In Appreciation of the Economic Club of Washington, DC Sponsors

The ECONOMIC CLUB of WA SH I NGTON, D.C. THE PREMIER FORUM FOR LEADERS

ANNUAL REPORT 2014–2015

28360_ECW_AR_2015.indd 1 8/13/15 9:06 AM 28360_ECW_AR_2015.indd 2 8/13/15 9:06 AM The ECONOMIC CLUB of WA SH I NGTON, D.C. THE PREMIER FORUM FOR LEADERS

ANNUAL REPORT 2014–2015

28360_ECW_AR_2015.indd 1 8/13/15 9:06 AM MESSAGE from the PRESIDENT

he 28th season of the Economic Electric, and IBM. Three distinguished Two Executive Conversations in the T Club of Washington was a record- journalists joined us in November for a 28th season also centered on global breaking one. For the first time, the day-after breakdown of the results of the issues. Devry Boughner Vorwerk, Vice Club hosted 12 Signature Events, three 2014 midterm elections. Excerpts of the President of Corporate Affairs, Cargill, of them over eight days in March. More insights these speakers shared with us Incorporated, and Chair of the U.S. than 1,000 members and their guests are included in the following pages. Agriculture Coalition for Cuba, discussed attended those three events. We also economic opportunities that will be hosted 10 Executive Conversations Among other achievements over the 2014- available to U.S. businesses as a result over the course of the season. And, the 2015 season was the progress of our Global of normalizing relationships between Economic Club passed the 700 mark Initiative which has now been integrated the United States and Cuba. Ambassador of business and nonprofit organization into the Economic Club’s regular program Stuart Holliday, President and CEO of executives who are now members. activities. During the year, a focus of this Meridian International Center, hosted initiative was to expand relationships with an Executive Conversation during As usual, featured speakers at our Signature ambassadors to the United States so that which he and Jon Clifton, Managing Events were a mix of government officials they think first of the Economic Club when Director of the Gallup World Poll, and CEOs of multinational corporations. their embassies are seeking speaking provided an advance preview of the We hosted four government officials: the opportunities for government officials report of the U.S.-Global Leadership Mayor of Washington, D.C., the Director and business leaders from their countries Project, a comprehensive assessment of the Office of Management and Budget who are coming to the United States. on global views of world leaders. (OMB), the Director of the National Meetings were held with the ambassadors Economic Council (NEC) and Assistant to for Germany, India, and Canada and top Looking ahead, one Signature Event with the President for Economic Policy, and the level officials at the Mexican embassy. an international focus already has been Director of the National Institutes of Health Additionally, efforts to increase the scheduled for next season. Dr. Dieter (NIH). Business executives who accepted attendance of ambassadors were expanded. Zetsche, Chairman of the Board of our invitations to speak were Donald J. As a result, a total of 15 ambassadors Management of Daimler AG and Head Trump, Michael Milken, and the CEOs of attended various Signature and special of Mercedes-Benz Cars Division, will Dell Inc., Exelon, Exxon Mobil, General events during the 2014-2015 season. be a featured guest in November 2015.

2 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 2 8/13/15 9:06 AM During the year, a focus of our Global Initiative was to expand relationships with ambassadors to the United States so that they think first of the Economic Club when their embassies are seeking speaking opportunities for government officials and business leaders from their countries who are coming to the United States.

The Economic Club’s Education Initiatives were further enhanced in the 28th season with the launch of a paid internship program. Through this program, 25 rising juniors and seniors in college who are past recipients of the David M. Rubenstein/Economic Club scholarships gained work experience over the summer and earned money to help with their continuing education.

We look forward to building on this landmark year in our 29th season. We welcome your participation and are eagerly anticipating the new knowledge and insight Economic Club members will gain from the global leaders who will be our featured guests for Signature Events and Executive Conversations.

Sincerely,

The Ambassadors of Finland, the Principality of Liechtenstein, and Austria DAVID M. RUBENSTEIN | PRESIDENT

ANNUAL REPORT 2014–2015 3

28360_ECW_AR_2015.indd 3 8/13/15 9:06 AM The ECONOMIC CLUB of WA SH I NGTON, D.C .

reeminent global leaders in business, the world who regularly attend the Club’s the People’s Republic of China, Denmark, P government, finance, and economics Signature events to interact with Economic Finland, Germany, Italy, the Principality consider The Economic Club of Washington, Club members, guests, and featured of Liechtenstein, Malaysia, The Royal D.C. to be the premier forum in the United speakers. Ambassadors who were guests Netherlands, the Philippines, The Russian States. Since its founding in 1986 as a during the 2014-2015 season represented Federation, Singapore, Switzerland, and nonprofit, nonpartisan organization, the the countries of Argentina, Austria, Canada, the Organization of American States. Economic Club has served as a global interface among the world’s governments and international businesses. Congresswoman Debbie Dingell (D-MI), Economic Club President David M. Rubenstein, and Congresswoman Nita M. Lowey (D-NY) With more than 700 members who are top-level executives of major corporations, heads of some of the largest business and trade organizations in the United States, managing partners of major law, accounting, and consulting practices; former members of Congress, presidents of pre-eminent academic institutions, and leaders of national nonprofit organizations, the Economic Club offers a sophisticated audience with whom to share information about complex and critical public policy issues of the day. This audience is augmented by members of Congress, other U.S. political leaders, and serving Ambassadors from countries all over

4 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 4 8/13/15 9:06 AM Economic Club members David B. Pollin, Co-Founder and President, The Buccini/Pollin Group, and Linda D. Rabbitt, Chairman and CEO, Rand Construction Corporation

The impact of speaking at an Economic Bloomberg News, Thomson Reuters, that draw the D.C. metropolitan region’s Club Signature event is amplified by Market News International, National business community closer together and the global media coverage that results Journal, The Hill, Congressional Quarterly, provide opportunities for area business from an appearance. Most events POLITICO and The Washington Times. leaders to share information and learn from are covered by several national and each other about unique industry trends. The list of speakers who have addressed international television outlets, global The Club also is committed to giving back the Club over the past 28 years includes news services, web-based publications, to the greater community in which our a President of the United States, a former foreign press, and major national members live and work. Members actively Prime Minister of the United Kingdom, the reporters and photographers. Over support education initiatives that annually Speaker of the House of Representatives, this past season, C-SPAN opted for live award $30,000 in doctoral candidate chairs of the Federal Reserve Board, broadcasting of three events. Other TV fellowships. The David M. Rubenstein/ every Secretary of the Treasury since outlets that covered events included ABC, Economic Club of Washington, D.C. 1986, other Cabinet members and federal Bloomberg, CNBC, CNN, FOX Business, Scholarship Program presents nearly government officials, members of Congress, NBC, NHK (Japan Broadcasting) and $500,000 each year in college scholarships leaders of Fortune 100 corporations, Voice of America. Print media coverage to seniors graduating from Washington, and heads of multi-national companies The D.C., public schools. The scholarship throughout the season came from headquartered in other countries. Washington Post, The Financial Times, program is supported with mentoring Dow Jones/The Wall Street Journal, In addition to the Signature Events, the and paid internship programs provided The New York Times, Chicago Tribune, Economic Club sponsors other programs by the Club for scholarship recipients.

ANNUAL REPORT 2014–2015 5

28360_ECW_AR_2015.indd 5 8/13/15 9:06 AM OFFICERS*

PRESIDENT VICE PRESIDENTS – MEMBERSHIP VICE PRESIDENT – AUDIT David M. Rubenstein CO-CHAIR Gary H. Tabach Co-Founder and Co-CEO Christopher G. Caine Managing Partner, The Carlyle Group President & CEO Greater Washington Mercator XXI, LLC Deloitte & Touche LLP

VICE PRESIDENT CO-CHAIR Carol A. Melton David Geanacopoulos SECRETARY Executive Vice President, Executive Vice President Stuart L. Solomon Global Public Policy for Public Affairs Managing Director Time Warner Inc. and General Counsel Accenture Volkswagen Group of America, Inc.

