DOCSLIB.ORG

This Is a Preliminary, Unedited Transcript. the Statements Within May Be Inaccurate, Incomplete, Or Misattributed to the Speaker

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
This Is a Preliminary, Unedited Transcript. the Statements Within May Be Inaccurate, Incomplete, Or Misattributed to the Speaker 1 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. RPTR ZAMORA EDTR SECKMAN FACEBOOK: TRANSPARENCY AND USE OF CONSUMER DATA WEDNESDAY, APRIL 11, 2018 House of Representatives, Committee on Energy and Commerce, Washington, D.C. The committee met, pursuant to call, at 10:00 a.m., in Room 2123, Rayburn House Office Building, Hon. Greg Walden [chairman of the committee] presiding. Present: Representatives Walden, Barton, Upton, Shimkus, Burgess, Blackburn, Scalise, Latta, Harper, Lance, Guthrie, Olson, McKinley, Kinzinger, Griffith, Bilirakis, Johnson, Long, Bucshon, Flores, Brooks, Mullin, Hudson, Collins, Cramer, Walberg, Walters, Costello, Carter, Duncan, Pallone, Rush, Eshoo, Engel, Green, DeGette, 2 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. Doyle, Schakowsky, Butterfield, Matsui, Castor, Sarbanes, McNerney, Welch, Lujan, Tonko, Clarke, Loebsack, Schrader, Kennedy, Cardenas, Ruiz, Peters, and Dingell. Staff Present: Jon Adame, Policy Coordinator, C&I; Mike Bloomquist, Staff Director; Daniel Butler, Staff Assistant; Karen Christian, General Counsel; Kelly Collins, Legislative Clerk, Energy/Environment; Zachary Dareshori, Legislative Clerk, Health; Jordan Davis, Senior Advisor; Melissa Froelich, Chief Counsel, DCCP; Adam Fromm, Director of Outreach and Coalitions; Ali Fulling, Legislative Clerk, O&I, DCCP; Theresa Gambo, Human Resources/Office Administrator; Brighton Haslett, Counsel, O&I; Elena Hernandez, Press Secretary; Zach Hunter, Director of Communications; Paul Jackson, Professional Staff, DCCP; Peter Kielty, Deputy General Counsel; Bijan Koohmaraie, Counsel, DCCP; Ryan Long, Deputy Staff Director; Milly Lothian, Press Assistant and Digital Coordinator; Mark Ratner, Policy Coordinator; Austin Stonebraker, Press Assistant; Evan Viau, Legislative Clerk, C&T; Hamlin Wade, Special Advisor, External Affairs; Everett Winnick, Director of Information Technology; Greg Zerzan, Counsel DCCP; Michelle Ash, Minority Chief Counsel, Digital Commerce and Consumer Protection; Julie Babayan, Minority Counsel; Jeff Carroll, Minority Staff Director; David Goldman, Minority Chief Counsel, Communications and Technology; Lisa Goldman, Minority 3 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. Counsel; Tiffany Guarascio, Minority Deputy Staff Director and Chief Health Advisor; Zach Kahan, Minority Outreach and Member Services Coordinator; Jerry Leverich, Minority Counsel; Jennifer Epperson, Minority FCC Detailee; Dan Miller, Minority Policy Analyst; Caroline Paris-Behr, Minority Policy Analyst; Kaitlyn Peel, Minority Digital Director; Tim Robinson, Minority Chief Counsel; Michelle Rusk, Minority FTC Detailee; Andrew Souvall, Minority Director of Communications, Outreach and Member Services; and C.J. Young, Minority Press Secretary. 4 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. The Chairman. The Committee on Energy and Commerce will now come to order. Before my opening statement, just as a reminder to our committee members on both sides, it is another busy day at Energy and Commerce. In addition, as you will recall, to this morning's Facebook hearing, later today our Health Subcommittee will hold its third in the series of legislative hearings on solutions to combat the opioid crisis. And remember, our Oversight and Investigations Subcommittee will hold a hearing where we will get an update on the restoration of Puerto Rico's electric infrastructure following last year's hurricane season. So, just a reminder, when this hearing concludes, I think we have votes on the House floor. Our intent is to get through every Member before that point to be able to ask questions, but then after the votes, we will come back into our subcommittees to do that work. As Ray Baum used to say, the fun never stops. The chair now recognizes himself for 5 minutes for purposes of an opening statement. Good morning. Welcome, Mr. Zuckerberg, to the Energy and Commerce Committee in the House. We have called you here today for two reasons: One is to examine the alarming reports regarding breaches of trust between your company, one of the biggest and most powerful in the world, and its users; and the second reason is to widen our lens 5 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. to larger questions about the fundamental relationship tech companies have