You are on page 1of 40

The American Enterprise Institute is a community of scholars, staff, and supporters
committed to expanding liberty, increasing individual opportunity, and strengthening
free enterprise. AEI pursues these unchanging ideals through independent thinking,
open debate, reasoned argument, and the highest standards of fact-based research.
Without regard for politics or prevailing fashion, we dedicate our work to a more
prosperous, safer, and more democratic nation and world.
Located in Washington, DC, AEI is a nonpartisan, nonprofit, 501(c)(3) educational
organization. The Institute does not take institutional positions on any issues. We
are supported by private donations from individuals, foundations, and corporations.
AEI does not accept government funding and does not perform contract research.
For more information about AEI, visit our website,









(JANUARY 3, 2013 – JANUARY 3, 2015)





*Numbers are for calendar year 2015 (unless otherwise noted) and are as of November 2015.

On May 12, Arthur Brooks participated in a panel on poverty with President
Obama at Georgetown University. The panel, which also featured Harvard
political scientist Robert Putnam and was moderated by the Washington
Post’s E. J. Dionne, debated the best ways to address chronic poverty.
Robert Doar and W. Bradford Wilcox participated in a separate panel at the
same event. The summit earned widespread media coverage, including by
the Washington Post, the Wall Street Journal, the New Yorker, and National
Public Radio.

AEI scholars organized predebate forums at the sites of Republican
and Democratic US presidential debates in Cleveland, Las Vegas,
and Boulder. They discussed the need for a conservative message
that speaks to voters’ hearts and minds, the country’s demographic
shifts, and the economic challenges facing the nation.

Michael Rubin. Matthew McInnis. . in well over 50 op-eds and blogs posts. Marc Thiessen. Danielle Pletka. and John Bolton gave more than 50 radio and 30 television interviews on the outlines of the “comprehensive” nuclear deal with Iran.irantracker.IRAN NUCLEAR DEAL In the month following the announcement of the Iran nuclear deal on July Frederick Kagan. the team warned that the terms of the deal are likely to enable rather than halt Iran’s nuclear weapons development. Additionally. Kagan launched a new mini-website on AEI’s Critical Threats Project’s Iran Tracker site to clarify the agreement’s complex language and to provide additional information (www.


our AEIdeas blog remains a leading destination for analysis that combines policy. we have played a leading role in key debates on a wide range of public policy issues. American vibrancy required bottom-up intellectual diversity and a true competition of ideas that included independent institutions such as AEI. business leaders. In addition to a record amount of funds to support our work this past year. politics and public opinion. we have added new scholars and fellows. including economics. On the digital front. our generous community also helped us raise more than $99 million toward our capital campaign goal. coined this phrase in the 1960s.” William J. At the time. We are also cultivating the next generation of free enterprise leaders. We have expanded our outreach to policymakers on both sides of the aisle. Across all AEI’s research areas. Our scholars continue to dominate the opinion pages of the country’s most read publications and make thousands of television and radio appearances on the nation’s most influential programs. one of AEI’s early presidents. Baroody Sr. journalists. who agree that investing in ideas is vital for the future of our world. Three years after launching our academic Meanwhile. education. Tully M.MESSAGE FROM THE CHAIRMAN AND PRESIDENT programs.300 student envoys on more than 600 campuses in our network. Twitter. Friedman “The competition of ideas is fundamental to a free society. Brooks and Chairman Tully M. The past year—AEI’s 78th fighting for these timeless principles—has been the most active in our history. and news. politics. We do this to protect liberty and expand opportunity and enterprise in America and around the world. and AEI scholars continue to testify more often before Congress than any peer organization. President Arthur C. like economies. health care. we depend on you. At the same time. Moreover. including in crucial new areas such as poverty alleviation. History has vindicated Baroody’s vision of America—and of AEI. AEI’s in-house media team is bringing our free enterprise ideas to new audiences. our steadfast community of supporters. empowering them to help spread our ideas and improve public policy. AEI is working to make our core ideas as prevalent on campuses and business communities as they are on Capitol Hill. and YouTube is growing rapidly. and students. Rather. Our popularity on social media sites such as Facebook. and foreign and defense policy. Friedman Chairman Arthur C. We hope you are proud of the work you have made possible over the past year. Thank you for trusting us with your resources in the fight for our shared values. we have more than 5. we have massively broadened our communications presence to ensure that our scholars’ ideas have the maximum possible impact. We have never wavered from our mission to promote vigorous debate and deliver the best ideas to policymakers. AEI is also developing young business leaders across the nation. Brooks President / 1 / . we are actively injecting our work into the most important policy debates of the day and disseminating that work to the leaders who are best placed to act. We are deeply optimistic about what we can achieve together in the months and years ahead. must not be controlled by central planners and government elites. Baroody believed that ideas.. To carry out this work. As you will see in these pages. the message was subversive.

a new approach for banks to provide homebuyers a more reliable and effective means of building wealth while maintaining buying power similar to a 30-year loan. theory. with coauthor Alan Auerbach. Wallison was interviewed by dozens of media outlets about the book—including Fox News. The paper. which was published in the American Economic Review in May. z Kevin Hassett. WEALTH BUILDING HOME LOAN In 2014. AEI’s Economic Policy team consists of leading scholars who are researching the most crucial issues challenging our economy today and proposing a range of innovative solutions designed to reform America’s systems and accelerate its economic recovery. z Peter Wallison wrote a second book on the financial crisis. and CNBC. has decided to incorporate the WBHL concept into its low-income lending program in NACA’s 40-plus offices nationwide. Tax Notes. and international trade and finance. wrote an incisive critique of the data. in conjunction with the Bank of America. Edward Pinto and Stephen Oliner created the Wealth Building Home Loan (WBHL). CNN. AEI scholars study the national budget. tax and entitlement reform. monetary policy.ECONOMIC POLICY STUDIES ACCELERATING ECONOMIC RECOVERY Part of AEI’s core mission is the preservation and promotion of free market economies in the United States and around the world. / 2 / . and PBS. Hidden in Plain Sight: What Really Caused the World’s Worst Financial Crisis and Why It Could Happen Again (Encounter Books. was presented at the American Economic Association conference in January and has been cited by outlets including Forbes. financial markets regulation. January 2015). and policy conclusions in Thomas Piketty’s prominent book Capital in the Twenty-First Century. The Neighborhood Assistance Corporation of America (NACA).

