The Act requires 5 members which comprise of: (a) one person shall have qualifications and experience in law nominated by the Bar Association; (b) one person shall have qualifications and experience in business nominated by the Chamber of Commerce; (c) one person shall have qualifications and experience in economics nominated by the University of The Bahamas; (d) one person shall have qualifications and experience in accounting nominated by The Bahamas Institute of Chartered Accountants; and (e) one person shall have qualifications and experience in finance nominated by the Chartered Financial Analysts Society The Bahamas.
The Council shall have responsibility to assess compliance with the general principles, fiscal responsibility principles and fiscal objectives, and to advise on fiscal and budgetary matters of the Bahamian Government.