with their users. The incident involving Cambridge Analytica and the compromised personal information of approximately 87 million American users -- or mostly American users -- is deeply disturbing to this committee. The American people are concerned about how Facebook protects and profits from its users' data. In short, does Facebook keep its end of the agreement with its users? How should we as policymakers evaluate and respond to these events? Does Congress need to clarify whether or not consumers own or have any real power over their online data? Have edge providers grown to the point that they need Federal supervision? You and your cofounders started a company in your dorm room that has grown to be one of the biggest and most successful businesses in the entire world. Through innovation and quintessentially American entrepreneurial spirit, Facebook and the tech companies that have flourished in Silicon Valley join the legacy of great American companies who build our Nation, drove our economy forward, and created jobs and opportunity. And you did it all without having to ask permission from the Federal Government and with very little regulatory involvement. The company you created disrupted entire industries and has 6 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. become an integral part of our daily lives. Your success story is an American success story, embodying our shared values of freedom of speech, freedom of association, and freedom of enterprise. Facebook also provides jobs for thousands of Americans, including my own congressional district, with data centers in Prineville. Many of our constituents feel a genuine sense of pride and gratitude for what you have created, and you are rightly considered one of the era's greatest entrepreneurs. This unparalleled achievement is why we look to you with a special sense of obligation and hope for deep introspection. While Facebook has certainly grown, I worry it may not have matured. I think it is time to ask whether Facebook may have moved too fast and broken too many things. There are critical unanswered questions surrounding Facebook's business model and the entire digital ecosystem regarding online privacy and consumer protection: What exactly is Facebook? Social platform? A data company? An advertising company? A media company? A common carrier in the information age? All of the above or something else? Users trust Facebook with a great deal of information: their name, hometown, email, phone number, photos, private messages, and much, much more. But in many instances, users are not purposely 7 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. providing Facebook with data. Facebook collects this information while users simply browse other websites, shop online, or use a third-party app. People are willing to share quite a bit about their lives online based on the belief they can easily navigate and control privacy settings and trust that their personal information is in good hands. If a company fails to keep its promises about how personal data are being used, that breach of trust must have consequences. Today we hope to shed light on Facebook's policies and practices surrounding third-party access to and use of user data. We also hope you can help clear up the considerable confusion that exists about how people's Facebook data are used outside of the platform. We hope you can help Congress, but more importantly the American people, better understand how Facebook user information has been accessed by third parties from Cambridge Analytica and Cubeyou to the Obama for America Presidential campaign. And we ask that you share any suggestions you have for ways policymakers can help reassure our constituents that data they believe was only shared with friends or certain groups remains private to those circles. As policymakers, we want to be sure that consumers are adequately informed about how their online activities and information are used. 8 This is a preliminary, unedited transcript. The statements within may be inaccurate, incomplete, or misattributed to the speaker. A link to the final, official transcript will be posted on the Committee’s website as soon as it is available. These issues apply not just to Facebook but equally to the other internet-based companies that collect information about users online. So, Mr. Zuckerberg, your expertise in this field is without rival. So thank you for joining us today to help us learn more about these vital matters and to answer our questions. With that, I yield now to the gentleman from New Jersey, the ranking member of the Energy and Commerce Committee, my friend Mr.