US Department of Education. Joseph Antos. / 3 / . z Desmond Lachman. and the significance of shareholder activism and engagement. Wendell L. Willkie has had a distinguished career in government. Alex Brill. Willkie II joined AEI as a visiting fellow to focus on the governance of America’s public companies. with a special focus on the behavior of health care providers. Vincent Reinhart rejoined AEI as a visiting scholar after stepping down as Morgan Stanley’s chief US economist. holding public events. AEI’s Open Source Policy Center. publishing numerous op-eds. led by Matt Jensen. z In March. the responsibilities of corporate boards. He was previously a research and teaching assistant at the Kellogg School of Management at Northwestern University. Zhong’s current research focuses on the Chinese economy and how forms of government relate to economic policies across countries. Andrew Biggs. and Vincent Reinhart were active in shaping the debates on the Greek debt crisis. and appearing on television and radio. Adam Lerrick. Lerrick and Reinhart also spent time in Greece over the summer talking to officials about the crisis. This model and its online interface will allow users to analyze the effects of policies for themselves. released to beta users the first-ever open-source static scoring model for US tax policy analysis. where he worked on domestic and international aspects of US monetary policy at the Fed for more than two decades. and Alan Viard published a paper titled Tax and Spending Reform for Fiscal Stability and Economic Growth for the Peterson Foundation’s Solutions Initiative. which Viard presented on a bipartisan panel at the 2015 Fiscal Summit. Reinhart is a former director of the Federal Reserve Board’s Division of Monetary Affairs. Weifeng Zhong joined AEI as a research fellow. z In May.NEW SCHOLARS Benedic Ippolito joined AEI as a research fellow to focus on the economics of health care policy. focusing on macroeconomics and political economy. The paper proposed a plan to fix America’s debt and restore long-term fiscal stability to the country. and US Department of Commerce. having served in various positions at the White House. He has been investigating how changes in financial incentives influence hospital care and how alternative compensation models influence the behavior of physicians and the way they treat patients.

Nonmarital births are at elevated levels.POVERTY STUDIES SEEING PEOPLE AS ASSETS. believing that it is only through free enterprise that we can stimulate true prosperity and innovative thinking—as opposed to simply treating poverty. CNN produced a video / 4 / featuring Arthur Brooks on “How Conservatives Can Help the Poor. Angela Rachidi penned a policy brief examining various earned income tax credit expansion proposals. Eberstadt’s work on the decline in marriage and the falling birth rate appeared in the Wall Street Journal in February. NBC News ran the profile piece “Meet Arthur Brooks. advancing those ideas in the public dialogue. the Republican Party’s Poverty Guru. NOT LIABILITIES Twelve million more Americans live in poverty today than did in 2000.” z In June. All of the program’s work takes a human capital approach to poverty alleviation. Shortly after. . z On February 23. Her frequent blog posts on social services issues have been read and praised by top House Committee staffers. Work rates for men with low levels of education are collapsing. understanding that poor people are not liabilities to be managed but rather assets to develop. z Kevin Corinth released two papers on homelessness in the AEI Economic Perspectives policy series: Street Homelessness: A Disappearing Act? (June) and What Should We Do about Homeless Families? Comments on the Family Options Study (August). AEI’s team of leading academics and practitioners is dedicated to fostering new ideas for fighting poverty and improving government programs to help more low-income Americans move up. These are the issues that AEI’s Poverty Studies program aims to address. z Nicholas Eberstadt produced several articles and op-eds about Americans’ flight from work and the impact that has on the modern welfare state. and connecting those ideas to decision makers. MSNBC ran a segment on AEI’s leading role in reshaping the conservative approach to poverty alleviation. and in October. and racial gaps in poverty persist.” The article profiled AEI’s work on poverty issues and impact on the messaging of the 2016 presidential candidates.

The study. Ben Sasse (R-NE). Angela Rachidi joined AEI as a research fellow to work on the effects of public policy and existing support programs on low-income families. Responsibility. in which he demonstrates that mandatory work requirements are essential to sound welfare policy. family. child support. Mead has written several influential books (including Expanding Work Programs for Poor Men. AEI Press. Their statement was widely circulated among relevant staff. NEW SCHOLARS Maura Corrigan joined AEI as a visiting fellow to focus on issues related to child welfare. Robert Doar. which was released at an AEI event keynoted by Sen. and many others. the Supplemental Nutrition Assistance Program. They analyzed the merits and drawbacks of the committee’s proposal and crafted recommendations to improve the draft. including favorable articles in the Washington Post. received considerable attention in the public debate. Bradford Wilcox. z Over the summer. an effort by a bipartisan group of top scholars and policy intellectuals to identify actionable and politically viable policy solutions that address issues of poverty and lack of opportunity in America. / 5 / . and Maura Corrigan submitted a statement to the House Committee on Ways and Means on the Discussion Draft to Reauthorize Temporary Assistance for Needy Families. a major consensus document published in December with proposals focusing on work. 2011). along with economists Joseph Price (BYU) and Robert Lerman (Urban Institute). Rachidi was previously a deputy commissioner for policy research and evaluation at the Human Resources Administration in New York City. Bloomberg.RESTORING THE AMERICAN DREAM Robert Doar serves on the executive committee of the AEI-Brookings Working Group. Angela Rachidi. z W. Members include AEI’s Michael Strain and Lawrence Mead. Corrigan worked as director of the Michigan Department of Human Services where she was responsible for administering Michigan’s public assistance programs for low-income and vulnerable Michigan children and families. He is also a professor of politics and public policy at New York University. food assistance. Known as one of the theoretical architects of welfare reform in the 1990s. and Security: A Consensus Plan for Reducing Poverty and Restoring the American Dream. studying programs such as Temporary Assistance for Needy Families. and workforce development programs. released a new report exploring the extent to which family structure affects economic growth at the state level. Lawrence Mead joined AEI as a visiting scholar to study American social welfare programs. and education. and disability. Before AEI. The group’s effort has resulted in Opportunity.

Wall Street Journal. and he demonstrates why it’s so important that we engage in our communities and learn from those who are on the front lines of fighting poverty. Arthur is one of the best minds on these issues. Wall Street Journal. including MSNBC. and More Prosperous America. AEI implemented a robust. including the New York Times. Fox News. Happier. and to embrace the persona of a happy warrior. The book was reviewed 23 times and featured 75 times in print and online outlets. Washington Post. television. In the lead up to its publication. He wants conservatives to speak more in moral terms. But he fears that if conservatives lead with them. to be seen fighting for people rather than against policies. AEI provided galleys of the book to dozens of long-lead publications. His closing chapter. Our media team booked more than 100 radio. New York Times Book Review. the institute he runs is dedicated to developing them. to spend more time engaging with moderates and liberals. Arthur also appeared on NBC’s Meet the Press the Sunday after the book’s release to discuss the book’s themes. and Chicago Tribune best-seller lists.THE CONSERVATIVE HEART The Conservative Heart makes the case for why conservative principles should be at the center of our poverty-fighting efforts. called ‘The Seven Habits of Highly Effective Conservatives. and online interviews for Arthur in top-rated / 6 / In addition. . was released by HarperCollins on July 14. —Speaker of the House Paul Ryan (R–WI) Brooks doesn’t want conservatives to abandon the wonkish policy arguments. Indeed. —N. These efforts surrounding the book’s launch led to its debut in the top 10 of the New York Times. Gregory Mankiw. NBC News. and PBS. July 28 media outlets nationwide. Arthur Brooks’s latest book. Publishers Weekly.’ offers a recipe for how conservative politicians can revise their rhetoric to undermine the left’s monopoly on compassion and empathy. few people will listen. multifaceted marketing campaign. The Conservative Heart: How to Build a Fairer. all of which reviewed the book. and Washington Post. NPR.

