They were: The council adopted a broad approach to American competitiveness defining it as the ability of the United States to produce goods and services that meet the test of international markets while its citizens earn a standard of living that is both rising and sustainable over the long run.
[6] This definition differed from others in that era which emphasized the trade balance rather than the overall impact of governmental policies on national economic prosperity.
[8] These subcouncils were: capital formation, education, training, public infrastructure, corporate governance and financial markets, trade policy, manufacturing, and critical technologies.
The council was composed of 12 members who were appointed through a well-crafted process dictated by statute[10] that provided for quadrapartite and bipartisan representation.
For example, one duty of the council is to create a "forum" where national leaders with experience could identify and development recommendations to address actual problems facing America.
An unusual provision of the CPC Act provides that any discussion at the Subcouncil shall not be considered to violate any Federal or state antitrust law.
The council made a number of important recommendations during its years of operation regarding pensions, education, public investment, trade negotiations, and many other issues.
For example, the council recommended an immediate implementation of the provision in federal law calling for the Executive Branch to attach a "competitiveness impact statement" to any new legislative proposal to the Congress which may affect U.S.