Load more

Recommended publications
  • In the Court of Chancery of the State of Delaware Karen Sbriglio, Firemen’S ) Retirement System of St
    EFiled: Aug 06 2021 03:34PM EDT Transaction ID 66784692 Case No. 2018-0307-JRS IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE KAREN SBRIGLIO, FIREMEN’S ) RETIREMENT SYSTEM OF ST. ) LOUIS, CALIFORNIA STATE ) TEACHERS’ RETIREMENT SYSTEM, ) CONSTRUCTION AND GENERAL ) BUILDING LABORERS’ LOCAL NO. ) 79 GENERAL FUND, CITY OF ) BIRMINGHAM RETIREMENT AND ) RELIEF SYSTEM, and LIDIA LEVY, derivatively on behalf of Nominal ) C.A. No. 2018-0307-JRS Defendant FACEBOOK, INC., ) ) Plaintiffs, ) PUBLIC INSPECTION VERSION ) FILED AUGUST 6, 2021 v. ) ) MARK ZUCKERBERG, SHERYL SANDBERG, PEGGY ALFORD, ) ) MARC ANDREESSEN, KENNETH CHENAULT, PETER THIEL, JEFFREY ) ZIENTS, ERSKINE BOWLES, SUSAN ) DESMOND-HELLMANN, REED ) HASTINGS, JAN KOUM, ) KONSTANTINOS PAPAMILTIADIS, ) DAVID FISCHER, MICHAEL ) SCHROEPFER, and DAVID WEHNER ) ) Defendants, ) -and- ) ) FACEBOOK, INC., ) ) Nominal Defendant. ) SECOND AMENDED VERIFIED STOCKHOLDER DERIVATIVE COMPLAINT TABLE OF CONTENTS Page(s) I. SUMMARY OF THE ACTION...................................................................... 5 II. JURISDICTION AND VENUE ....................................................................19 III. PARTIES .......................................................................................................20 A. Plaintiffs ..............................................................................................20 B. Director Defendants ............................................................................26 C. Officer Defendants ..............................................................................28
    [Show full text]
  • UNITED STATES DISTRICT COURT SOUTHERN DISTRICT of NEW YORK BRIAN ROFFE PROFIT SHARING PLAN, JACOB SALZMANN and DENNIS PALKON, In
    Case 1:12-cv-04081-RWS Document 77 Filed 08/20/12 Page 1 of 29 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK BRIAN ROFFE PROFIT SHARING PLAN, JACOB Case No. 1:12-cv-4081 SALZMANN and DENNIS PALKON, Individually and On Behalf of All Others Similarly Situated, Hon. Robert W. Sweet Plaintiff, ECF Case v. FACEBOOK, INC., MARK ZUCKERBERG, DAVID A. EBERSMAN, DAVID M. SPILLANE, MARC L. ANDREESSEN, ERSKINE B. BOWLES, JAMES W. BREYER, DONALD E. GRAHAM, REED HASTINGS, PETER A. THIEL, MORGAN STANLEY & CO. LLC, J.P. MORGAN SECURITIES LLC, GOLDMAN, SACHS & CO., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED and BARCLAYS CAPITAL INC., Defendants. (Additional captions on following pages) REPLY MEMORANDUM OF LAW IN FURTHER SUPPORT OF THE MOTION OF THE INSTITUTIONAL INVESTOR GROUP FOR APPOINTMENT AS LEAD PLAINTIFF, APPROVAL OF ITS SELECTION OF CO-LEAD COUNSEL, AND CONSOLIDATION OF ALL RELATED ACTIONS Case 1:12-cv-04081-RWS Document 77 Filed 08/20/12 Page 2 of 29 MAREN TWINING, Individually and On Behalf of Case No. 1:12-cv-4099 All Others Similarly Situated, Hon. Robert W. Sweet Plaintiff, v. ECF Case FACEBOOK, INC.; MARK ZUCKERBERG; SHERYL K. SANDBERG; DAVID A. EBERSMAN; MARC L. ANDREESSEN; ERSKINE B. BOWLES; JAMES W. BREYER; DONALD E. GRAHAM; REED HASTINGS; PETER A. THIEL; MORGAN STANLEY & CO. INC.; J.P. MORGAN SECURITIES LLC; GOLDMAN, SACHS & CO.; MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.; BARCLAYS CAPITAL INC.; ALLEN & COMPANY LLC; CITIGROUP GLOBAL MARKETS INC.; CREDIT SUISSE SECURITIES (USA) LLC; DEUTSCHE BANK SECURITIES INC.; RBC CAPITAL MARKETS, LLC; WELLS FARGO SECURITIES, LLC; BLAYLOCK ROBERT VAN LLC; BMO CAPITAL MARKETS CORP.; C.L.