engender competition and innovation in the marketplace. and medical researchers are not conflicts but instead prerequisites for ensuring efficient medical innovation.HEALTH POLICY STUDIES KING V. He held a book briefing on Capitol Hill. Through empirical research and analysis. z Thomas Stossel published his book. and former policymakers) are helping to advance policy reforms that increase consumer choice. not bureaucrats. z Scott Gottlieb analyzed developments in federal policy and Food and Drug Administration regulation and their impacts on innovation. April 2015). PROPOSING FREE MARKET HEALTH CARE ALTERNATIVES AEI’s Health Policy Studies program has been a leader in the debates on health care policy. Peterson Foundation. and had a series of television and radio appearances to promote the book’s ideas. and streamline regulation. members of AEI’s health team (which includes practicing physicians. wrote related op-eds in the popular press. and Thomas Miller. He also regularly briefed Senate Republican legislative directors on ACA replacement options for the 114th Congress. Stossel reviews the history of conflict of interest arguments in medicine and explains why interactions among companies. Joseph Antos. z Joseph Antos published papers on health care competition and market-driven innovation in several academic journals over the course of the year. He commented on C-SPAN from outside the Supreme Court with his predictions for and reactions to oral arguments. BURWELL Thomas Miller was involved in the landmark King v. marketbased reform plan for the nation’s health system and major health entitlement programs. Burwell case (which decided the fate of the Affordable Care Act) from its conception. Ramesh Ponnuru. Pharmaphobia: How the Conflict of Interest Myth Undermines American Medical Innovation (Rowman & Littlefield. attorneys.” z James Capretta. promoting free market alternatives to the federal government’s massive new role in the sector and encouraging robust competition that empowers individuals. meeting with several state-level policy leaders. The goal of this compendium is to develop a pragmatic. improve the corporate tax system. including JAAMC: Academic Medicine and the Journal of the American Society on Aging. and was frequently quoted in editorials in leading outlets such as the New York Times regarding the Supreme Court ACA decisions. and public health and has been identifying key areas in which the ACA can be altered to help eventually establish a market-based health care system. academics. released a comprehensive reform proposal in December for a new American health agenda. medical care. including NPR’s “On Point. / 7 / . physicians. with fellow contributors at the Peter G.

Through serious discussions and first-rate research that seek to rise above the political partisanship and policy fads so common in education today. . CHER’s project laid thorough groundwork for future research. AEI hosted a dinner with policy advisers from several Republican presidential campaigns to distribute and discuss the book. Todd Young’s (R-IN) office on measures to provide legal clarity to ISA providers. commissioned six new papers that explore competencybased education (CBE). the program has become a leader in the scholarship of reform and a broker of relationships among influential education reformers. Following the introduction of the bill. a book of eight essays by AEI scholars and other experts setting an education platform that a conservative administration could pursue in office. led by Andrew Kelly. former Indiana Governor Mitch Daniels had an op-ed in the Washington Post on ISAs. z Kevin James coauthored a white paper with New America’s Alexander Holt on Income Share Agreements (ISAs) and briefed Rep. citing AEI scholars as architects and supporters of the idea. z AEI’s Center on Higher Education Reform (CHER). As a result. CBE flips traditional higher education on its head. Rep. AEI hosted a private working group that convened more than 50 individuals from a variety of backgrounds. instead of awarding credit to students based on seat time. In late August.EDUCATION POLICY STUDIES BUILDING A CULTURE OF EDUCATIONAL ENTREPRENEURSHIP AEI’s Education Policy Studies program seeks to increase the opportunity of every American student by building a culture of educational entrepreneurship to profoundly improve teaching and learning. AEI has become a destination for policy experts and practitioners alike who seek to address America’s biggest education challenges and drive fundamental change. Young introduced the Investing in Student Access Act. it grants credit once students display mastery of course material. AEI Education released An Education Agenda for 2016: Conservative Solutions for Expanding Opportunity. On July 29. / 8 / z In June. which drew from ideas in James’s white paper as well as Andrew Kelly’s work on the issue.

He previously served as commissioner of education for Florida. the report explains how policymakers have lost their way and offers an innovative new proposal to offer vouchers for Head Start funds. teacher resources. Both working groups serve as incubators for new projects. Hess wrote a number of related pieces for educator and reform-oriented publications and spoke to 22 gatherings in 12 states about the book. April 2015) to explain how teachers can engage policymakers on K–12 issues. Stevens also wrote an op-ed in the Los Angeles Times criticizing a bill to establish universal pre-K in California as it was sitting on Governor Jerry Brown’s desk for approval. gathering many of the nation’s leading reform-minded academics. and entrepreneurs to discuss the latest research and cutting-edge innovation in K–12 education. including administrative accountability. partnerships. AEI’s parallel working group to think about postsecondary education. AEI’s K–12 Future of American Education Working Group convened once again. Malkus was a senior researcher at the American Institutes for Research. innovation. Titled Renewing Childhood's Promise: The History and Future of Federal Early Care and Education Policy (November 2015). and the future of standardized testing. z Now in its seventh year.aei. launched in 2009. The book received great acclaim from reform-minded teacher groups and praise from the presidents of the two largest teachers’ unions.THE CAGE-BUSTING TEACHER Frederick Hess released The Cage-Busting Teacher (Harvard Education Press. innovation in for-profit educational institutions. The web page also features distilled points from the book. z Katharine Stevens published her first monograph on the history of early education in America.000 views online within one month. / 9 / . Gerard Robinson joined AEI as a resident fellow. and president of the Black Alliance for Educational Options. In advance of the book’s official release. and Governor Brown ended up vetoing the bill. educators. call out mediocrity in the teaching profession. charter schools. the role of community colleges and Historically Black Colleges and Universities in adult advancement. He focuses on school choice programs. focusing on applying quantitative analysis to questions on school finance. AEI worked with Hess to build a web presence for the book’s ideas (www. and lines of inquiry and innovation. Hess’s six-video series featuring stories of innovative leadership from teachers around the country garnered almost 60. Before joining AEI. NEW SCHOLARS Nat Malkus joined AEI as a research fellow. school choice. and grapple with poor school leadership or professional development. and the challenges of reforming K–12. and the importance of parental and student responsibility. The op-ed drew much attention. also met again to identify emerging research priorities. secretary of education for the Commonwealth of Virginia. and a list of his cage-busting events.