VICE PRESIDENT – PROGRAMS GENERAL COUNSEL Deborah J. Kissire VICE PRESIDENTS – NOMINATING Wendelin A. White Vice Chair, CO-CHAIR Co-Managing Partner, East Central Managing Partner Carol A. Melton Washington, D.C. Office Ernst & Young LLP Morris, Manning CO-CHAIR & Martin, LLP David B. Pollin VICE PRESIDENT – EDUCATION Co-Founder and President Dr. Jeffrey A. Eisenach The Buccini/Pollin Group EXECUTIVE DIRECTOR Senior Vice President Mary Brady NERA Economic Consulting VICE PRESIDENT – FINANCE John C. Lee, IV

COMMITTEE RESOURCE DEVELOPMENT GLOBAL INITIATIVE Hon. Dave McCurdy Eric Spiegel & TASK FORCE President and CEO President and CEO CHAIRS American Gas Association Siemens USA

6 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS *current as of June 2015

28360_ECW_AR_2015.indd 6 8/13/15 9:06 AM BOARD of DIRECTORS*

Gina Adams Rep. Deborah Dingell*** Debra L. Lee Todd S. Rich Senior Vice President, Representative (MI-14) Chairman & CEO Partner Government Affairs U.S. House of BET Networks The JBG Companies FedEx Corporation Representatives Robert G. Liberatore Joseph Rigby Meredith Baker Margaret Dunning Director Chairman, President President and CEO Managing Partner Chrysler Group LLC and CEO CTIA, The Wireless Widmeyer Communications, Pepco Holdings, Inc. Association a Finn Partners Company Kathleen Matthews Kenneth A. Samet Brian D. Berry Raul J. Fernandez Deryl McKissack President & CEO President Chairman Chairwoman & CEO MedStar Health Oak Point Investors ObjectVideo McKissack & McKissack Gary Shapiro Thomas S. Bozzuto Barry M. Granger Robert Milkovich President & CEO Chairman and CEO Vice President – Executive Vice President Consumer Electronics Bozzuto Group Government Marketing & Chief Operating Officer Association & Government Affairs First Potomac Realty Trust Katherine DuPont Katharine B. Weymouth Brittain Bradley Hon. Susan Molinari Former Publisher President Michael Harreld VP, Public Policy and CEO CityBridge Foundation President and Government The Washington Post PNC Bank of Relations, Americas Teresa Carlson Greater Washington Google Inc. Jonathan W. Witter Vice President, President, Retail Worldwide Public Sector Kim Horn Cheryl A. Moore and Direct Banking Amazon Web Services Regional President Executive Vice President Capital One Bank Kaiser Permanente and Chief Operating Officer Timothy C. Coughlin** Mid-Atlantic States Howard Hughes Jeff Wood Managing Director Medical Institute Market President Edgemoor Investment Dr. Steven Knapp Bank of America Advisors, Inc. President Mark Ordan The George Washington Executive Chairman Jack Davies University WP GLIMCHER Owner Monumental Sports Linda D. Rabbitt & Entertainment Chairman and CEO Rand Construction Corporation

*current as of June 2015 **ex-officio ***term expired December 31, 2014 ANNUAL REPORT 2014–2015 7

28360_ECW_AR_2015.indd 7 8/13/15 9:06 AM SIGNATURE EVENTS 28th SEASON: JULY 2014 – JUNE 2015

The Economic Club of Washington, D.C. hosted a record number of Signature Events during the 2014-2015 season – 12 in total. Another milestone the Club passed during this season was hosting three Signature Events in eight days. More than 1,000 Economic Club members and guests attended the three events. Excerpts of what all the speakers featured at Signature Events had to say are shared in the following pages.

THE HONORABLE “I love this amazingly paradoxical life, David. FRANCIS S. COLLINS, Every day, standing at the helm of this M.D., PH.D. remarkable institution called NIH, I find DIRECTOR out about something amazing that some NATIONAL INSTITUTES OF HEALTH scientist has done … And then, in the JULY 29, 2014 same daily experience, is this frustration

he National Institutes of Health (NIH) is part of the federal that we could be doing so much better. T government. It is the principal research arm for health care- We should be going so much faster. related research in the United States with an annual budget of approximately $30 billion. About 400,000 scientific researchers benefit We could have much sooner than we from the research grants that the NIH awards annually. Dr. Collins is otherwise would a universal vaccine for renowned for his leadership of the Human Genome Project. For his scientific achievements, he has been awarded the Presidential Medal of influenza, so you wouldn’t have to take Freedom and the National Medal of Science among many other honors. that yearly shot and we wouldn’t have to worry about pandemics in the future. We could have cancer that was more precisely diagnosed and treated sooner than we are getting right now. We could have answers to autism quicker than we currently have. Everything’s going about half the pace that it could.”

8 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 8 8/13/15 9:06 AM “We are optimistic about where the economy is headed, you see it in the jobs THE HONORABLE JEFFREY ZIENTS numbers – we have 54 straight months DIRECTOR, NATIONAL ECONOMIC now of job growth, over 10 million COUNCIL, AND ASSISTANT TO THE PRESIDENT FOR ECONOMIC POLICY private-sector jobs created. This is SEPTEMBER 30, 2014 led by the private sector … GDP was just revised up for the second quarter to 4.6 percent. When irector Zients has held numerous D you break down the components, consumer balance sheets positions in the Obama Administration. At the beginning of are in decent shape, you’re seeing some pickup in consumer the Obama Administration, he was spending. Corporate balance sheets are in terrific shape and the first Chief Performance Officer of the United States and also Deputy we’re starting to see some increased investment there.” Director of the Office of Management and Budget [OMB]. He served twice as Acting Director of OMB, once for 16 months. When healthcare.gov was rolled out in the fall of 2013 and failed to function according to expectations, the President asked Director Zients MICHAEL MILKEN to return from a stint in the private CHAIRMAN sector to lead the turnaround effort and THE MILKEN INSTITUTE quickly make the site fully operational. OCTOBER 8, 2014

n his introduction of Mr. Milken, Economic Club President David M. Rubenstein I touched upon just a few of the facts that make Mr. Milken so unique in the worlds of business and philanthropy, starting with “At Wharton, where he graduated in 1970, he was the first person in the history of Wharton to get perfect grades in every course.” President Rubenstein credited Mr. Milken with reinventing the high yield bond, being the “largest single personal investor in the education space in the United States”, revolutionizing the treatment of prostate cancer, being one of the largest backers of cancer research and “one of the original 40 signers of “There’s three ways to build human capital. the Giving Pledge, developed by Warren Buffett One is education — lifelong education. and Bill Gates.” In Washington, D.C., President Rubenstein noted, the George Washington Two is immigration … and three is health — School of Public Health is now named the Milken extending the length and quality.” Institute School of Public Health because of Mr. Milken’s generous contributions and support.

SIGNATURE EVENTS | ANNUAL REPORT 2014–2015 9

28360_ECW_AR_2015.indd 9 8/13/15 9:06 AM “Any good utility executive’s CHRISTOPHER number one concern M. CRANE has to be reliability. If you PRESIDENT AND CHIEF EXECUTIVE OFFICER don’t have reliability, customer EXELON CORPORATION OCTOBER 30, 2014 satisfaction, you’re not going to get

rate recovery for your investment; r. Crane was a featured guest at the Economic Club when you’re not going to be received M Exelon was seeking regulatory approval in Maryland and the District of Columbia to acquire the local electric company Pepco. In well in any regulatory standing.” explaining why Exelon was interested in the acquisition, Mr. Crane said, “It’s about creating value. We create value for the customers, all of our stakeholders, and we can also create value, at the same time, for our shareholders. What you look at in growing is being able to create synergies – synergies in savings, synergies in improved performance and operations. There’s a great benefit to the consumer in that.”

