52:9H 35 New Jersey Council of Economic Advisors established.

2. a. There is established in, but not of, the Department of Commerce and Economic Development, a council to be known as the "New Jersey Council of Economic Advisors." The council shall consist of five members. One member shall be appointed by the Governor; one member shall be appointed by the President of the Senate; one member shall be appointed by the Minority Leader of the Senate; one member shall be appointed by the Speaker of the General Assembly; and one member shall be appointed by the Minority Leader of the General Assembly.

b. In appointing the council members, the appointing authorities shall select individuals who have knowledge, expertise, and practical experience in economic analyses.

c. Members of the council shall serve for a term of three years. Each member shall hold office for the term of his appointment and until his successor shall have been appointed. Any vacancy during a term shall be filled in the same manner as the original appointment but only for the balance of the unexpired term. A member's term shall be coterminous with that of the appointing authority, for a period not to exceed three years, except that members shall be eligible for reappointment to successive terms. Any member of the council may be removed for cause by the appointing authority. The members shall serve without compensation but shall be reimbursed for necessary expenses incurred in the performance of their duties, subject to the availability of funds therefor.

d. The council shall organize as soon as may be practicable following the appointment of its members. The member appointed by the Governor shall serve as chairperson of the council, except that in the absence of the Governor's appointee the member of the council with the most seniority shall serve as acting chairperson. The council may formulate and adopt rules of procedure and operation in furtherance of its responsibilities. The council may meet and hold hearings at such places and times as it shall designate.

e. The council shall select and fix the compensation of a secretary, who shall serve as the director. The secretary shall not be a member of the council. The secretary's term of appointment shall be for a period of three years, except that the council may, by a simple majority, terminate that appointment prior to the conclusion of the three year period. The council may also employ and fix the compensation of such other expert and clerical staff as it may deem appropriate, within the limits of funds appropriated or otherwise made available to it.

L.1993, c.149, s.2.