the importance of e-cigarettes in smoking cessation. they are the overarching beliefs that inform our understanding of what it is to be an American—human liberty. She is at the epicenter of some hot-button issues. and free enterprise. offers a hopeful message that rebuilding our traditional freedoms can be done by “we. sexual assault on college campuses. Jim Sensenbrenner (R-WI) and Bobby Scott (D-VA). These values have undergirded AEI’s endeavors just as they have inspired generations of Americans. . with Murray participating in interviews on Fareed Zakaria’s GPS (CNN).SOCIETY AND CULTURE ADVANCING AN UNDERSTANDING OF AMERICAN VALUES AEI scholars are tackling the challenge of maintaining a culture where virtue flourishes in tandem with freedom and material progress. and Wall Street Journal’s “Opinion Journal. AEI promoted the book extensively nationwide. John Stossel’s We the People (Fox). Rather. which have garnered 4 million total views. These are not the narrow cultural values that have so often divided Americans and poisoned our national politics. z Charles Murray’s latest book. By the People: Rebuilding Liberty without Permission (Crown. incentives for organ donation. Her online educational videos for Prager University have also each attracted more than half a million views. she held a conference on reducing incarceration and crime with bipartisan reformers Reps. the people.” / 10 / z Christina Hoff Sommers has created more than 40 “Factual Feminist” video blogs. trends in and responses to drug addiction. and equal pay for equal work.” using America’s unique civil society to put government back in its proper box. In September. and the treatment of the mentally ill. individual opportunity. such as prison reentry and criminal justice reform. including male underachievement. Our scholars are advancing a clear understanding of American culture and values and exploring how that understanding should in turn inform US public policy. May 2015). z Sally Satel provided commentary on a wide variety of issues that few conservatives address.

accessible. Is the American Dream Alive? Examining Americans’ Attitudes. the paper highlights the work of 10 AEI scholars and was used during AEI’s briefings for new members of Congress. Red Families vs. The project produced a series of videos. they discuss Medicaid reform. AEI is home to several prominent analysts of trends in politics and public opinion whose research is informed by the understanding that freedom and prosperity depend on healthy social and political institutions. and serious e-curriculum on the Constitution for students and teachers by telling its story through the prism of great American statesmen. The freedom that Americans enjoy is defined not only by laws that limit the reach of government but also by a political culture that gives life to the laws and to the principles they embody. enduring documents. Anti-Cronyism Agenda for the 114th Congress (November 2014). z In May. and congressional delegation. He also wrote one of the lead essays in the new edition of the Almanac of American Politics. / 11 / . In it. adoption of the REINS Act to assess regulatory costs. and more family stability for their children than do more liberal counties. efforts to control independent funding streams that give government agencies excessive latitude. This AEI Public Opinion Study is the most comprehensive collection of survey data from major pollsters on the American dream. led by Gary Schmitt. despite increased pessimism spurred in part by the weakened US economy. is creating a comprehensive. study guides. in which they suggested ideas to strengthen federalism and the separation of powers. Entitled An Anti-Corporate Welfare. less nonmarital childbearing. Overall. z W. Ramesh Ponnuru and coauthor Reihan Salam penned “A Constitutionalist Agenda for the GOP” for National Review Online. governor. Karlyn Bowman released an ebook. and homeownership. The data showed that on average. z Tim Carney published an AEI paper on reforms that members of Congress could consider to start dismantling policies that favor narrow interests over general ones.POLITICS AND PUBLIC OPINION ANALYZING OUR POLITICAL CULTURE IS THE AMERICAN DREAM ALIVE? In December 2014. the study found that Americans still believe the dream is attainable. and civic character. freedom. and supplemental materials on the constitutional questions that rose to prominence during the Lincoln era. The study found that the definition of the American dream to most Americans has remained constant over the years: education. more conservative counties across the country have more marriage. Bradford Wilcox published a coauthored study titled. AEI’s work aims to inspire a greater understanding of and appreciation for America’s guiding principles. z Michael Barone started a weekly video series for the Washington Examiner on the 2016 presidential campaign. and letting states go their own ways on marijuana. Barone was one of the original authors of this volume. a compendium of essential political data on every state. z AEI’s Program on American Citizenship. which debuted in 1972. Blue Families: Which Are Happier? (Institute for Family Studies. August 2015).

AEI’s Michael Mazza was among the contributors to the report. On May 14. and How It Might End (AEI. is the first to provide overwhelming evidence that cyberattacks emanating from Iran and targeting US. and American leadership around the world. security. the authors released the volume at a public AEI event. the first in a series of reports on Iranian strategy and decision making. Our program is educating current leaders and a new generation about how to best manage today’s threats and tomorrow’s challenges and believes that it is in America’s best interests to make the case for freedom and free enterprise overseas and that America is a force for good in the world. McInnis is challenging the conventional wisdom about the sources of Iran’s conduct. never before have so many top Russian scholars from a variety of fields gathered in the United States. Matthew McInnis published a major paper in May. . which includes nine essays by leading independent Russian scholars on the idea that the end of President Vladimir Putin’s reign could be fast approaching. May 2015). making clear that Iran is playing a long game in the region. that is fighting for freedom. looking not to shock neighbors into retaliation but to gradually establish regional dominance. the US shale revolution and an end to the Chinese energy demand shock will be the two most important factors shaping global energy markets. European. DC. The Growing Cyberthreat from Iran. How It Is Maintained. and regional studies programs in Washington. and Western interests are increasing at an alarming rate. z J. and that Tehran’s preference for asymmetrical proxy warfare undermines stability in the region. z Leon Aron published an edited volume titled Putin’s Russia: How It Rose. The report concludes that over the next 15 years. Iran’s Strategic Thinking: Origins and Evolution.FOREIGN AND DEFENSE POLICY STUDIES PROMOTING AMERICAN GLOBAL LEADERSHIP AEI’s Foreign and Defense Policy Studies Program has established itself as one of the premier defense. / 12 / z Dan Blumenthal and Derek Scissors codirected a major research project resulting in their February coedited report Too Much Energy? Asia at 2030. a strong national defense. z Director of the Critical Threats Project Frederick Kagan’s coauthored April report with the Norse Corporation’s Tommy Stiansen.