DONALD J. TRUMP CHAIRMAN AND PRESIDENT THE TRUMP ORGANIZATION DECEMBER 15, 2014

iscussion of whether Mr. Trump was going to declare as a candidate in the 2016 presidential campaign D dominated the start of the conversation he had with Economic Club President David M. Rubenstein. Mr. Trump said, “Four years ago, I was leading in the polls. I was beating everybody in the polls. … I love what I do. I would rather do what I’m doing than run for President. But I also love the country more. I just think that unless I see somebody that’s outstanding, I would very much be inclined to do it.” Following this exchange, the conversation ranged over Mr. Trump’s personal life and children, his career in real estate and show business, and his recent entry into the Washington, D.C. metropolitan business community “Washington doesn’t have the great luxury hotel that it should with the acquisition of land for a golf have. Everybody knows that. This [the conversion of the course, an estate on which he has built a winery, and the bid he won Old Post Office building] will be one of the great hotels. The recently to redevelop the Old Post hotel I have in Chicago was rated the best hotel in North America Office building as a luxury hotel. by Conde Nast Traveler. I think that this hotel will be better.”

10 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 10 8/13/15 9:06 AM ELECTION PANEL NOVEMBER 5, 2014 CHARLES E. COOK, JR. EDITOR AND PUBLISHER THE COOK POLITICAL REPORT NOVEMBER 5, 2014

“… Democratic voters just stayed home from coast to coast. I mean, they were depressed, demoralized. A lot of MIKE ALLEN them felt like they had nothing to vote for.” CHIEF WHITE HOUSE CORRESPONDENT POLITICO NOVEMBER 5, 2014 he day after the mid-term election in 2014 in which T Republicans captured the majority in the Senate and increased the number of seats held in the House of “It was a really close race Representatives, these political experts joined Economic Club for who was going to be President David M. Rubenstein to analyze the results. In describing the outcome Ms. Woodruff said, “… it’s now safe the worst Republican to say it was a stiff breeze that became almost a tsunami.” candidate. Certainly Senator Roberts (R-KS), who won, was in that derby. But David Perdue (R-GA) was definitely right up there head and shoulder-to- JUDY WOODRUFF CO-ANCHOR AND MANAGING EDITOR shoulder with him. And that “THE PBS NEWSHOUR” was the reason that people NOVEMBER 5, 2014 thought that Michelle Nunn (D-GA) … would do well. She “… Democracy works, people turn out and they express never lived up to what people their views and our government changes. We don’t shoot thought, given her family.” each other in the street; we don’t have blood flowing.”

SIGNATURE EVENTS | ANNUAL REPORT 2014–2015 11

28360_ECW_AR_2015.indd 11 8/13/15 9:06 AM “… growth and comfort never GINNI ROMETTY coexist. … whether you are a CHAIRMAN, PRESIDENT, AND CEO person, a company, or a country, IBM if you’re going to grow, you DECEMBER 3, 2014 are going to have to do things that put you at risk.” conomic Club President David M. Rubenstein E started his conversation with Ms. Rometty by echoing the question asked on a recent Fortune magazine cover featuring her, “Can IBM Ever Be Cool?” Ms. Rometty responded, “… it depends on how you define ‘cool.’ If you think running 90 percent of the banks in the world, 80 percent of the airlines, 60 percent of all the transactions in business is cool, then we’re cool. And if you think changing the face of health care is cool, then we’re cool. Reinventing education, we’re cool. … We had a couple thousand internships this past summertime and I saw that there were 1 million applicants for them. To me, that says we’re cool.”

“I come here today to discuss the common purpose shared by business and government: that is, to create a faster-growth economy with benefits that can be shared JEFFREY R. IMMELT by all. … the U.S. is growing too slowly. … none CHAIRMAN AND CEO GENERAL ELECTRIC COMPANY of the country’s problems can be solved with JUNE 17, 2015 the 2 percent GDP growth that we see today. We’re not going to create middle-class jobs, we’re not oted three times by Barron’s as one of V the best CEOs in the world, Mr. Immelt going to reduce the deficit, and we’re not going to has served as Chairman and CEO of GE restore our economic standing in since September 2001. With roots dating the world. … Nothing would put back to Thomas Edison’s establishment of the Edison Electric Light Company in 1878, GE more life into this slow-growing is now “one of the country’s largest global economy than a firm, unequivocal enterprises,” according to Mr. Immelt. He said, “… we’ve really reshaped GE today from a broad commitment to trading, competing, conglomerate to a more focused and competitive and winning around the world.” enterprise. Today GE is a connected, high-tech industrial company, the biggest in the world.”

12 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 12 8/13/15 9:06 AM “… the federal budget is not just numbers on a page, it’s a reflection of our values. And that has never been truer than with the President’s 2016 budget. The ideas the President THE HONORABLE offers in this budget are designed to SHAUN DONOVAN bring middle-class economics into DIRECTOR the 21st century. These proposals are OFFICE OF MANAGEMENT AND BUDGET (OMB) practical, not partisan. They’ll help working MARCH 11, 2015 families’ paychecks go further, help American workers upgrade their skills, and help our businesses irector Donovan has a distinguished record as a public D servant. Prior to assuming the leadership of OMB keep generating good new jobs for workers to fill.” in July 2014, he served as Secretary of the Department of Housing and Urban Development (HUD), a position to which he was appointed at the beginning of the Obama Administration. His career in housing includes five years as the Commissioner of Housing Preservation and Development in New York City during the Bloomberg Administration as REX W. well as Deputy Assistant Secretary of HUD for multifamily TILLERSON housing and Acting Commissioner of the Federal Housing Administration (FHA) in the Clinton Administration. CHAIRMAN AND CEO EXXON MOBIL CORPORATION MARCH 12, 2015

r. Tillerson heads the world’s largest energy company. In introducing him, Economic Club M President David M. Rubenstein said that ExxonMobil has a “market capitalization of roughly $350 billion, which would make it the fourth-biggest market capitalization company in the entire world. It’s a company with roughly $400 billion of revenue, which would make it the fifth-biggest company in terms of revenue in the entire world.” He added that “Rex Tillerson is a real leader in the business world, and everywhere he goes people “I see three areas that would help lock in our energy gains in the energy world and people in the business and further strengthen our North American energy world and government leaders want to hear what he has to say about the energy world, leadership. We need to promote free trade in natural about energy prices, about energy conservation, gas and crude oil, approve critical infrastructure and about generally where the economies are going. His global experience is really second to projects such as the Keystone XL Pipeline, and return none, because Exxon is such a global business.” clarity and transparency to our regulatory process.”

SIGNATURE EVENTS | ANNUAL REPORT 2014–2015 13

28360_ECW_AR_2015.indd 13 8/13/15 9:06 AM “… D.C. is the economic engine of our region, accounting for one-quarter of the job market and, in the last year, over two-thirds of its private-sector job growth. … We’re in the top 10 cities for venture capital investment, a top five U.S. city for new construction, and we’re number one in THE HONORABLE the U.S. for attracting entrepreneurial MURIEL BOWSER founders of companies. … Last MAYOR week, I delivered my first State of the THE DISTRICT OF COLUMBIA District address and I outlined my APRIL 8, 2015 administration’s pathway to making

he eighth Mayor of the District of Columbia, Mayor Bowser sure that more Washingtonians T addressed the Economic Club near the end of her first 100 have access to the great prosperity days in office. In her remarks and following discussion with Economic Club President David M. Rubenstein, Mayor Bowser reviewed that our city is experiencing.” both the strengths and weaknesses of the District’s economy and discussed the ways she intended to manage those challenges.

