I. There is hereby established an Economic Policy Council (the "Council"} within the Executive Department. The Council shall be an advisory body on matters involving the economic policy of the State.

II. The Council shall:

A. Prepare a Statewide strategic economic plan for submittal to the Governor (the "Economic Plan");

B. Include within the Economic Plan strategies for achieving the related goals of job creation, knowledge and skill creation and wealth creation in the State;

C. Coordinate with and assist the Rhode Island Economic Development Corporation (the "EDC") regarding the Economic Plan and economic development within the State;

D. Perform a regular and systematic assessment of the competitive positions of Rhode Island's existing manufacturing and service industries and the State's ability to attract new industries or review such assessment which may be developed by the Rhode Island Department of Administration, and build the Economic Plan on that assessment;

E. Periodically review and revise the Economic Plan;

F. Prepare economic impact statements in connection with proposed policies and regulations of state departments, boards and commissions. These statements shall evaluate the extent to which such legislation, regulations or policies may impede investment, job creation, entrepreneurship or economic growth;

G. Assist the EDC in the administration of requests for proposal and recommend to the EDC selection of research centers for excellence; and

H. Monitor the implementation and measure the performance of all State programs and policies designed to create and sustain economic growth in the State.

III. The Council shall be comprised of nineteen (19) members as follows:

A. The Governor;

B. The Executive Director of the EDC;

C. Fifteen (15) public members chosen by the Governor;

D. The Speaker of the House of Representatives of the State or designee, as an ex of fido member;

E. The Majority Leader of the Senate of the State or designee, as an ex of fido member.

IV. Each public member of the Council shall serve without compensation for a designated period of one or two years from their date of appointment or until such time as reappointment or appointment of a successor. During each term, members of the Council shall serve at the pleasure of the Governor.

V. The Governor shall be a co-chair of the Council and shall also designate one public member of the Council as co-chair of the Council to serve for a period of one year from the member's date of appointment or until such time as reappointment or appointment of a successor. During each term, the co-chair shall serve at the pleasure of the Governor.

VI. All State agencies shall cooperate with the Council and shall furnish such information, and, at the request of the Governor, such staff and technical support, as may be requested by the Council.

VII. On April 1, 1998, and annually thereafter, the Council shall submit to the Governor a report assessing its activities and effectiveness during the immediately preceding twelve month period.

VIII. The Bylaws of the Council shall be amended to reflect the contents of this Executive Order.

IX. This Executive Order shall take effect immediately upon the date hereof and shall supersede Executive Orders 95-10 and 95-17.