Thomas Donnelly. NEW SCHOLARS Kirsten Madison joined AEI as a resident fellow and deputy director of Foreign and Defense Policy Studies. the Marilyn Ware Center for Security Studies released To Rebuild America’s Military. z In December. Mayer serves as president of Opportunity Ohio and has worked in public policy and politics at both the state and federal levels. RAND’s Seth Jones. and the Center for the New Europe in Brussels. Mackenzie Eaglen. academics. Matt Mayer joined AEI as a visiting fellow. and Thomas Donnelly have been briefing US presidential candidates’ foreign policy teams on the report’s conclusions. and Zimmerman. z In October. along with Heritage’s James Carafano. business consultants. domestic preparedness and response. including representing Missouri in both the US Senate and US House of Representatives. among other outlets. Georgetown’s Bruce Hoffman.z Derek Scissors launched the Chinese Global Investment Tracker (CGIT) on AEI. While serving in the US Senate. This volume is helping to direct US presidential candidates’ attention to the importance of American internationalism. prosperity. and budgets necessary to protect American interests at home and abroad through the next administration and the coming decades. / 13 / . focusing on homeland security. a major report that defines the strategy. Rohac was affiliated with the Cato Institute’s Center for Global Liberty and Prosperity. Dalibor Rohac joined AEI as a research fellow. and US government analysts are using the CGIT to gauge the strength of the Chinese economy. and US Senate Committee on Foreign Relations. Gary Schmitt. z Katherine Zimmerman published a paper in September outlining a strategy to defeat al Qaeda in the Arabian Peninsula. He studies European political and economic trends. Frederick Kagan. the Londonbased Legatum Institute. and freedom and aims to craft a new bipartisan consensus to define America’s global with his latest biannual update in July. he was a member of the Senate Armed Services Committee and chairman of the Subcommittee on Seapower for four years. AEI and the Heritage Foundation’s CGIT is the only comprehensive public data set on Chinese outward investments and engineering contracts of $100 million or more. The CGIT has been cited by the New York Times and CNBC. the Institute for the Study of War’s Kim Kagan. journalists. Jim Talent joined AEI as a senior fellow and director of the Marilyn Ware Center’s National Security 2020 Project. and immigration issues. US Department of State. Global investors. including the postCommunist transitions and backsliding of countries in the former Soviet bloc. the American Internationalism Project (a bipartisan working group of top academics and policy experts led by AEI Fellow and former Senator Jon Kyl and Senator Joseph Lieberman) released its report Why American Leadership Still Matters. Jim Talent. Before joining AEI. Talent has been active in public policy for the past 30 years. forces. which examines matters of security. In December. and Johns Hopkins’s Thomas Mahnken published a white paper with policy proposals to defeat al Qaeda and ISIS. including as a senior official at the US Department of Homeland Security and the deputy director for the Department of Regulatory Agencies in Colorado. She has worked on policy issues from homeland security to Latin America in various senior leadership posts at the White House. counterterrorism. US Department of Homeland Security. Mary Habeck.

(February 12) z Frederick Kagan hosted at AEI Chairman of the House Homeland Security Committee Michael McCaul (R-TX). JANUARY z Jim Talent hosted newly minted House Armed Services Committee Chairman Mac Thornberry (R-TX) to coincide with the State of the Union. journalists. who reflected on the lessons he has learned during his five years on the job. also covered on C-SPAN and CNN. The following are highlights of our events over the past year. and in select cities nationwide. a panel of experts including Alex Brill commented on the bill in a discussion moderated by Alex Pollock. and government and military leaders and earned prime media coverage. (January 21) z Senate Finance Committee Chairman Orrin Hatch (R-UT) gave a keynote address at AEI outlining his trade policy agenda for the 114th Congress.OUTREACH AND COMMUNICATIONS AEI AS CONVENER In 2015. (January 30) / 14 / FEBRUARY z Frederick Hess discussed school reform and Teach for America’s vision for the future with TFA’s co-CEO Elisa Villanueva Beard. moderated by Robert Doar. John Delaney (D-MD) presented his American Infrastructure Fund proposal. AEI is respected by groups on both sides of the political aisle for bringing together people with divergent points of view for its panel discussions and private working groups. UK Department for Work and Pensions secretary of state. Senators Chris Coons (D-DE) and Jeff Fortenberry (R-NE) offered opening remarks. In this well-attended event. Chairman Thornberry laid out in detail his agenda for the 114th Congress and praised the work of AEI’s Marilyn Ware Center team. academics. Many of these events attracted capacity crowds composed of a diverse group of business professionals. AEI hosted 132 public events or private working groups at our headquarters. who discussed his strategy for a renewed global effort to defeat extremist groups and their dangerous ideology. (January 20) z Jeffrey Eisenach hosted Federal Communications Commissioner Mike O’Rielly to discuss the challenges the FCC will face as it moves into 2015. Todd Young (R-IN) and a panel of experts. students. The event took place on the same day as two congressional net neutrality hearings on Capitol Hill. discussed the UK welfare reform effort with Rep. (February 11) z AEI and the Center for American Progress hosted USAID Administrator Rajiv Shah. (February 12) MARCH z Rep. (March 3) . on Capitol Hill. (March 3) z Iain Duncan Smith.

Mac Thornberry and Jim Talent Elisa Villanueva Beard Rajiv Shah Sen. Chris Coons Frederick Kagan and Michael McCaul Rep. John Delaney Iain Duncan Smith Robert Doar / 15 / .

Lamar Alexander . Keith Alexander Charles Murray Michael Smith Eric Schmidt Jean Case / 16 / Arun Jaitley Sen.Dana Perino Gen.

scholars from 15 think tanks signed an open letter to Defense Secretary Ash Carter and the leaders of key congressional defense committees. who directs the White House’s My Brother’s Keeper program. economic. . Nearly 150 people gathered for this unprecedented event in person. and National Public Radio.z AEI welcomed Eric Schmidt. (May 12) z Leon Aron hosted nine leading Russian independent scholars for an event examining the political. (May 14) JUNE z Mackenzie Eaglen hosted Secretary of the Navy Ray Mabus for a discussion on the future of the Navy and Marine Corps. More than 100 people attended the event. Nearly 250 people attended this event. . urging the Pentagon and Congress to pursue these reforms. followed by a discussion led by Andrew Kelly and Kevin James addressing the opportunities for and obstacles to change. Thomas Donnelly. Sen.: Lessons and Advice from the Bright Side. (April 29) MAY z Arthur Brooks participated in a panel on how to address chronic poverty with President Obama at Georgetown University. the event was covered live on C-SPAN. Lamar Alexander (R-TN). and nearly two dozen press articles resulted from the discussion. (June 2) z Sadanand Dhume hosted Indian Finance Minister Arun Jaitley to discuss economic reforms currently underway in India and his vision to put the Indian economy on track for double-digit growth. CNN filmed the event. (April 23) z The Case Foundation’s Jean Case and Arthur Brooks discussed forging new paths for public-private partnerships. and fostering the next generation of philanthropic leaders. delivered a keynote address on higher education reform. Eaglen. the Washington Examiner.500 views. (April 24) z The week after riots in Baltimore. David Sanger published an exclusive on the report in the New York Times. the Wall Street Journal. When meeting with Jaitley in India to secure this visit to the Institute. the New Yorker. the Pentagon. AEI hosted an important discussion of the economic and cultural factors associated with lack of opportunity for black men and of the ways in which public policy and culture can be engaged to make things better. (March 18) APRIL z Frederick Kagan released his major report (written in collaboration with Norse Corporation) analyzing Iran’s cyber activities at a public AEI event at which Gen. (June 19) z AEI hosted three of the most influential social scientists of a generation: AEI’s own Charles Murray and Harvard University’s Robert Putnam and William Julius Wilson in a debate moderated by Robert Doar on the implications for American children of recent trends showing increasing inequality between rich and poor Americans. with fellow former White House Press Secretary Mike McCurry from the Clinton administration. including by the Washington Post. Alexander noted that many of the ideas he has been promoting came from AEI’s Education team. and the Christian Science Monitor. promoting social entrepreneurship. more than 4. (April 17) z Former White House Press Secretary Dana Perino sat down for a discussion at AEI on her new book. And the Good News Is . and it was covered by media crews from Voice of America and Russia’s RTR TV. Ahead of the event. chairman of the Senate Committee on Health. and Capitol Hill. A capacity crowd of nearly 300 attended. Labor. executive chairman of Google. and social crises facing Russia today and how the Putin regime has responded. James Glassman moderated the discussion between Schmidt and Arthur Brooks. Dionne. (July 16) z Chairman of the House Financial Services Committee Jeb Hensarling (R-TX) and a panel of experts including Peter Wallison and Alex Pollock discussed the need for financial regulation reform on the fifth anniversary of the Dodd-Frank Act. a bipartisan group of DC’s leading national security scholars and members of Congress came together on Capitol Hill to discuss necessary and overdue structural defense reforms. and the report was mentioned in outlets such as the Hill. and Roger Zakheim were among the signatories. Education. Wall Street Journal. (July 21) / 17 / . The event featured a panel including Michael Smith. and AEI’s YouTube video of the event has garnered more than 3. and Pensions.000 viewed the video live or after the event. The panel also featured Harvard political scientist Robert Putnam and was moderated by the Washington Post’s E. which was standing room only with 220 attendees from the defense industry and policy community. and C-SPAN covered it live. to discuss how innovation acts as a force for social good. J. Dhume had the opportunity to meet with Prime Minister Narendra Modi himself. The event was featured in Politico’s “Morning Money” newsletter two days in a row. The summit earned wide media coverage. Keith Alexander delivered the keynote address. (May 14) z At the direction of Mackenzie Eaglen. (June 22) JULY z Sen. The event was covered live on C-SPAN.