“[As a private company] we focus on our customers. We focus on the MICHAEL S. DELL medium and long term. Getting FOUNDER, CHAIRMAN, AND CEO away from this 90-day shot clock DELL INC. [quarterly earnings] has given us the MARCH 4, 2015

freedom, the flexibility, to conomic Club President David M. Rubenstein began his introduction invest in our business without E of Mr. Dell by calling him “a legend in the business world.” He went fear of the short-term targets. on to cite the facts that gained Mr. Dell such a reputation: founding Dell as a 19-year-old undergraduate at the University of Texas who assembled I think it’s energized our team. computers in his dorm room; taking the company public at age 23; becoming We had a very good year last year.” the youngest CEO of any Fortune 500 company at age 27; stepping aside as CEO in 2004 only to return in 2007; taking the publicly traded company private in 2013 in one of the largest buyouts since the Great Recession. Today, Dell is one of the largest IT service providers and companies in the world.

14 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 14 8/13/15 9:06 AM SIGNATURE EVENTS | ANNUAL REPORT 2014–2015 15

28360_ECW_AR_2015.indd 15 8/13/15 9:06 AM AROUND the WORLD SPEECH EXCERPTS · SIGNATURE EVENTS

“The marketplace is the global economy. Let’s do competitive analysis. We have a very strong position. We have our historical lead in innovation. Thirty percent of the patents worldwide come from the U.S. Fifteen out of the top 25 research universities are here. We are the leaders in R&D. Second, our workforce is the most productive in the world – 30 percent more productive than Germany, two times or more productive than China and South Korea. Third – and we would not be talking about this a decade ago – is energy. A decade ago we would have said, from a competitive perspective, this is a vulnerability, not a strength. We’re now the number one producer of oil and gas in the world.”

THE HONORABLE JEFFREY ZIENTS DIRECTOR, NATIONAL ECONOMIC COUNCIL AND ASSISTANT TO THE PRESIDENT FOR ECONOMIC POLICY SEPTEMBER 30, 2014

16 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 16 8/13/15 9:06 AM JEFFREY R. IMMELT CHAIRMAN AND CEO, GENERAL ELECTRIC COMPANY JUNE 17, 2015

“… the U.S. is the largest economy, with 25 percent of global output, but most of the world’s purchasing power – not to mention 95 percent of the people – is to be found outside the United States. As a purely economic proposition, the case for opening markets, removing trade barriers, and setting fair rules pretty much is about arithmetic. If you want to grow, you have to go where the people are.”

“We have stores that actually are “A recent poll said roughly one in five young scientists has operated by MICHAEL S. now seriously considered going to another country because partners in the other countries … read the American playbook from DELL emerging markets. 20 years ago. They saw what our investments in research FOUNDER, CHAIRMAN, For example, AND CEO, DELL INC. did to our economy, to the vibrancy of the American China, which is our MARCH 4, 2015 experience, and they’re trying to replicate that. Look at largest country China. China is increasing its to sell our products into outside of the support for biomedical R&D THE United States, we have 5,800 Dell- by 20 to 30 percent per year, HONORABLE exclusive stores. We just opened our even as we are going down … FRANCIS 400th store in India. We’re opening Singapore, South Korea, one every 16 hours there. Business is S. COLLINS, Brazil, Europe, all of those booming in the emerging world.” M.D., PH.D. going up in their support, DIRECTOR, because they see what it can NATIONAL INSTITUTES OF HEALTH do, while we are basically JULY 29, 2014 walking off the stage.”

SPEECH EXCERPTS | ANNUAL REPORT 2014–2015 17

28360_ECW_AR_2015.indd 17 8/13/15 9:06 AM BUSINESS & FINANCE SPEECH EXCERPTS · SIGNATURE EVENTS

“The inconsistent and capricious handling of regulatory REX W. TILLERSON approvals is all the more concerning given the CHAIRMAN AND CEO, growth in the regulatory burden. For instance, in 2013 EXXON MOBIL CORPORATION alone the federal government finalized 3,659 new rules and had MARCH 12, 2015 proposed another 2,594. … Economists Nicole V. Crain and W. Mark Crain recently found that the price tag for all these regulatory burdens reached more than $2 trillion a year in 2012. … The Business Roundtable has warned that the cumulative cost of federal regulation has reached a tipping point, and the consequences are taking a heavy toll on businesses, consumers, and the broader economy. MICHAEL S. DELL There’s a reason that new business formations are at a 35-year low.” FOUNDER, CHAIRMAN, AND CEO, DELL INC. MARCH 4, 2015

“More people in the District are “The cyber challenge is a spending their dollars locally than ever big one. We see, on behalf before. We are going to continue to of our customers, about 120 attract more foreign and direct investment billion events per day, and have in our city. And because of the hard really built a threat intelligence work and discipline of a lot of people, to be able to understand this year we saw our credit rating what’s going on. You have improved once again. The District is state-sponsored groups, you indeed a good place to do business.” have criminals, you have activists, you have espionage, THE HONORABLE MURIEL BOWSER and you have terrorists that MAYOR, THE DISTRICT OF COLUMBIA are all using the cyber domain APRIL 8, 2015 as a big attack vector.”

18 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 18 8/13/15 9:06 AM JEFFREY R. IMMELT CHAIRMAN AND CEO, GENERAL ELECTRIC COMPANY JUNE 17, 2015

“I’ve worked for GE for 33 years. I’ve never seen a time when the U.S. has been more competitive in manufacturing than we are today. New technology like model-based designed, advanced materials, and additive manufacturing are really what it’s all about. We view manufacturing as a major U.S. advantage. Manufacturing is about innovation today, not a labor arbitrage, and the U.S. can win this battle.”

“… IBM is a solution company. … right now there are a couple of big shifts in the industry that are transforming my industry and … transforming yours. … They’re going to reorder every industry … the shifts are around … the buzz words you hear all the time – big data, the cloud, and social and mobile. … The strategy for us is we believe when it comes to business that all that big data is going to end up being – I call it a natural resource. It’ll be the basis of competition.”

GINNI ROMETTY CHAIRMAN, PRESIDENT, AND CEO, IBM DECEMBER 3, 2014

SPEECH EXCERPTS | ANNUAL REPORT 2014–2015 19

28360_ECW_AR_2015.indd 19 8/13/15 9:06 AM ECONOMIC ISSUES SPEECH EXCERPTS · SIGNATURE EVENTS

THE HONORABLE “For our nation, our industry’s investments and SHAUN DONOVAN innovations are fueling economic growth, they’re DIRECTOR, OFFICE OF increasing manufacturing competitiveness, and they MANAGEMENT AND BUDGET (OMB) are providing environmental benefits. During MARCH 11, 2015 a period of recession, slow growth, and falling labor participation rates, the energy “After a breakthrough year industry has been an economic engine for for America, our economy is the entire nation. … Although the industry, growing and creating jobs at including spinoff activity, is about 6.7 percent of the fastest pace since 1999. the U.S. economy, it Thanks to the hard work and has accounted for more REX W. TILLERSON resilience of the American than 30 percent of the CHAIRMAN AND CEO, people, the shadow of crisis growth since the trough EXXON MOBIL CORPORATION is past and the recovery has of the recession.” MARCH 12, 2015 truly taken hold. Businesses have added 12 million jobs over the last 60 months, the longest streak on record. And over the last year alone, private-sector employment has risen by more than 200,000 each month for 12 straight months – that is for the first time since the 1970s.”

20 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 20 8/13/15 9:06 AM THE HONORABLE FRANCIS S. COLLINS, M.D., PH.D. DIRECTOR, NATIONAL INSTITUTES OF HEALTH JULY 29, 2014

“… many economists would say that more than 50 percent of the Economic Club member the Honorable Bart Gordon, Partner, K&L Gates LLP; American economic Dr. Collins; Club member the Honorable Susan Molinari, VP, Public Policy and Government Relations, Americas, Google Inc.; (in background) Club member growth since Patrick Ford, Worldwide Vice Chair and Chief Client Officer, Burson Marsteller World War II has been based on science and technology investments, and certainly in the 21st century the highest return – the most vigorous investments we’re making are in the biological, the life sciences.”

