There is created the Board of Economic Advisors as follows:

1. (1) One member, appointed by the Governor who possesses specific working knowledge and experience in economics, revenue forecasting, and the state budget process. This person shall serve as chairman.
2. (2) Designated representative of the State Department of Revenue, who shall serve ex-officio as a nonvoting member.
3. (3) One member appointed by the Chairman of the House Ways and Means Committee who possesses specific working knowledge and experience in economics, revenue forecasting, and the state budget process.

4. (4) One member appointed by the Chairman of the Senate Finance Committee who possesses specific working knowledge and experience in economics, revenue forecasting, and the state budget process.

   The Chairman of the Board of Economic Advisors shall report directly to the Budget and Control Board to establish policy governing economic trends. The staff of the Board of Economic Advisors are administratively assigned to the Office of the Executive Director of the State Budget and Control Board. The staff shall advise the Board of Economic Advisors but shall report administratively to the Executive Director of the Budget and Control Board. The Chief Economist of the Board of Economic Advisors must be appointed annually by the Executive Director of the Budget and Control Board in consultation with the Chairman of the Board of Economic Advisors.