States of Change: The Demographic Evolution of the American Electorate. During this private two-day event. and closing remarks by Chairman of the House Foreign Affairs Committee Rep. (August 5) SEPTEMBER z Former Vice President Richard Cheney gave a major address on the consequences of the Iran nuclear deal to the security and interests of the United States and its allies in the Middle East. November 2015). Jack Keane (ret. making the case for free enterprise in 60 seconds. (September 10) / 18 / z Mackenzie Eaglen hosted Secretary of the Army John McHugh for a discussion about the US Army’s challenges in readiness. and discussed with Danielle Pletka US-Israel relations and the growing challenges facing Israel. the American Federation of Teachers.) on the fight against al Qaeda. Ohio. Brookings Institution. two expert panels. and close friend and political associate of assassinated opposition leader Boris Nemtsov. is a prodemocracy activist. the Reagan White House. Panelists included a range of notable scholars and education policymakers representing the US Department of Education. and the political arena. the Eli and Edythe Broad Foundation. the Center for American Progress’s Ruy Texeira. (November 9) z AEI hosted Wall Street Journal columnist Peggy Noonan for a conversation with CBS News’s John Dickerson about her new book. The bipartisan panel included AEI’s Karlyn Bowman and Norman Ornstein. Peter Holden. C-SPAN and Voice of America covered the event. a former CIA officer in Yemen. Tom Cotton (R-AR) to discuss what the next administration needs to do to rebuild America’s military. and competed in an "elevator pitch" competition. They released the project’s first report in February. participated in interactive leadership exercises. Boston College Political Science Department Chair Susan Shell. . (September 8) z AEI and the Center for American Progress cohosted a conference to explore the transformation in New Orleans schools since Hurricane Katrina in 2005. modernization. who are collaborating on a major project on the subject. (October 9) z AEI and Brookings Mountain West hosted an event in Las Vegas prior to the Democratic presidential candidate debate that evening to discuss the demographic challenges both political parties face. Over the course of three days. featuring a discussion with Chairman of the Senate Foreign Relations Committee Sen. guided by a new report from AEI’s Marilyn Ware Center for Security Studies. (September 16) z Katherine Zimmerman discussed her new report recommending a strategy to defeat al Qaeda in Yemen with a panel that included Rep. and a conversation with Gen. (November 18) AEI event photography by Tenzin Choejor. and Ethics and Public Policy Center Hertog Fellow Yuval Levin gathered for a discussion before a capacity crowd with Michael Strain and Stan Veuger on the relationship between economic freedom and well-being. DC. The Time of Our Lives (Twelve. the American Institutes for Research. Teach for America. and the Louisiana Recovery School District. Institute of Shia Studies. and Gallup participated as panelists. and end strength. participants explored one of today’s most pressing global challenges: the search for human happiness in a world where value is increasingly defined in purely material terms.z Danielle Pletka and Michael Rubin hosted a two-panel discussion on the religious basis of Islamist terrorism. Experts from organizations including the Zephyr Institute. Kara-Murza. which chronicles her career in journalism. Ed Royce (R-CA). (October 1) z Jim Talent sat down with Sen. a victim of suspected foul play from the Putin regime. Chairman of the Republican National Committee Ed Gillespie. India. (October 13) z AEI and the Consensus for Development Reform hosted a joint event on the fundamental role of economic growth and entrepreneurism to a robust global strategy. (October 20) NOVEMBER z AEI held its second annual symposium with His Holiness the Dalai Lama in Dharamsala. (July 21) AUGUST z Arthur Brooks. coordinator of Mikhail Khodorkovsky’s civic group Open Russia. and Republican pollster Kristen Soltis Anderson discussed with moderator Marc Thiessen the importance of and need for a conservative message that speaks to voters’ hearts and minds at a public event in Cleveland. (September 15) OCTOBER z More than 70 state-based leaders from across the country gathered at AEI for our Leadership Network Summit. Bob Corker (R-TN). and Eliot VanOtteren. Will Hurd (R-TX). and Brookings’s Robert Lang. participants engaged in honest and open debate across a range of policy issues with AEI scholars. the day before the first Republican Party US presidential debate. American Islamic Congress. (October 6) z Leon Aron hosted Vladimir KaraMurza for a conversation about political oppression and corruption in Russia and Putin’s foreign policy in Ukraine and Syria. Mike Morgan. (September 17–19) z University of Illinois at Chicago Distinguished Professor Deirdre McCloskey. Hudson Institute. Aaron Clamage. Sylvia Johnson. 1974–2060. (November 4–5) z Israeli Prime Minister Benjamin Netanyahu received the Irving Kristol Award at AEI’s Annual Dinner in Washington.

Randy Forbes Benjamin Netanyahu Sen. Tom Cotton Benjamin Netanyahu and Danielle Pletka Richard Cheney Peggy Noonan / 19 / . J.Rep. Jeb Hensarling His Holiness the Dalai Lama Rep.