THE HONORABLE MURIEL BOWSER “Driving investment and development, particularly to MAYOR, THE DISTRICT OF COLUMBIA overlooked and underserved communities, is a key APRIL 8, 2015 pillar of our economic development strategy. … In a lot of places in this city, unemployment is below the national average, housing ownership is above the national average, crime levels are below the national average. And in some neighborhoods of Washington we’re two and three times the national average in those areas. My commitment … [is] that we would make a concerted effort every single day with intentional policies and funding to close those gaps … I am very proud that I appointed the first Deputy Mayor for Greater Economic Opportunity to represent our city.”

SPEECH EXCERPTS | ANNUAL REPORT 2014–2015 21

28360_ECW_AR_2015.indd 21 8/13/15 9:06 AM HEALTH CARE SPEECH EXCERPTS · SIGNATURE EVENTS

“… in cancer, we’re seeing cancer survival rates improving each year, deaths THE HONORABLE “Premiums are up about dropping by 1 percent per JEFFREY ZIENTS 3 percent this year versus year, year after year after year. … 2000 to 2010, when each 1 percent decrease in cancer DIRECTOR, NATIONAL ECONOMIC COUNCIL AND ASSISTANT TO THE they were growing is estimated by economists to PRESIDENT FOR ECONOMIC POLICY closer to 6 percent, 7 save our country $500 billion.” SEPTEMBER 30, 2014 percent, so cut in half. The Federal Government THE HONORABLE benefits because health care is a big piece of the federal FRANCIS S. budget. If you look at the 2020 projections COLLINS, M.D., PH.D. now on health care, Medicare and Medicaid DIRECTOR, spending, we’re saving about $200 billion versus NATIONAL INSTITUTES OF HEALTH what the forecast was just a couple of years ago.” JULY 29, 2014

“The ACA (Affordable Care Act) has put in place strong incentives for hospitals to reduce readmission rates, and it’s letting Medicare and Medicaid experiment with a range of approaches to shift health care payment structures from volume to value. These delivery system reform efforts will have a growing impact as they scale up from pilots to THE HONORABLE policy, but even today they may be having a substantial SHAUN DONOVAN indirect effect by powerfully signaling to private insurers and providers that fee-for-service payment will DIRECTOR, OFFICE OF MANAGEMENT AND BUDGET (OMB) soon be a thing of the past, driving toward better MARCH 11, 2015 payment models and ways of providing care.”

22 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 22 8/13/15 9:06 AM “… more than 50 percent of all economic growth in the last MICHAEL MILKEN 200 years can be traced either to medical research or health. CHAIRMAN, THE MILKEN INSTITUTE … We’ve solved many life-threatening diseases, and OCTOBER 8, 2014 we have solutions today for 500-600 life-threatening diseases out of, maybe, 7,000. We are entering this Golden Age of medicine with precision medicine and immunology and stem cells and the promise of this enormous investment that the American people have made.”

“As of 2010, virtually every expert and forecaster assumed that per-person health care costs would always rise faster than per-capita GDP, as they did nearly every year of the last 50 years. And then that simply stopped. From 2011 to 2013, we saw the three slowest years of growth in real per-capita national health expenditures since recordkeeping began. Even as more than 10 million people have gained access to health insurance Mr. Milken; Club Member Daphne Dufresne, Managing Director, under the Affordable Care Act (ACA), RLJ Equity Partners, LLC; Edward Grenier, President and CEO, all evidence shows that per-enrollee Junior Achievement of Greater Washington; Harry Wingo, President and CEO, health cost growth has stayed low.” DC Chamber of Commerce; Edward Levin, Special Counsel, Saul Ewing LLP THE HONORABLE SHAUN DONOVAN DIRECTOR, OFFICE OF MANAGEMENT AND BUDGET (OMB) MARCH 11, 2015

SPEECH EXCERPTS | ANNUAL REPORT 2014–2015 23

28360_ECW_AR_2015.indd 23 8/13/15 9:06 AM ENERGY SPEECH EXCERPTS · SIGNATURE EVENTS

“… this new era of abundance is not the result “We don’t have an economic storage technology right now. We get of a single technology, nor is breakthroughs on batteries and mass storage facilities, it the result of one source of then you can build a system that’s much more dependent energy or even a lucky break. on solar and wind. But This moment is the result until that breakthrough of decades of sustained CHRISTOPHER happens, you have to back investment, innovation, M. CRANE up those resources with and collaboration across PRESIDENT AND CHIEF EXECUTIVE OFFICER, either gas, coal, or nuclear.” EXELON CORPORATION this industry – really OCTOBER 30, 2014 across the entire globe. It is the fruit of innovative work on many frontiers, and it is a tribute to scientists, engineers, and entrepreneurs “The United States now produces more oil and gas than either who labored on time Saudi Arabia or Russia. The North American energy complex, horizons few outside of our including Canada and Mexico, is the finest in the world. We should industry can comprehend.” integrate our regional strength through investments like the Keystone Pipeline, and we should build on our leadership and not REX W. TILLERSON try to constrain it. We can all see the huge advantages that’s now CHAIRMAN AND CEO, ours to maintain: energy security, jobs, market opportunities, and EXXON MOBIL CORPORATION more. Investment in energy MARCH 12, 2015 of all forms – along with the JEFFREY R. IMMELT technology to keep it safe, CHAIRMAN AND CEO, clean, and low cost – should GENERAL ELECTRIC COMPANY be a permanent priority.” JUNE 17, 2015

24 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 24 8/13/15 9:06 AM IMMIGRATION REFORM SPEECH EXCERPTS · SIGNATURE EVENTS

“It wasn’t that long ago that they used to call Social Security the third rail of American politics. Well, immigration is the third rail for Republican politics. It didn’t go unnoticed that that was a key issue in Eric Cantor’s loss (R-VA, former Majority Leader of the House). I mean, I agree with Judy that Republicans need to do something about the Latino vote. They’ve got CHARLES E. to do something. But at the same COOK, JR. time, I think they have to take baby EDITOR AND PUBLISHER, steps, or their base will go crazy.” THE COOK POLITICAL REPORT NOVEMBER 5, 2014

“We know that many “Immigration is pro-growth Republicans, worried about THE HONORABLE for reasons that go directly 2016, believe they’ve got SHAUN DONOVAN to our core economic to come up with a position on immigration that helps DIRECTOR, OFFICE OF challenges. It helps balance MANAGEMENT AND BUDGET (OMB) out an aging population, them with the Latino group.” MARCH 11, 2015 it increases labor force participation, and it JUDY WOODRUFF raises productivity. CBO [the Congressional Budget Office] CO-ANCHOR AND MANAGING EDITOR, “THE PBS NEWSHOUR” projected that immigration reform would increase the level NOVEMBER 5, 2014 of real Gross Domestic Product (GDP) by 3.3 percent at just the end of 10 years, and by 5.4 percent at the end of 20 years. Meanwhile, it would reduce deficits by $160 billion in the first decade and by an estimated $700 billion in the second decade, and would help the Social Security Trust Fund, closing about 8 percent of the Trust Fund’s shortfall.”

