There is hereby established a council of economic advisors who shall consist of the following nine (9) members appointed by the governor:

(1)  The following shall be ex-officio members:

(i)(A)  The executive director of the economic development corporation until such time that the secretary of commerce is appointed;

(B)  Upon his or her appointment, the secretary of commerce;

(ii)  Director of the office of management and budget;

(iii)  A representative from the office of revenue analysis;

(iv)  Director of labor management information systems;

(2)  In addition to the four ex-officio members, there shall be five (5) public members selected by the governor.

(3)  The five (5) public members selected by the governor shall be selected based upon specific experience in economics, research and related training. The governor may seek recommendations from both public and private institutions of higher education and other organizations within the state.