    [Show full text]
  • Kristen's Conquest
    spring 2010 EastThe Magazine of easT Carolina UniversiTy Kristen’s Conquest Miss USA Kristen Dalton vieWfinDer spring 2010 EastThe Magazine of easT Carolina UniversiTy FEATUrEs 20 KrisTen’s ConQUesT 20 She’s living the red carpet lifeBy Samanthanow as Miss Thompson USA, Hatembut less ’90 than a year ago Kristen Dalton was a bright ECU student with a big-time dream. on the cover: Kristen Dalton speaking at a May event at the Pentagon promoting safety. a rolling sTone resTs 26 He had written for 26 magazineBy David Menconiand directed Rollingon MTV, Stone but when it was time to write theTotal history Recall of LiveSouthern rock, Mark Kemp ’80 came home. Can YOU hear Me? 32 For these two professors, who are husbandBy Marion and Blackburn wife, communication is both a profession and a research passion. sofTBall riDes a WAVE 32 36 Eight seniors—six from either California orBy Hawaii—willBethany Bradsher lead the Lady Pirates into a tougher schedule. DEpArTMEnTs froM oUr reaDers . 3. The eCU rePorT . 5. 36 sPring arTs CalenDar . 18 PiraTe naTion . 42. CLASS noTes . 45. UPon The PAST . 56. spring AnD sprAy A couple of kayakers cool off under the fountain in the six-acre lake at north recreation Complex. froM The eDiTor froM oUr reaDers spring 2010 EastThe Magazine of easT Carolina UniversiTy Volume 8, Number 3 HAvE bUsinEss DEgrEE, will TrAvEl MorE on CHoosEAnEED is published four times a year by I was one of the first graduates of the I enjoy receiving my magazine and want read East online at East East Carolina University Did I tell you I graduated? East www.ecu.edu/east Sure did.
    [Show full text]
  • "Winning the Future Amidst a Mountain of Debt" (For Complete Issue, Click Here (Pdf)
    April 4, 2011 Volume 30, Issue 6 In This Issue SPECIAL EDITION PROPOSED FY 2012 BUDGETS FOR SOCIAL AND BEHAVIORAL SCIENCE "Winning the Future Amidst a Mountain of Debt" (For Complete Issue, Click Here (pdf) On February 14, President Obama released his FY 2012 budget proposal that would "put forward a plan to rebuild our economy and winthe futureby out‐innovating, out‐educating, and out‐building our global competitors." He also stated that the U.S. should "invest in our people without leaving them a mountain of debt." His priorities in the proposal included science and technology, education, and national infrastructure. This task has become more difficult in the continuing failure of the Congress and the White House to reach an agreement on the budget for FY 2011, which began on October 1, 2010. On March 18, the President signed the congressionally‐enacted sixth Continuing Resolution (CR) to keep the government open. This CR runs out on April 8. As you read this, Washington is rife with talk of a coming government shutdown. For COSSA, producing this special issue that analyzes the president's budget proposals has presented a dilemma. Do we continue to wait for the final FY 2011 numbers or do we move ahead. After two months we have decided to do the latter. When the final appropriations for the current fiscal year are known we will amend the charts in the issue and post them on COSSA's web page. On February, the Republican‐led House of Representatives laid down its marker by enacting H.R. 1, which proposed reductions of $61 billion from the FY 2010 appropriated levels and included a number of policy riders unacceptable to the Senate and the White House.
    [Show full text]
  • Expanding Economic Opportunity for More Americans
    Expanding Economic Opportunity for More Americans Bipartisan Policies to Increase Work, Wages, and Skills Foreword by HENRY M. PAULSON, JR. and ERSKINE BOWLES Edited by MELISSA S. KEARNEY and AMY GANZ Expanding Economic Opportunity for More Americans Bipartisan Policies to Increase Work, Wages, and Skills Foreword by HENRY M. PAULSON, JR. and ERSKINE BOWLES Edited by MELISSA S. KEARNEY and AMY GANZ FEBRUARY 2019 Acknowledgements We are grateful to the members of the Aspen Economic Strategy Group, whose questions, suggestions, and discussion were the motivation for this book. Three working groups of Aspen Economic Strategy Group Members spent considerable time writing the discussion papers that are contained in this volume. These groups were led by Jason Furman and Phillip Swagel, Keith Hennessey and Bruce Reed, and Austan Goolsbee and Glenn Hubbard. We are indebted to these leaders for generously lending their time and intellect to this project. We also wish to acknowledge the members who spent considerable time reviewing proposals and bringing their own expertise to bear on these issues: Sylvia M. Burwell, Mitch Daniels, Melissa S. Kearney, Ruth Porat, Margaret Spellings, Penny Pritzker, Dave Cote, Brian Deese, Danielle Gray, N. Gregory Mankiw, Magne Mogstad, Wally Adeyemo, Martin Feldstein, Maya MacGuineas, and Robert K. Steel. We are also grateful to the scholars who contributed policy memos, advanced our understanding about these issues, and inspired us to think creatively about solutions: Manudeep Bhuller, Gordon B. Dahl, Katrine V. Løken, Joshua Goodman, Joshua Gottlieb, Robert Lerman, Chad Syverson, Michael R. Strain, David Neumark, Ann Huff Stevens and James P. Ziliak. The production of this volume was supported by many individuals outside of the Aspen Economic Strategy Group organization.