Over the past year. like NBC’s Meet the Press. on average. z Our scholars continue to contribute behind the scenes through the hundreds of background conversations they hold with journalists and producers each year. site offers a flexible and appealing platform for featuring AEI scholars’ work. BROADCAST. Twitter. Our high-definition ReadyCam studio at AEI has helped news stations view AEI as a go-to partner to bring leading scholarship and analysis to their programs. It features some of the most timely and important work from AEI. including popular volumes from Arthur Brooks. . and we created a number of interactive web pages and infographics to help effectively communicate our scholars' work to broader audiences. and YouTube is growing. and New York Times. z AEI scholars produced nine books in 2015. including a new weekend email product delivered to more than 30. To sign up to receive any of AEI’s e-newsletters. MSNBC. publishing more than 3. visit continues to be a leading destination for analysis that crosses policy. z AEI launched or redesigned several e-newsletters this year.380 op-eds in 2015 in outlets such as the Wall Street Journal. / 20 / z Our communications team is expanding our web presence across a host of digital platforms. AEI’s blog has become the go-to source for pro-market commentary among top-tier media outlets who frequently cite AEIdeas. AND DIGITAL MEDIA AS WELL AS TARGETED OUTREACH TO BRING OUR SCHOLARS’ IDEAS TO MILLIONS OF AMERICANS. z Our popularity on social media sites like Facebook.aei-ideas. WE UTILIZE PRINT.aei. and Bloomberg TV. offering them an opportunity to deeply influence the national discourse and promote the case for free enterprise on yet another level. including regular appearances on the nation’s most influential television programs. Thirty-four AEI scholars now contribute regular op-eds to 27 different outlets. z AEI scholars made more than 2. and CNN’s State of the Union. Charles Murray. and Frederick Hess. the latter by nearly 50 percent over the past year thanks to our AEI “Top Three” videos and Christina Hoff Sommers’ “Factual Feminist” series. z Our blog.460 television and radio appearances in 2015. Under the direction of James Pethokoukis.000 inboxes every Saturday morning. and news. AEI scholars now appear. z AEI scholars have continued to dominate the op-ed pages of major publications. continuing to drive traffic to AEI content. SHAPING THE NATIONAL CONVERSATION ON IMPORTANT PUBLIC POLICY ISSUES. CNN. more than twice per day on Fox News and Fox Business and at least every other day on CNBC. Pethokoukis has authored nearly 650 blog posts on AEIdeas.AEI AS COMMUNICATOR AEI’S COMMUNICATIONS AND OUTREACH EFFORTS MAGNIFY THE IMPACT OF OUR RESEARCH. org). Our redesigned AEI. Washington Post. AEIdeas (www. CBS’s Face the Nation.

/ 21 / .

z Trade Promotion Authority Derek Scissors was a go-to expert on trade promotion authority. Mike Lee (R-UT). can be found in Senate Armed Services Committee Chairman John McCain’s (R-AZ) defense authorization bill being considered in conference. “Trade Promotion Authority. put forward by the House and Senate.” as a prime example of the conservative argument in support of free trade. especially those of former visiting fellow William Greenwalt. AEI SCHOLARS TESTIFY BEFORE CONGRESSIONAL COMMITTEES MORE OFTEN THAN ANY PEER ORGANIZATION. finally. and the other was cited by Chairman John Kline (R-MN) in a meeting he convened with outside organizations. both closely track Hess’s vision for NCLB reauthorization. Mackenzie Eaglen published a chart of Greenwalt’s work on acquisition reform to show AEI’s progress in affecting actual legislation and areas for continued improvement. / 22 / z New Member Orientations AEI played a crucial educational role in the wake of the 2014 midterm elections. WITH A TOTAL OF 89 TESTIMONIES BEFORE THE 113TH CONGRESS AND 39 TESTIMONIES THROUGH MID-NOVEMBER BEFORE THE 114TH CONGRESS. Slate’s Jordan Weissmann noted that these ideas were carried through to legislation introduced by Sen. Kelly outlined a proposal to reform the college accreditation system. In his contribution to the YG Network’s Room to Grow volume last year. z Acquisition Reform Many of AEI’s ideas on acquisition reform. In June. AEI scholars published two op-eds in National Review Online. z The Elementary and Secondary Education Act Reauthorization Frederick Hess has played a leading role since 2004 in critiquing the No Child Left Behind (NCLB) Act and offering reforms that would decrease bureaucracy while increasing transparency and innovation. and Scissors was frequently called to Capitol Hill to brief congressional leaders. One was tweeted by then–House Speaker John Boehner (R-OH) and emailed to the entire House GOP conference by Cathy McMorris Rodgers (R-WA). THUS EXPANDING ITS OUTREACH TO POLICYMAKERS AND THEIR STAFFS ON BOTH SIDES OF THE POLITICAL AISLE. The House Ways and Means Committee circulated Scissors’s April AEIdeas blog post. helping to lead three different policy orientations for new members of Congress. The 2015 Student Success Act and the Every Child Achieves Act. being interviewed for background information by members of Congress. On the day the House’s bill was brought to the floor. respectively. z Higher Education Reform Andrew Kelly has been recognized as the intellectual architect for several promising new policy ideas for higher education reform put forward by major political figures. .AEI AS INFLUENCER AEI HAS MADE A CONCERTED EFFORT TO DISSEMINATE ITS SCHOLARSHIP TO THOSE BEST PLACED TO ACT.

and America's role in the world and are bringing student groups to AEI's headquarters in Washington for conversations with AEI scholars. 26 professors on 20 campuses adopted AEI’s minibooks in a classroom or reading group. Our 282 student Executive Council members are taking a leadership role in helping AEI educate their peers on campus on free enterprise principles. we received 6. higher education reform. during the 2014–15 academic year. Over the past 10 years. for the Summer 2015 semester. civil debate on campuses.300 students in the AEI network. AEI hosted three terms of the program with a total of more than 130 college students (out of 457 applicants) representing 78 colleges and universities. Students learned from AEI scholars and heard from wellknown DC insiders. We are encouraging a real competition of ideas and substantive. more than 50 former interns have become full-time employees at AEI. These books present a range of public policy topics to a lay audience from a free enterprise perspective. targeting not just the self-identified true believers but also persuadable and apathetic students who are not exposed to smart. and business leaders and enjoyed networking and career-coaching events.2 percent—and with an average GPA of 3. topics such as poverty. We placed 75 interns representing 51 schools— an acceptance rate of just 2.AEI AS EDUCATOR AEI’s Academic Programs is defending and promoting free enterprise and American leadership in the world on college campuses across America. sophisticated thinkers who share AEI’s mission and ethos.794 applications representing 715 schools across the country and around the world. policymakers. The Institute’s internship program is remarkably competitive. We count more than 5. / 23 / . AEI scholars are also traveling to campuses for conversations on AEI’s internship program recruits approximately 50 students each semester who spend four months working at our office on substantive projects under the direction of a scholar or senior staff member. AEI also hosted 115 students for our inaugural Summer Ideas Summit and 142 students for our Values & Capitalism Summer Conference weekends. In June. Our signature student event is our annual Summer Honors Program. representing more than 600 campuses across the country. We are also building our network of faculty and administrators (nearly 380 to date) who share our belief that the competition of ideas is fundamental to institutions of higher learning. Professors are using AEI resources (including our new online learning modules) in their classrooms. dedicating their careers to the pursuit of human liberty and flourishing.69. welfare reform. journalists.

