ECONOMIC

govern the exploitation of the resources of the seas; study of the lumberand plywood industry and the management of the Nation's timber resources;supply problems of minerals and materials, and the disposition of stockpilesof strategic materials; and the sale and lease of Government-financed technology.During 1972 the President requested the Chairman of the Councilto organize an Advisory Committee on the Economic Role of Women; thisis discussed separately in Appendix A. The Council also contributed toanalysis of a number of other questions, including: youth unemploymentproblems and the effects of social legislation upon youth employment opportunities;ways in which the workmen's compensation system might be improved;proposals to improve health insurance; and many of the specificproblems arising in the operation of the price and wage control system.International trade and investment continued to be topics of majorconcern to the Council. The Council helps formulate the Administration'spolicies on overall international trade policy, and it also works onthe resolution of specific trade problems. In 1973 the Council contributedto decisions relating to the easing of restrictions on imports of meats and dairyproducts, the reassessment of quota limitations on imports of other farmproducts, including wheat and cotton, the preparation of the U.S. negotiatingposition in the trade talks which are scheduled for 1974, and the legislationthat would provide authority for the reciprocal reduction of tradebarriers and improvement of Presidential authority for the day-to-daymanagement of trade policy.Early each year the President submits the Economic Report of the Presidentto the Congress as required by the Employment Act. The Councilassumes major responsibility for the preparation of this Report, whichtogether with the Annual Report of the Council of Economic Advisersreviews the progress of the economy over the past year and outlines theAdministration's policies and programs to achieve the goals of the act.The Council works closely with the economic policy-making units of theAdministration. The review and analysis of the overall performance of theeconomy is coordinated within the series of "Troika" working groups whichare composed of representatives of the Council, the Treasury, and the Officeof Management and Budget (OMB). At regular intervals senior staffeconomists from each of these agencies evaluate recent economic performanceand formulate economic forecasts. These studies are then submitted to asecond group, which is composed of a Council Member, the Assistant Secretaryof the Treasury for Economic Policy, and the Economist for OMB.The analysis and projections are reviewed and cleared for consideration bythe Troika, which includes the Chairman of the Council, the Secretary of theTreasury, and the Director of OMB. The Directors of the Council on InternationalEconomic Policy and the Cost of Living Council (CLC) commonlymeet with the Troika, thus providing a means of coordinating internationaland domestic economic policy with the direct controls on pricesand wages. The Troika, usually augmented by the Chairman of the Board of527-867 O - 74 - 16237