    [Show full text]
  • Navigating the (Social)
    Serving UNC students and the University community since 1893 Volume 120, Issue 58 dailytarheel.com Monday, August 27, 2012 Navigating the (social) network Other parties in the pending lawsuit against Facebook say North Carolina should not be the lead plainti because of too many conicts of interest. $74.5 billion $4.1 million in the N.C. pension fund, lost from the state pension which provides benets for fund’s investment in state employees Facebook Erskine Bowles Crandall Bowles Janet Cowell Bernstein Litowitz Former UNC-system president Wife of Erskine Bowles, donor N.C. treasurer who Berger & Grossmann LLP $42.05 $19.41 who sits on the board of to Cowell’s campaign and oversees the pension fund Firm suing Facebook for the member of JP Morgan Chase’s and wants the state to be state which has lawyers who cost of a Facebook share cost of a Facebook share at directors for Facebook and at its opening on the the close of markets Friday, Morgan Stanley board of directors the lead plainti in the suit donated to Cowell’s campaign stock market Aug. 24th Dissecting NC pension fund contributions A majority of the state pension fund comes from managed investments. Employee contributions 10.6% Morgan Employer/General JPMorganChase 6.2% Assembly contributions Stanley Investments managed Morgan Stanley Facebook JP Morgan Chase NC pension fund 83.2% by the state treasurer One of the underwriters Social networking giant Another underwriter for Invested in Facebook and for the Facebook initial whose shares have the Facebook IPO lost a total of $4.1 million public oering plummeted since its IPO since the IPO By Madeline Will tors have claimed that Facebook misled the Robbins Geller Rudman & Dowd, which is Cowell said in a statement that all defen- Assistant State & National Editor public in its IPO, causing them to lose money.
    [Show full text]
  • A Collection of Essays
    A Collection of Essays TEN YEARS OF THE CLINTON PRESIDENTIAL CENTER 2004 – 2014 AN IMPACT THAT ENDURES By Chelsea Clinton When my family left the White House, my father faced a set of questions and opportunities about how to continue the work he had long championed through elected office as a private citizen. As he has said, while President, he confronted a seemingly endless horizon of challenges on any given day. Through the Clinton Foundation and its various initiatives, by necessity and deliberate choice, he has focused on tackling those urgent challenges which can be addressed outside government and on which he, and now our whole family, can have the most significant impact. What has not changed is what has always motivated my father —will people be better off when he’s done than when he started. I am grateful he hasn’t stopped yet—and has no plans to do so. The collection of essays that follows offers a window onto the various ways in which my father has served, in and out of elected office, and in the United States and around the world. Common threads emerge, in addition to how he keeps score of his own life, including a fearlessness to take on ostensibly impossible issues, a determination to see things through until the end and a belief that every success only contains another challenge to do things better next time. Because, as my father knows all too well, all too often there is a next time. The latter half of 2014 has been momentous in our family as Marc and I welcomed our daughter Charlotte into the world and my parents (finally) became grandparents.