SPEECH EXCERPTS | ANNUAL REPORT 2014–2015 25

28360_ECW_AR_2015.indd 25 8/13/15 9:06 AM The TECHNOLOGY REVOLUTION SPEECH EXCERPTS · SIGNATURE EVENTS

Stephen Hills, President & General Manager, The Washington Post; Elizabeth L. Littlefield, President and CEO, Overseas Private Investment Corporation; Dr. Ángel Cabrera, President, George Mason University

“Watson is the first genre of machines that can learn. … it actually has a learning curve. … It operates like our brain does. It ingests lots of information … And then it learns over time what’s right and wrong and makes correlations, so like you and I “For any company in our sector, you make decisions. … It forms, though, hundreds have to change or die. You have to evolve. of thousands of hypotheses at one time and For us, that’s meant aggressively growing then it goes and looks for all the data to prove in these new areas like software services, them right or wrong. Statistically, over time that understanding the challenges our customers reasoning gets better and worse with the data. have, like in cybersecurity, and helping to go And it comes up with answers, with percentage build solutions, to go solve those problems.” of confidence in the evidence of what it believes.” MICHAEL S. DELL GINNI ROMETTY FOUNDER, CHAIRMAN, AND CEO, DELL INC. CHAIRMAN, PRESIDENT, AND CEO, IBM MARCH 4, 2015 DECEMBER 3, 2014

26 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 26 8/13/15 9:06 AM “Another American strength, as yet unmatched, is the innovation that created the digital age. The U.S. leads in the consumer Internet behind companies like Apple and Google and Facebook. And the GINNI next wave of growth is going to be the industrial Internet, ROMETTY which will drive efficiency and productivity long in the CHAIRMAN, PRESIDENT, future. We need to stay on that road, and we need to keep AND CEO, IBM training and attracting many DECEMBER 3, 2014 thousands of scientists and JEFFREY R. IMMELT engineers who give us our edge.” CHAIRMAN AND CEO, “… Watson [the GENERAL ELECTRIC COMPANY learning computer] JUNE 17, 2015 … will redefine interaction between man and machine. It will “… it’s … a multi-device world. And actually it’s not just the PC augment your and my and the smartphone and the tablet, it’s now all these embedded decision making; it’s not computers, the wearables, the Internet of Things. You’re going from about replacement.” this world of, let’s say, a billion connected devices to a hundred billion connected devices. As the cost of semiconductors comes down, you have this instrumentation and kind of making everything smart and intelligent. That creates all this data that has to be turned into insights and knowledge. That’s really the big opportunity that all organizations have, [finding ways to] use this data to make what you’re doing more productive or reinvent it some way.” MICHAEL S. DELL FOUNDER, CHAIRMAN, AND CEO, DELL INC. MARCH 4, 2015

Economic Club President David M. Rubenstein; Mr. Dell; Thomas Friedman, NY Times columnist and Pulitzer Prize winning author; and Chancellor of DC Public Schools Kaya Henderson SPEECH EXCERPTS | ANNUAL REPORT 2014–2015 27

28360_ECW_AR_2015.indd 27 8/13/15 9:06 AM PROGRAMS

Executive Conversations

conomic Club members also ■ Jeffrey DeWitt, Chief Financial Officer views of the quality of leadership E had the option last season (CFO) of the District of Columbia, of countries around the world. of attending small group Executive discussed the District’s financial status Conversations during which experts and its fiscal relationship with Congress. ■ Gary Knell, President and CEO of National in various fields shared information Geographic, shared his thoughts on the about the latest trends and ■ K aya Henderson, Chancellor, DC Public challenges of managing a media business developments in their professional Schools (DCPS), presented an overview of in this time of rapid technological change. arenas. The 10 Executive Conversations the status of the District’s school system. ■ Dr. Jeffrey Lacker, President of the held over the 2014-2015 season focused ■ Ambassador Stuart Holliday, Federal Reserve Bank of Richmond, on such diverse topics as health care, President and CEO of Meridian discussed the history of the Federal international relations, public policy International Center, and Jon Clifton, Reserve System and the way the structure impacting the technology business, and Managing Director of the Gallup of the organization functions today. government in the District of Columbia. World Poll, previewed a report of the Speakers and hosts for the Executive ■ U.S.-Global Leadership Project, a The Honorable Susan Molinari, Vice Conversations were as follows. comprehensive assessment on global President, Public Policy and Government

28 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 28 8/13/15 9:06 AM Relations, Americas, for Google Inc., ■ The Honorable Karl A. Racine, residents. She told Economic Club hosted an Executive Conversation that the first elected Attorney General members that 12 percent of families in started with a tour of Google’s newly for the District of Columbia, shared the nation’s capital are “food insecure”, opened office space and then reviewed with Economic Club members his 1 in 3 children are hungry, and 1 in 8 the current public policy issues vision for the role of an independent households struggles to find enough to eat. with which the company is concerned. Office of the Attorney General (OAG) for the District of Columbia. ■ D evry Boughner Vorwerk, Vice President ■ C heryl Moore, Executive Vice of Corporate Affairs for Cargill, Inc., and President and Chief Operating Officer ■ Patty Stonesifer, President and CEO, Chair of the U.S. Agriculture Coalition for the Howard Hughes Medical Martha’s Table, talked about how Martha’s for Cuba, discussed opportunities that Institute, presented an overview of the Table is helping address the overwhelming may open up for U.S. businesses with the foundation’s work and its history. need for food of many District of Columbia normalization of relations with Cuba.

ANNUAL REPORT 2014–2015 29

28360_ECW_AR_2015.indd 29 8/13/15 9:06 AM Member-Hosted Dinners

early 180 Economic Club Debra Lee, Chairman and CEO, BET American City Business Journals; N members attended small group Networks; Stuart Solomon, Managing Robert Hisaoka, President, RRR, LLC; dinners hosted by other Club members Director, Accenture; the Honorable Ron Sheila C. Johnson, Founder and CEO of during the 2014-2015 season. Spoehel, Windrock Capital LLC, and Salamander Hotels & Resorts; Christina Katharine Weymouth, former Publisher Kearns, Executive Vice President & Chief The first round of dinners were held in and CEO, The Washington Post. Legal and Administrative Officer, B.F. November. Hosts for those dinners were Saul Company; Tony Lewis, Regional Cherrie Doggett, President, Doggett In May, dinners were hosted by Mary VP, Mid-Atlantic & State Government Enterprises, Inc.; Mike Harreld, President, Brady, Executive Director, The Economic Affairs, Verizon; Tom Patton, President PNC Bank of Greater Washington; Club of Washington, D.C.; Josh Carin, and CEO, Cellarius Strategies, LLC, Debbie Kissire, Vice Chair, East Central Proprietor, Geppetto Catering, along with and Perry Steiner, Managing Partner, Managing Partner, Ernst & Young; Alex Orfinger, Executive Vice President, Arlington Capital Partners.

30 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 30 8/13/15 9:06 AM EDUCATION INITIATIVES

This past season was a banner one for the Economic Club’s Education Initiatives. Led by the Education Committee, chaired by Dr. Jeffrey A. Eisenach, Senior Vice President, NERA Economic Consulting, the Club expanded support for recipients of the David M. Rubenstein/Economic Club of Washington, D.C. Scholarships through a mentoring program and a new paid summer internship program. Additionally, the first video about the Education Initiatives was produced and can be viewed on the Club’s YouTube channel.

THE DAVID M. RUBENSTEIN/ ECONOMIC CLUB OF WASHINGTON, D.C. SCHOLARSHIP

early 200 scholars, family members, school N personnel, and Economic Club members attended the presentation of the 2015 David M. Rubenstein/Economic Club of Washington, D.C. Scholarships at a special event in June. A total of $480,000 in scholarship funds was presented to 48 seniors graduating from DC public and public charter schools this year. The event was sponsored by the National Education Initiative and Jeff Fine, Chairman, CIBT, Inc.

