve Board Chairman Arthur Burns, and Secretary of the Treasury William Simon. The papers of Paul W. McCracken, a CEA member during the Eisenhower administration and chairman for a portion of the Nixon administration, Gardner Ackley, a member and chairman during the Kennedy and Johnson administrations, and Warren L. Smith, a member during the Johnson administration, have been deposited in the Bentley Historical Library of the University of Michigan.

Series Descriptions

1-6 Alan Greenspan Files: White House Correspondence, 1974-77. (2.2 linear feet)

Two sequences of material: 1) Chronologically-arranged memoranda and drafts from Greenspan alone or jointly with CEA members to the President on fluctuations of key economic indicators, including the Consumer Price Index, housing starts and international monetary and financial conditions. 2) Alphabetically-arranged material exchanged between Greenspan and senior White House officials on various economic policy and administrative matters.

6-17 Alan Greenspan Files: Federal Agency Correspondence, 1974-76. (4.3 linear feet)

Reports, studies, and related memoranda produced by federal agencies, departments, commissions and councils at the request of the CEA or sent to Greenspan for his information. Although some concern the Council's work, most concern specific agency programs of interest to the CEA.

Arranged alphabetically by agency.

17-26 Alan Greenspan Files: Internal CEA Correspondence, 1974-76. (4.1 linear feet)

Memoranda and reports between CEA staff economists, members, and Greenspan, containing summaries or research and statistical data and reviews of federal agency reports.

Arranged alphabetically by author and thereunder chronologically.

27-36 Alan Greenspan Files: General Correspondence, 1974-76. (4.1 linear feet)

Correspondence from Congressmen, business leaders, economists and the general public offering congratulations, thanks, or advice; requesting information, or extending invitations to speak. Much of it was forwarded for reply to Greenspan's special assistant, John Davis.

Arranged by year and thereunder alphabetically by correspondent.

37-56 Alan Greenspan Files: Subject File, 1974-76. (8.3 linear feet)

Reports and related memoranda mainly prepared for general distribution by White House officials, federal agencies or private business firms and sent to Greenspan for information. The series contains information on the CEA's wide-ranging interests and responsibilities, including energy policy, federal government budgetary and regulatory activities and domestic economic conditions, particularly the 1974 Conference in Inflation. Also documented are certain meetings between Greenspan and the President or his advisers and drafts of the 1976 State of the Union address.

Arranged alphabetically by subject.

57-60 Alan Greenspan Files: Economic Policy Board Meetings, 1974-76. (1.4 linear feet)

An incomplete set of agenda and minutes of meetings of the EPB or its Executive Committee, some with attached discussion papers or draft memoranda and reports. The documents summarize discussion and decisions reached on a wide range of economic policy matters, including tax and regulatory reform, measures to combat inflation and international financial conditions. The series is most complete from September 1974 to December 1975, but sparse thereafter.

Arranged chronologically.

60-61 Alan Greenspan Files: Speeches and Statements, 1974-76. (0.4 linear feet)

Remarks, statements or testimony by Greenspan with occasional supporting correspondence and printed material. Most were delivered before congressional committees, federal agencies or the press, but some speeches before private groups are included.

Arranged chronologically.

61-62 Alan Greenspan Files: Engagements and Meetings, 1974-76. (0.6 linear feet)

Correspondence, agenda and itineraries, selected remarks and other papers on Greenspan's appearances before privately sponsored conferences and forums, but including some material from meetings with government officials.

Arranged chronologically.

63-70 Gary L. Seevers Files: Subject File, 19711975. (3.3 linear feet)

Primarily reports, but also correspondence, memoranda and other material produced by Seevers or received from federal agencies mainly documenting energy policy, including US responses to the Arab oil embargo, Project Independence, and the planning and administration of Phase III and Phase IV price controls. Also included are information on food and agriculture policy, statistical reliability, antitrust and transportation, among other areas. Some material dates from Seevers' role as special assistant to Chairman Stein.

Arranged alphabetically by subject.

71-72 Gary L. Seevers Files: Official Correspondence, 1973-75. (0.75 linear feet)

Outgoing correspondence, speech drafts, reports, and memoranda by Seevers covering the full range of his responsibilities, particularly energy matters, inflation, transportation and the supply and price of agricultural commodities.

