article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Congressional Budget Office Improvement Act of 1998''. SEC. 2. ESTABLISHMENT OF CBO CONGRESSIONAL BUDGET BOARD AND ECONOMIC ADVISORY COUNCIL. (a) Congressional Budget Board and Economic Advisory Council.-- Title II of the Congressional Budget Act of 1974 (2 U.S.C. 601 et seq.) is amended by adding at the end thereof the following new sections: ``congressional budget board ``Sec. 204. (a) Establishment and Functions.--There shall be a Congressional Budget Office Board (referred to as the `Board'), which shall-- ``(1) provide general oversight of the operations of the Office, including monitoring, reviewing, and evaluating the performance of the Office; ``(2) approve in advance the undertaking by the Office of any studies and the publication of any reports in addition to those required by law that the Director may propose to undertake or publish as an appropriate undertaking in furtherance of the purposes for which the Office is established; and ``(3) provide general guidance to the Director in the formulation and implementation of procedures and policies for the Office. ``(b) Membership.--The Board shall consist of 13 members as follows: ``(1) 6 Members of the Senate, appointed by the President pro tempore of the Senate, 3 from the majority party and 3 from the minority party; ``(2) 6 Members of the House of Representatives appointed by the Speaker of the House of Representatives, 3 from the majority party and 3 from the minority party; and ``(3) the Director, who shall not be a voting member. ``(c) Execution of Functions During Vacancies; Filling of Vacancies.--Vacancies in the membership of the Board shall not affect the power of the remaining members to execute the functions of the Board and shall be filled in the same manner as the original appointment. ``(d) Chairman and Vice Chairman; Selection Procedure.--(1) The Board shall select a chairman and vice chairman from among its members at the beginning of each Congress. ``(2) The vice chairman shall act in the place and stead of the chairman in the absence of the chairman. ``(3) The chairmanship and vice chairmanship shall alternate between the Senate and the House of Representatives with each Congress. ``(4) The chairman during each even-numbered Congress shall be selected by the Members of the House of Representatives on the Board from among their number. ``(5) The vice chairman during each Congress shall be chosen in the same manner from that House of Congress other than the House of Congress of which the chairman is a Member. ``(e) Meetings; Powers of Board.--(1) The Board may sit and act at such places and times during the sessions, recesses, and adjournment periods of Congress, and upon a vote of a majority of its members, require by subpoena or otherwise the attendance of such witnesses and the production of such books, papers, and documents, administer such oaths and affirmations, take such testimony, procure such printing and binding, and make such expenditures, as the Board deems advisable. ``(2) The Board may make such rules respecting its organization and procedures as it deems necessary, except that no recommendation shall be reported from the Board unless a majority of the Board assent. ``(3) The chairman of the Board or any voting member thereof may administer oaths or affirmations to witnesses. ``advisory council ``Sec. 205. (a) Establishment; Duties.--The Office shall establish an Economic Advisory Council (referred to as the `Council') which shall-- ``(1) review and make recommendations to the Board on activities undertaken by the Office; ``(2) evaluate the quality and objectivity of research performed by the Office and the reports that result from that research; and ``(3) undertake such additional related tasks as the Board may direct. ``(b) Composition.--The Council shall be composed of 12 members of the public, appointed by the Board, who shall be persons eminent in the fields of-- ``(1) public finance; ``(2) economics of taxation and microeconomics; and ``(3) macroeconomics. ``(c) Chairman and Vice Chairman; Terms and Conditions of Service.--(1) The Council, by majority vote, shall elect from its members a chairman and vice chairman, who shall serve for such time and under such conditions as the Council may prescribe. ``(2) In the absence of the chairman, or in the event of the chairman's incapacity, the vice chairman shall act as chairman. ``(d) Terms of Office; Reappointment.--(1) The term of office of each member of the Council shall be 4 years, except that any such member appointed to fill a vacancy occurring prior to the expiration of the term for which the member's predecessor was appointed shall be appointed for the remainder of that term. ``(2) No person shall be appointed a member of the Council more than twice. ``(3) Terms of the members of the Council shall be staggered so as to establish a rotating membership according to such method as the Board may devise. ``(e) Compensation and Reimbursement for Travel, Subsistence, and Other Necessary Expenses.--The members of the Council shall receive compensation for each day engaged in the actual performance of duties vested in the Council at rates of pay not in excess of the daily equivalent of the highest rate of basic pay set forth in the General Schedule of section 5332(a) of title 5, and shall be reimbursed for travel, subsistence, and other necessary expenses incurred by them in the performance of duties vested in the Council, without regard to subchapter 1 of chapter 57 and section 5731 of title 5. ``disclosure of assumptions ``Sec. 205. Any report to Congress or to the public made by the Office that contains an estimate of the effect that legislation will have on revenues or expenditures shall be accompanied by a written statement fully disclosing the economic, technical, and behavioral assumptions that were made in producing the estimate.''. (b) Effective Date.--The amendment made by subsection (a) shall become effective January 1, 1999.
summary: Congressional Budget Office Improvement Act of 1998 - Amends the Congressional Budget Act of 1974 to establish a Congressional Budget Office Board to: (1) provide general oversight of Congressional Budget Office (CBO) operations; (2) approve in advance the undertaking of Office studies and publication of reports that the CBO Director may propose; and (3) provide general guidance to the Director in the formulation and implementation of CBO procedures and policies. Directs CBO to establish an Economic Advisory Council to: (1) review and make recommendations to the Board on CBO activities; (2) evaluate the quality and objectivity of CBO research and reports; and (3) undertake additional related tasks as the Board may direct. Requires any CBO report to the Congress or the public that contains an estimate of the effect that legislation will have on revenues or expenditures to be accompanied by a written statement disclosing the economic, technical, and behavioral assumptions that were made in producing the estimate.