Education Committee member Gina Adams, Senior Vice President, Government Affairs for FedEx Corporation and herself a graduate of D.C. public schools, served as mistress of ceremonies. Chancellor of DC Public Schools Nico Hinkle, a 2009 recipient of Kaya Henderson was again a special guest an Economic Club speaker. Another very special guest speaker who scholarship; Economic was enthusiastically welcomed by the students Club Executive was Nico Hinkle, a 2009 recipient of an Economic Director Mary Brady; and Club President Club scholarship. A graduate of Florida A&M David M. Rubenstein University, Mr. Hinkle is now a property associate

ANNUAL REPORT 2014–2015 31

28360_ECW_AR_2015_X.indd 31 8/17/15 3:38 PM 32 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 32 8/13/15 9:07 AM With the 2015 scholarships, President Rubenstein and the Economic Club have awarded nearly $2.5 million in scholarships to almost 300 graduating seniors from D.C. public schools.

at Brookfield Office Properties here M. Rubenstein, Co-Founder and Co-Chief and mentoring programs supported by in D.C. The advice he gave this year’s Executive Officer of The Carlyle Group, Economic Club members. Every summer, scholarship recipients was, “Please don’t and President of the Economic Club, the Club members host day-long Business look at the Economic Club as just a money program has steadily increased in size Leadership Development Seminars generator — look at it as a resource hub.” and scope since its inception. With the crafted to introduce students to the world 2015 scholarships, President Rubenstein of business. Hosts for the 2015 seminars The David M. Rubenstein/Economic and the Economic Club have awarded were Debra Lee, Chairman and CEO, BET Club of Washington, D.C. Scholarship nearly $2.5 million in scholarships Networks, and Stu Solomon, Managing Program is one of the few large-scale to almost 300 graduating seniors. Director, Accenture. Transportation for scholarship initiatives dedicated exclusively the students to and from the seminars to students graduating from D.C. public The value of the scholarship program was provided by Kristina Bouweiri, schools. Established in 2009 by David is enhanced by leadership development President and CEO of Reston Limousine.

SCHOLARS TO LEADERS MENTOR PROGRAM

n addition to being the first group The Scholars to Leaders mentor program students succeed in college. In its inaugural I of scholarship recipients to benefit is now in its second year, serving over 85 year, 40 mentors joined the program— from the Economic Club’s Scholars to scholars and hosting nearly 50 mentors 23 Club members and 17 professionals Leaders Mentor Program, members of of diverse professional affiliations and from Club member organizations. the Class of 2014 began their freshman levels. The program is designed as a group Businesses and organizations represented year with a special gift from the mentor model which matches Economic by the volunteer mentors are Accenture, Economic Club sponsored by member Club professionals and other volunteers The Advisory Board Company, AlixPartners Devin Schain, Founder and CEO of the with the students to provide guidance and LLP, Bank of America Merrill Lynch, National Education Initiative. Welcome leadership tools to help ensure successful Bingham McCutchen LLP, Cardinal Bank, baskets were sent to all students at college completion. Through individualized DC, CBRE, Cengage Learning, The Chevy their colleges, congratulating them on emails, texts and calls, enhanced with Chase Land Company, CliftonLarsonAllen their success and encouraging them to periodic group activities, mentors provide LLP, Closed Monday Productions, Deloitte achieve their goal of a college degree. guidance, coaching and advice to help & Touche LLP, DuPont, The Economic Club

ANNUAL REPORT 2014–2015 33

28360_ECW_AR_2015_X.indd 33 8/17/15 3:38 PM of Washington, D.C., Foley & Lardner LLP, Goodwill of Greater Washington, The JBG Companies, JM Zell Partners, Ltd., Jones Lang LaSalle, Kirkland & Ellis LLP, Leidos, The National Education Initiative, Navigant Consulting, NERA Economic Consulting, Personal Care Products Council, PwC, Ronald Reagan Building & International Trade Center, Saul Ewing LLP, Versar Inc., and Widmeyer Communications, a Finn Partners Company.

INTERNSHIP PROGRAM

nother program introduced in A the 2014-2015 season to provide additional support for recipients of the David M. Rubenstein/Economic Club of Washington, D.C. scholarships got off to a very strong start. This initiative, donated $7,500 in personal funds towards Medical Institute, Kreeger Museum, managed in partnership with The internships to be administered by Pat Mary’s Center, Monument Academy, Urban Alliance, provides programming McGuire of Trinity Washington University. Ridgewells Catering, Running Start, Sitar and funding to support paid summer That donation was matched by Ernst & Arts Center, Susan G. Komen Race for the internships for rising juniors and seniors. Young. Trinity Washington University Cure, the office of Rep. Debbie Dingell The Economic Club contributed $75,000 placed the intern for this summer with in the U.S. House of Representatives, for its launch. That contribution was Jubilee Jumpstart. Earlier this year, Bank Washington DC Economic Partnership, matched by Economic Club President of America Merrill Lynch also provided an and Young Women’s Project. David M. Rubenstein to bring the total internship for an Economic Club scholar. A total of 25 past scholarship recipients amount of funding available to support Internships that were part of the Urban gained work experience this summer and paid summer internships to $150,000. Alliance managed initiative were provided earned money to help with their continuing In addition, individual Economic Club by Accenture, Capital Area Food Bank, education as a result of this program. members stepped forward to provide Capital Partners for Education, CareFirst Most of the internships began early in internship opportunities. Anthony Otten, BlueCross and BlueShield, Children’s June 2015 and continued until August. CEO, Versar Inc., made four internships Law Center, Children’s National Medical That the students found the experience available for Economic Club scholars. Center, The Consortium of Universities, to be very valuable is demonstrated by a Daniel Murrin, Partner, Ernst & Young, Higher Achievement, Howard Hughes

34 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 34 8/13/15 9:07 AM letter written to the Economic Club at the Alliance. I got an internship with the mentors I have ever had the opportunity beginning of the summer internships Washington DC Economic Partnership to know. We have had workshops, guest by Imhotepa Holder, a 2013 graduate of and I am very excited … I have attended speakers, and gotten professional head- Woodrow Wilson High School who is two weeks of pre-work training at the shots taken in a studio! This experience, attending Temple University. Ms. Holder Urban Alliance office with fellow interns the first two weeks alone, has been wrote, “I wanted to say thank you for and our mentor Mr. Martin Copeland; he phenomenal and the imparted wisdom the opportunity to be a part of Urban is an advocate and one of the strongest irreplaceable. Thank you again!”

PHILIP M. DEARBORN FELLOWSHIP AND THE VERNON E. JORDAN, JR. FELLOWSHIPS

ince 1993, the Economic Club Trajectory: An Occupational Perspective for Brown is exploring the subject of “White S has awarded annually a $10,000 Assessing Regional Human Capital Assets.” or Black Hat? An Economic Analysis doctoral fellowship named in honor of Computer Hacking.” R. Andrew of Philip M. Dearborn, a leading Two students attending Georgetown Whitten is examining “How Kinky Are national authority on urban finance, University were the recipients of the U.S. Taxpayers? Using Income Bunching intergovernmental finance, and regional Vernon E. Jordan Jr. Fellowships. Caitlin to Measure Tax Rate Sensitivity.” economic development who was particularly well regarded for his analyses of the financial condition of Washington, D.C., and the Washington metropolitan area. Two more fellowships of $10,000 each are presented annually in honor of Vernon E. Jordan, Jr., the Economic Club’s immediate past President.

The 2015 recipient of the Philip M. Dearborn award was Lokesh Dani, a student at George Mason University, whose thesis is titled “Identifying Washington, D.C. Metropolitan Area’s New Growth

(Standing l-r) Robert Yerman, Managing Director, AlixPartners, who aided in evaluating fellowship applications; Dr. Jeffrey A. Eisenach, Senior Vice President, NERA Economic Consulting, and Economic Club Vice President for Education

(Seated l-r) Fellowship winners Lokesh Dani, R. Andrew Whitten, Caitlin Brown

ANNUAL REPORT 2014–2015 35

28360_ECW_AR_2015.indd 35 8/13/15 9:07 AM BOARD of DIRECTORS

etiring members of the Board of Thomas Bozzuto, Chairman and In other business at that meeting, Brian R Directors of the Economic Club CEO, Bozzuto Group; Raul Fernandez, Kelly, Editor and Chief Content Officer, and other directors who had completed Chairman, ObjectVideo; Robert G. U.S. News & World Report, and Eric their terms of service were presented Liberatore, Director, Chrysler Group Spiegel, President and CEO, Siemens with a commemorative gift during the LLC; Deryl McKissack, Chairwoman USA, were elected as Vice Presidents— June 2015 meeting. Board members & CEO, McKissack & McKissack; Programs. Mr. Spiegel, who has been recognized for their contributions to Mark Ordan, Executive Chairman, WP serving as Chair of the Global Initiative the Club were Deborah J. Kissire, Vice GLIMCHER; Joseph M. Rigby, Chairman, Task Force, will continue to guide that Chair, East Central Managing Partner, President and CEO, PEPCO Holdings initiative as an integrated part of the Ernst & Young LLP, who has been Inc., and Gary Shapiro, President & CEO, Economic Club’s overall programming. serving as Vice President—Programs; Consumer Electronics Association. Katharine Weymouth, Former Publisher and CEO, The Washington Post, was elected as Vice President—Nominating, and will serve as Co-Chair of this committee with David Pollin, Co-Founder and President, The Buccini/Pollin Group.