Arranged chronologically.

72-75 Gary L. Seevers Files: Federal Agency Correspondence, 1969-75. (1.3 linear feet)

Correspondence, memoranda and other papers sent to Seevers for information from officials of certain federal agencies, the White House and the CEA. Some materials, particularly from CEA staff economists, concern Seevers' responsibilities for energy policy, food, and domestic economic conditions among other areas. Other papers concern his administrative responsibilities as special assistant to Chairman Stein and include reference copies of Stein's own correspondence. Correspondence with additional federal agencies is located in Seevers' subject file.

Arranged alphabetically by agency.

76 Gary L. Seevers Files: Memoranda to the President, 1973-74. (0.4 linear feet)

Copies of memoranda to President Nixon, primarily from Chairman Stein, and sent to Seevers for information, informing the President of changes in national and international financial conditions and the status of key economic indicators, including the Consumer Price Index, employment, housing starts and food supplies. Gaps occur in the periods August 1973 to January 1974 and March to May 1974. Similar memoranda sent to President Ford are located in the Greenspan White House Correspondence series.

Arranged chronologically.

77-82 Gary L. Seevers Files: Engagements and Meetings, 1972-75. (2.25 linear feet)

Correspondence, memoranda, agendas and other papers on meetings in which Seevers took part, including formal meetings of interagency groups, conferences with representatives of congressional committees, discussions with private industry representatives, and meeting with CEA members and staff economists; also some regretted invitations. Some materials date from his service as special assistant to Chairman Stein.

Arranged chronologically by month of meeting.

82 Gary L. Seevers Files: Administrative File, 1969-73. (0.25 linear feet)

Material on Seevers' administrative activities as special assistant to Chairman Stein, including personnel matters, and correspondence with CEA staff economists.

Arranged alphabetically by subject.

83 William J. Fellner Files: General Correspondence, 1974-75. (0.05 linear feet)

An incomplete accumulation of correspondence and memoranda exchanged between Fellner and CEA staff economists, federal officials and members of the academic community regarding taxation, forecasting, energy and economic policy in general.

Arranged chronologically.

83 William J. Fellner Files: Speeches and Statements, 1973-75. (0.2 linear feet)

Remarks prepared by Fellner and delivered before the Joint Economic Committee, Civil Service Commission and various business and financial groups.

Arranged chronologically.

83-85 William J. Fellner Files: Subject File, 1972-75. (1.0 linear feet)

Material on Fellner's participation in meetings of the Organization for Economic Cooperation and Development, International Monetary Fund, Bank for International Settlements, and Japanese Economic Planning Agency, including some papers originated by his predecessor, Marina Whitman; information on the 1974 Conference on Inflation; and biographical information and one article written by Fellner.

Arranged alphabetically.

86-98 Paul W. MacAvoy Files: Subject File, 1970-76. (5.1 linear feet)

Memoranda, reports, studies and other papers sent to MacAvoy for information from federal agencies and departments; also included are edited speeches, handwritten notes and some correspondence. Topics include energy matters, regulatory reform, agricultural problems, commodity policy and similar economic policy subjects. Some material on Troika forecasting and uranium enrichment was retained from the files of his predecessor, Gary Seevers.

Arranged alphabetically by subject.

98-100 Paul W. MacAvoy Files: White House Correspondence, 1974-76. (0.75 linear feet)

Correspondence and memoranda exchanged between MacAvoy and the White House. Subject areas cover the full range of his responsibilities and include comments on legislation, presidential speeches and material from interagency meetings and conferences. Several items were retained from Gary Seevers' files.

Arranged alphabetically by correspondent.

100-105 Paul W. MacAvoy Files: Federal Agency Correspondence, 1975-76. (2.2 linear feet)

Papers exchanged between MacAvoy and Executive Branch departments, federal agencies and independent commissions on a wide range of economic policy matters, particularly his regulatory reform and interagency task force activities and agency responses to environmental and energy problems.

Arranged alphabetically by agency.

