I, Nelson A. Rockefeller, by virtue of the authority vested in me by the Constitution and the laws of the State of New York, and as Governor of the State of New York, by Executive Order do hereby establish in the Executive Department a council to be known as the Council of Economic Advisers, to provide special counsel and guidance to the Governor on fiscal and economic policy matters affecting the State. The Council shall consist of seven members qualified in the fields of economics, political economy, or political science, to be appointed by the Governor, who shall also designate one of them as chairman.

It is the continuing policy of the State in meeting the public needs to establish program priorities and to coordinate available resources to the end that the maximum benefits can be produced efficiently and economically in a manner designed to encourage a strong, free enterprise economy in the State.

To assist in carrying out the foregoing policy, the Council of Economic Advisers shall:

— Study and from time to time report to the Governor on economic developments and trends in the State;

— Make such special economic and fiscal studies as it deems appropriate or desirable;

— Based on its studies, recommend such State fiscal and economic policies as it deems appropriate or desirable to improve the functioning of the State and of the economies of the State and the various regions within the State;

— Prepare annually a State Economic Report;

— Provide information for the Division of the Budget and the Office of Planning Coordination on economic trends in relation to long range planning, programming and budgeting;

— :Study and make such recommendations as it deems appropriate to the Governor on local and regional economic and fiscal policies, and on Federal fiscal policies as they may affect New York State.

The Council shall in no way duplicate the functions of existing Agencies of State Government. Insofar as possible, the Council shall utilize the experience and resources of such Agencies as the Departments of Commerce and Labor, the Division of the Budget, the Tax Structure study Commission and the Office of Planning Coordination, concerned with economic develpoment in the State.

The members of the Council shall receive a per diem allowance for their services and shall be reimbursed for their actual and necessary expenses, within the funds available therefor.