In September 2014, the Board hosted an orientation session for Board members beginning their terms of service in the 2014-2015 season to help them quickly master the structure and operations of the Economic Club. Nominating Committee Co-Chairs Carol Melton, Executive Vice President, Global Public Policy, Time Warner, Inc., and David Pollin, Co-Founder and President, The Buccini/Pollin Group, reviewed with the new Board members the functions of the Club’s Board committees and its policies and procedures.

36 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 36 8/13/15 9:07 AM ANNUAL REPORT 2014–2015 37

28360_ECW_AR_2015.indd 37 8/13/15 9:07 AM ACKNOWLEDGEMENTS 28th SEASON: JULY 2014 – JUNE 2015

In appreciation of The Economic Club of Washington, D.C. Sponsors:

PREMIER SUPPORTERS SIGNATURE EVENT SPONSORS

Amazon Web Services Google Inc. American Fuel & Inova Health Foundation Petrochemical Manufacturers American Gas Association The JBG Companies M&T Bank American Petroleum Institute Baker Tilly Kaiser Permanente National Association Bernstein Global Wealth BET Networks Mid-Atlantic States of Manufacturers Management The Boeing Company McKissack & McKissack Noblis Burson-Marsteller The Buccini/Pollin Group Mercator XXI, LLC Nuclear Energy Institute The Case Foundation Citigroup Inc. Morris, Manning PhRMA & Martin LLP Columbia Property Trust CityBridge Foundation SRA International Northwestern Mutual Consummate Capital LLC Clark Enterprises, Inc. The Trump Organization Reed Smith Dell Inc. DuPont US Chamber of Commerce Dell Services Federal Ridgewells Voya Investment FOCUS Investment Bank Government RMA Chauffeured Management Fort Lincoln New Transportation Edison Electric Institute Town Corporation WC Smith Salamander Hotels & Resorts Exelon Corporation GEICO WDG Architecture Saul Ewing LLP Exxon Mobil Corporation The George Washington The Wentworth Group General Electric Company University Time Warner Inc. Xerox Corporation Husch Blackwell Goldman, Sachs & Co. U.S. News & World Report Washingtonian Magazine

PICTURED OPPOSITE: The annual Sponsor Appreciation dinner, hosted by Economic Club President David M. Rubenstein, held October 28, 2014, at the National Portrait Gallery. The invitation-only event recognized the valuable support provided to the Club by Corporate Partners, Corporate Circle Sponsors, Premier Supporters, and event sponsors for the 2013-2014 and 2014-2015 seasons. Dr. G. Wayne Clough, Secretary of the Smithsonian Institution, was the featured speaker.

38 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 38 8/13/15 9:07 AM CORPORATE Accenture FedEx Corporation PARTNERS Capital One Bank KPMG LLP The Carlyle Group PEPCO Holdings, Inc. Dentons US LLP TOYOTA

Akin Gump Strauss Ernst & Young LLP CORPORATE Hauer & Feld LLP CIRCLE PNC Bank of Bank of America Greater Washington Deloitte & Touche LLP PwC

ANNUAL REPORT 2014–2015 39

28360_ECW_AR_2015.indd 39 8/13/15 9:07 AM 2014 –2015 SIGNATURE EVENT SPEAKERS

JUNE 17, 2015 DECEMBER 15, 2014 OCTOBER 30, 2014 JEFFREY R. IMMELT DONALD J. TRUMP CHRISTOPHER M. CRANE CHAIRMAN AND CEO CHAIRMAN AND PRESIDENT PRESIDENT AND GENERAL ELECTRIC COMPANY THE TRUMP ORGANIZATION CHIEF EXECUTIVE OFFICER EXELON CORPORATION

APRIL 8, 2015 DECEMBER 3, 2014 OCTOBER 8, 2014 THE HONORABLE GINNI ROMETTY MURIEL BOWSER CHAIRMAN, MICHAEL MILKEN PRESIDENT, AND CEO CHAIRMAN MAYOR IBM THE MILKEN INSTITUTE THE DISTRICT OF COLUMBIA

NOVEMBER 5, 2014 SEPTEMBER 30, 2014 MARCH 12, 2015 REX W. TILLERSON ELECTION PANEL THE HONORABLE CHAIRMAN AND CEO JEFFREY ZIENTS EXXON MOBIL CORPORATION MIKE ALLEN DIRECTOR CHIEF WHITE HOUSE CORRESPONDENT NATIONAL ECONOMIC COUNCIL POLITICO AND ASSISTANT TO THE PRESIDENT MARCH 11, 2015 FOR ECONOMIC POLICY THE HONORABLE CHARLES E. COOK, JR. SHAUN DONOVAN EDITOR AND PUBLISHER JULY 29, 2014 THE COOK POLITICAL REPORT DIRECTOR OFFICE OF MANAGEMENT AND BUDGET THE HONORABLE JUDY WOODRUFF FRANCIS S. COLLINS, CO-ANCHOR AND MANAGING EDITOR MARCH 4, 2015 M.D., PH.D. “THE PBS NEWSHOUR” DIRECTOR MICHAEL S. DELL NATIONAL INSTITUTES OF HEALTH FOUNDER, CHAIRMAN, AND CEO DELL INC.

40 THE ECONOMIC CLUB OF WASHINGTON, D.C. | THE PREMIER FORUM FOR LEADERS

28360_ECW_AR_2015.indd 40 8/13/15 9:07 AM ECONOMIC CLUB STAFF MARY BRADY, EXECUTIVE DIRECTOR TYLER FLOOD, MANAGER, EXECUTIVE OFFICE & EDUCATION INITIATIVES JEFFREY GERMAK, MANAGER, MARKETING & REGISTRATION JUDI IRASTORZA, SPEAKER & MEDIA RELATIONS MELISSA KITCHELL, ACCOUNTANT LINDA LARSON, SCHOLARSHIP COORDINATOR CRAIG LEJEUNE, FINANCE MANAGER REBECCA LINDNER, MANAGER, MEMBERSHIP & ANNUAL SPONSORS DONNA POWER STOWE, EDUCATION INITIATIVES CONSULTANT DEVON REIMER, SENIOR MANAGER, EVENTS AND MEETINGS BARBARA REINIKE, EXECUTIVE CONSULTANT CAROLE TRIMBLE, STRATEGIC CONSULTANT & EDITORIAL SERVICES

PUBLICATION CREDITS

RESEARCHER AND WRITER: CAROLE TRIMBLE

PHOTOGRAPHY BY: 1156 15th STREET, NW, SUITE 601 · WASHINGTON, DC 20005 JOYCE BOGHOSIAN, HAIK NALTCHAYAN WWW.ECONOMICCLUB.ORG · ( 202) 481-3260 DESIGN AND PRINTING BY MOSAIC

@TheEconomicClub TheEconomicClubDC The Economic Club of Washington, D.C.

28360_ECW_AR_2015.indd 3 8/13/15 9:07 AM THE ECONOMIC CLUB OF WASHINGTON, D.C. 1156 15th STREET, NW, SUITE 601 · WASHINGTON, DC 20005

WWW.ECONOMICCLUB.ORG · ( 202) 481-3260

28360_ECW_AR_2015.indd 4 8/13/15 9:07 AM