105-111 Paul W. MacAvoy Files: Records on Participation in Interagency Groups, 1973-76. (2.75 linear feet)

Correspondence, memoranda, reports and other papers accumulated by MacAvoy while participating in various Executive Branch special committees, boards, task forces and interagency groups, reflecting both the subject areas for which he was responsible and his particular professional interests. Most prominently documented are economic policy, regulatory reform, food and transportation matters and energy policy, and his particular interests in the President's 1976 State of the Union address and the series of White House regional conferences. Some material on food and energy was retained from the files of Gary Seevers.

Arranged alphabetically by group.

112-114 Paul W. MacAvoy Files: Engagements and Meetings, 1975-76. (1.0 linear feet)

Correspondence, invitations, notes, reports and other papers on MacAvoy's official participation in Executive branch and non- governmental meetings and conferences. Although most meetings relate to his major areas of responsibility, particularly transportation, regulatory reform and energy, occasional meetings with business executives, educators and other private citizens are included.

Arranged chronologically by date of meeting.

114-116 Paul W. MacAvoy Files: General Correspondence, 1975-76. (1.0 linear feet)

Correspondence exchanged between MacAvoy and government officials, business executives and the public on a variety of economic policy matters, but including reports and articles sent to MacAvoy for comment, occasional meeting invitations, requests for academic recommendations and similar semi-personal correspondence. Arranged alphabetically by correspondent.

117-119 Burton G. Malkiel: Official Correspondence, 1975-77. (1.0 linear feet)

Correspondence exchanged between Malkiel and federal officials, business executives and educators on a wide variety of economic policy matters and including information on Malkiel's interest in forecasting, particularly his activities with the Troika and the Economic Policy Board and material on national and international economic conditions, business and labor matters. Reports formerly attached to correspondence in this series are in Malkiel's subject file.

Arranged chronologically.

119-121 Burton G. Malkiel: General Correspondence, 1975-76. (1.0 linear feet)

Correspondence received from business executives, scholars, government officials and the public extending invitations to speak at forums and conferences, thanking Malkiel for his participation, asking him to comment on attached studies or commenting on economic policy. Included are occasional replies to incoming correspondence and memoranda to the Council or federal officials on non-policy matters.

Arranged chronologically.

122-137 Burton G. Malkiel: Subject File, 1975-77. (6.7 linear feet)

Material documenting Malkiel's broad areas of responsibility, particularly monetary policy, international trade, employment and business conditions and economic forecasting. His activities as representative on the Economic Policy Committee of the OECD and as Chairman of the Subcommittee on Economic Statistics of the EPB are well documented. Some material on the latter group, accumulated by Gary Seevers, was removed during processing and placed in Seevers' subject file.

Arranged alphabetically by subject.

138-142 CEA Staff Economists Files, 1973-75. (2.0 linear feet)

Memoranda with attached reports, drafts, charts and other papers authored by or sent for information to certain senior and junior staff economists containing information on the individuals' specific subject area responsibilities, including energy policy, price and general economic analysis, food and agricultural policy and transportation, among other areas. Papers prepared by other staff economists and assistants and sent to Chairman Greenspan for information or comment may be found in his series of internal CEA correspondence.

Arranged alphabetically by staff member and thereunder chronologically. A chart at the end of this finding aid shows the length of tenure and areas of responsibility for the various staff economists.

143-176 CEA Staff Economists Files (1982 Accretion), 1974-77. (13.6 linear feet)

Memoranda, correspondence, reports, charts, tables, and other material produced or accumulated by many of the Council's staff economists on the full spectrum of economic issues of the Ford administration. This late addition to the collection was discovered in White House storage during the Carter administration, accessioned by the National Archives in 1980, and sent to the Ford Library in 1982.

The quantity and quality of material varies tremendously among staff economists. Most prominently documented are such microeconomic issues as the supply and use of energy, including environmental impacts, the reform of transportation industry regulations, and unemployment rates and benefits; and such macroeconomic issues as inflation rates, money supplies, tax revenues, and international finance, including the work of the OECD Economic Policy Committee. These staff files also document the administration of the Council and the extent to which staff economists maintained their ties with universities and research groups.

Arranged alphabetically by staff economist and thereunder in subject or chronological sequence. A chart at the end of this finding aid shows the length of tenure and areas of responsibility for the various staff economist

Gerald R. Ford Library

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