    [Show full text]
  • North Carolina Agricultural and Technical State University
    NORTH CAROLINA AGRICULTURAL AND TECHNICAL STATE UNIVERSITY today today Leadership, The Aggie Way Revolutionizing Research Mind and Hand 2K SPRING 16 2K SPRING 16 North Carolina Agricultural and Technical State University is an 1890 land-grant doctoral research university dedicated to learning, discovery, and community engagement. The University provides a wide range of educational opportunities from bachelor’s to doctoral degrees in both traditional and online environments. With an emphasis on preeminence in STEM and a commitment to excellence in all its educational, research, and outreach programs, North Carolina A&T fosters a climate of economic competitiveness that prepares students for the global society. Visit us online at www.ncat.edu A&T TODAY North Carolina Agricultural and Technical State University Spring 2016 BOARD OF TRUSTEES CHAIRMAN Dr. Bertram E. Walls ’73 CHANCELLOR FEATURES Dr. Harold L. Martin Sr. ’74 CHIEF OF STAFF DEPARTMENTS Nicole Pride 18 SERVANT LEADER Erskine Bowles Award winner inspired to ASSOCIATE VICE CHANCELLOR FOR UNIVERSITY RELATIONS protect and grow the community Nanyamka A. Farrelly 2 INSIDE AGGIELAND EDITOR Sandra M. Brown P 25 22 REVOLUTIONIZING 14 CAMPUS BRIEFS PRODUCTION BIOMATERIALS RESEARCH Donna M. W. Gibbs, Graphic Design RR Donnelley, Printing Services The National Science Foundation Engineering PEOPLE BEHIND Research Center at N.C. A&T pursues biomedical 21 PHOTOGRAPHY Bluford Library Archives engineering advances THE SCHOLARSHIPS Kevin L. Dorsey Jessie Gladdek Charles E. Watkins ’03 46 AGGIE SPORTS iStock 26 BIG ON CREATIVITY CONTRIBUTING WRITERS The Joint School of Nanoscience and Tonya D. Dixon ’04 Nanoengineering fosters collaboration 52 AGGIES ON THE MOVE Brian M.
    [Show full text]
  • Middle-Class Redistribution: Tax and Transfer Policy for Most Americans
    Foreword by HENRY M. PAULSON, JR. and ERSKINE BOWLES Edited by MELISSA S. KEARNEY and AMY GANZ Copyright © 2020 by The Aspen Institute The Aspen Institute 2300 N Street, N.W. Suite 700 Washington, DC 20037 Published in the United States of America in 2020 by The Aspen Institute All rights reserved Printed in the United States of America Publication Number: 20/005 Foreword by HENRY M. PAULSON, JR. and ERSKINE BOWLES Edited by MELISSA S. KEARNEY and AMY GANZ DECEMBER 2020 Acknowledgements We thank the many individuals who were instrumental in the production of this volume. First, the members of the Economic Strategy Group, whose thoughtful suggestions and discussion motivated the topics addressed in this book. We are grateful to the authors of this volume for lending us their expertise and advancing our understanding, and to the individuals and organizations whose generous support makes possible the work of the Economic Strategy Group, including this volume. We also thank to the leadership of The Aspen Institute and especially Board of Trustees Chairman James S. Crown and Board Member Robert K. Steel for their continued support of the Economic Strategy Group. We thank the staff who invested countless hours in producing this volume: Joan Burch and Emily Vincent for superb project management; Kate Wheeling for excellent proofreading and editing assistance; Andy Morimoto and Kelley Folino for their helpful feedback; Noah Flater for excellent research assistance; Sarah Jane Maxted, Suzanne Pinto, and Selena Wallace for their assistance and collaboration; and Krista Martin, Sogand Sepassi, and Steven Johnson for their thorough editing and layout work.
    [Show full text]
  • Ancestor to Several Boutique Banks, Bowles Hollowell Conner Raised The
    FEBRUARY 2013 THEMIDDLEMARKET.COM Ancestor to several boutique banks, Bowles Hollowell Conner raised the bar for middle market service LIVING LEGACY Chris Williams and Hiter Harris co-founded Harris Williams & Co. PLUS 2012 Wrap Up: The Year in Numbers Meet 6 South Atlantic ACG Chapters PUBLISHED IN PARTNERSHIP WITH LIVING LEGACY By Danielle Fugazy here are certain firms that become a breeding Harris Williams & Co.’s ground for entrepreneurs and consequently new Chris Williams and Hiter Harris firms. When Bowles Hollowell Conner & Co. (known as BHC) opened its doors in 1975, the Tfirm was just that. Firm founders Erskine Bowles (who later became President Bill Clinton’s White House chief of staff), Thomas Hollowell and Charles Conner had the foresight to see that the M&A market was growing — not just with larger deals, but rather the opposite. An increasing number of smaller deals were proliferating, and Wall Street didn’t seem to care much about them. In the mid-1980s, there were only about 25 middle market private equity funds. Today, there are 2,500. BHC seized on the opportunity and created the first boutique investment bank dedicated to the middle market. The firm specialized in advising companies with annual revenue of between $30 million and $500 million and did so with superb service. Looking back, some argue that BHC’s high-level service was better than that of its much larger bulge-bracket brethren. During the process of building a legendary investment bank, the founders hired scores of professionals who had the entrepreneurial itch. Indeed, the founders of BHC had a knack for hiring strong talent.
