of agency compliance with the requirements of section 312. (b) Stay The court may stay the effective date of the regulation or any provision thereof. (c) Relief If the court finds that an agency has not complied with the requirements of section 312, the court shall vacate the subject regulation, unless the agency shows by clear and convincing evidence that vacating the regulation would result in irreparable harm. Nothing in this section affects other limitations on judicial review or the power or duty of the court to dismiss any action or deny relief on any other appropriate legal or equitable ground. 318. Chief Economists Council (a) Establishment There is established the Chief Economists Council. (b) Membership The Council shall consist of the chief economist of each agency. The members of the Council shall select the first chairperson of the Council. Thereafter the position of Chairperson shall rotate annually among the members of the Council. (c) Meetings The Council shall meet at the call of the Chairperson, but not less frequently than quarterly. (d) Report One year after the effective date of this Act and annually thereafter, the Council shall prepare and submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Financial Services and the Committee on Agriculture of the House of Representatives a report on— (1) the benefits and costs of regulations adopted by the agencies during the past 12 months