    [Show full text]
  • Ten Leadership Lessons from Simpson-Bowles
    November 2012 Reuters Ten Leadership Lessons from Simpson-Bowles Darrell M. West and Ashley Gabriele EXECUTIVE SUMMARY t was January, 2010 and the Senate was locked in a sharp debate about the country’s debt and deficit crisis. Unable to agree on a course of action, some I Senators proposed the creation of a fiscal commission that would send Congress a proposal to address the problem with no possibility of amendments. The bill failed but President Barack Obama signed an executive order establishing The National Commission on Fiscal Responsibility and Reform. It was chaired by former Senator Alan Simpson and former White House chief of staff Erskine Bowles and consisted of 18 members (six Senators, six House members, 1 Darrell M. West is vice and six individuals representing the general public). president and director With the national debt then totaling around $13.56 trillion and federal budget of Governance deficit running over $1 trillion each year, the members’ task was to produce a Studies and founding director of the Center report recommending budget steps that would address long-term fiscal issues. for Technology Following months of meetings, 11 of the members signed onto a report Innovation at the recommending that the federal government take dramatic action. However, that Brookings Institution. number was short of the super-majority requirement of 14 votes necessary to send the package to Congress for an up or down vote. Despite the political inaction, the Simpson-Bowles Commission report remains one of the most credible debt/deficit reduction plans on the table. It proposed an initiative that reduced the deficit by $4 trillion through 2020, reformed the tax code by ending a number of tax loopholes, cut tax rates and capped revenue at 21 percent of Gross Domestic Product, and suggested changes designed to contain health care costs, stabilize the debt, and reform the budget process.2 In this report, we review the fiscal leadership lessons that emerged from this effort and what it tells us about future debt reduction activities.
    [Show full text]
  • 2014 Annual Report a “To Gwich’In Communities, This Is Not Merely an Environmental Or Conservation Issue
    2014 Annual Report A “To Gwich’in communities, this is not merely an environmental or conservation issue. Protecting the coastal plain of the refuge is about upholding our rights to continue our Native ways of life. … Do we not have a moral obligation to future generations to do all we can to work toward leaving behind a more vibrant, thriving planet that will sustain human life?” — Princess Daazhraii Johnson, Former Executive Director of the Gwich’in Steering Committee Alaska Dispatch News, 1/31/15 In January 2015, President Obama recommended designating more than 12 million acres of Alaska’s Arctic National Wildlife Refuge as wilderness, joining The Wilderness Society and a chorus of voices working to permanently protect this beautiful but fragile ecosystem. 03 A LETTER FROM OUR LEADERSHIP 06 50 YEARS OF THE WILDERNESS ACT 10 2014: A YEAR OF GREAT PROGRESS B © Florian Schulz / visionsofthewild.com 26 OUR SUPPORTERS 36 2014 FINANCIALS 39 THE WILDERNESS SOCIETY COUNCILS COVER PHOTO © Patrick J. Endres1 © Mike Shoys “With these important victories, we’re not just passing on wild places to future generations—we’re building a wilderness movement that can carry our mission well beyond tomorrow.” — Jamie Williams, President 2 Heart Lake, Castle Crags Wilderness, California Wilderness: Our Timeless Legacy Fifty years after the passage of the Wilderness Act, a landmark year for conservation and public lands, our nation has changed significantly—but our wild protecting nearly two million acres of public land, places play as vital and powerful a role as ever. including stunning landscapes in places like Colorado, California, Montana, New Mexico, Washington, BY THE NUMBERS As Americans find less space for reflection in their Michigan, Nevada and many other states.
    [Show full text]