AEI’s community has a broad range of opportunities to engage with AEI scholars in their hometowns. and financial support of AEI's community. and foundation founders.000 in annual support. industry. dynamism. We are also thankful for our growing network of state-based leaders who are helping to disseminate AEI's scholarship across the country. Support from the private sector—the engine of America’s freedom and prosperity—is a vote in support of AEI’s mission to encourage a policy and business climate that stimulates economic growth. and public policy from around the nation. and bequests. A wide range of foundations share AEI’s core principles. the United Kingdom. Thanks to the generous intellectual. foundation. If you are interested in learning more about joining our community. as well as our student leaders at colleges and universities who are making the case for free enterprise on their campuses.AEI AS COMMUNITY AEI is enormously grateful for its 1. and donations can also be made in the form of securities. There were 178 public members of the National Council at the end of November 2015. matching gifts. z AEI NATIONAL COUNCIL AEI’s National Council is a coalition of supporters who share a deep commitment to strengthening the free enterprise system. we have organized more than 150 events across the country. an increase of more than 20 percent from the year before. Individual donors can join AEI’s Donor Leadership Program at various levels of support. We welcomed two trustees this year: John Hurley from San Francisco and Elisabeth DeVos from Grand Rapids. with many of our donors and friends of the Institute hosting AEI scholars for events ranging from intimate roundtable policy discussions to major public forums. MI.380 individual. .org. 2015 events and seminars featuring AEI scholars z AEI BOARD OF TRUSTEES AEI’s Board of Trustees has grown to 30 leaders in finance. and Taiwan. please contact aeicoalitions@aei. If you are interested in joining AEI’s state-based leadership network. moral.aei. and expanded opportunity for all. National Council members help grow our community by introducing friends and colleagues around the nation to AEI. As unofficial AEI ambassadors. please visit www. ranging from gifts of $250 to more than $50. and staff regularly join fellow members of the AEI community for regional events as well as briefings and special events at AEI. and corporate donors who share our values and stand with us to support and defend the moral imperatives of freedom and free enterprise here in America and abroad. Our National Council members represent 31 states. AEI does not undertake contract research nor accept government funding. / 24 / Importantly. academia. Over the past year. AEI’s Corporate Program offers several avenues of engagement for companies committed to better public policy. stocks. board members. we are having an outsized impact on the policy debates.

op-eds for their student paper. which has now grown to more than 120 leaders who represent a diverse range of nonprofits. as well as major opinion leaders. z AEI30 AEI30 is AEI’s selected cohort of young leaders in business. z AEI ENTERPRISE CLUB AEI’s Enterprise Club is an invitation-only group of 30–40year-old professionals who are selected based on depth of intellectual interest in policy. Charles Murray. The program plans to continue growing its NYC membership and then expand to other cities. and summer program students. we have also included a small group of top leaders from our Enterprise Club for a series of policy discussions. The past two years. Seventy of these leaders gathe­red in September for our annual Summit in Washington. and top executives from the world’s corporations and financial firms. DC. AEI National Council cochair and CEO of Third Point LLC. and local governments. debates. In July 2015. Our scholars frequently travel to meet with these supporters throughout the year for intimate gatherings over serious policy discussions. and professionals who work with AEI to promote public policy that restores growth and prosperity. Nashville. and Seattle. Education. and executive branch officials. These affinity groups serve as forums for specific policy discussions and efforts (Foreign Policy. record of achievement. We currently count 16 chapters in cities across the country. z AEI WORLD FORUM Sea Island.z AEI STUDENT EXECUTIVE COUNCIL Our 282 student Executive Council members at 77 schools are helping us educate their peers on campus through a variety of activities (conferences. entrepreneurs. are helping to disseminate AEI’s scholarship and are impacting their communities for freedom. GA AEI’s World Forum. By the People. and entrepreneurship who are interested in serious discussions on the most significant challenges facing our country. president. z AEI Leadership Network Members of AEI's Leadership Network. In just four years. and politics during the weekend gathering. or book clubs) and are hosting leadership dinners with AEI scholars or business leaders from the AEI community. research assistants. and potential for future impact. fellows. and the group hosted events in 2015 with Arthur Brooks. we now have a network of more than 350 members. and free enterprise. Gordon & Co. foundation leaders. and director of BlackRock. Academic Programs. convenes dozens of congressional leaders. z AEI ALUMNI PROGRAM AEI’s Alumni Program connects former scholars. and Values & Capitalism). founder. the Enterprise Club has grown to 311 members in 12 cities across the nation. AEI launched program committees among our National Council members. opportunity. General T. and Rob Kapito. Charles Murray spoke to a group of 90 AEI alumni gathered at AEI’s headquarters about his latest book. The program started in September 2014 with a New York City chapter that has grown to 48 members. our marquee event held each year in March. culture. After starting the program two years ago. business organizations. staff. The Dallas Enterprise Club chapter has grown by 24 members in the past year. governors. Michael Moseley. AEI National Council cochair and COO of Angelo. finance. These student leaders attend leadership events at AEI’s headquarters in Washington where they hear from our scholars on issues of public policy and receive career advice. among other cities. z REGIONAL COUNCIL EVENTS AEI’s Regional Councils are comprised of influential business leaders. We have regular breakfasts in New York featuring prominent business leaders such as Dan Loeb. community service groups. Foreign Policy Program Committee members Debbie and David Roberts hosted Danielle Pletka and Jim Talent at their home in New York City for a discussion on the current state of affairs in the Middle East and AEI defense scholars’ major initiatives for the months ahead. David Roberts. Gerard Robinson spoke about education reform at the national and local levels in Boston. Attendees participate in a robust idea exchange on global economics. interns. / 25 / . and city. state. In June. z AEI PROGRAM COMMITTEES In 2015. and Benjamin Zycher. For example. foreign and defense policy.

Lincoln at Two Hundred (2009). and editorials. At AEI. She also served on several federal advisory councils dealing with Social Security and disability policy and wrote numerous books. She was a resident scholar and director of social security and pension studies at AEI from 1987 to 2000 and served as editor of Regulation magazine from 1986 to 1988. All his books had major impact on vitally important national debates. . and senior adviser to the 1983 National Commission on Social Security Reform (“Greenspan Panel”). served as a delegate to the UN Commission on Human Rights. a favorite of his colleagues. and Taking the Constitution Seriously (1987). Prior to joining AEI. and won the National Humanities Medal. chief professional staff member on social security for the US Senate Committee on Finance. / 26 / Carolyn Weaver Mackay On August 26. Berns was a towering intellectual figure on the US Constitution and wrote prolifically for both scholarly and popular audiences. After the People Vote (2001). his published works included Making Patriots (2002). Mackay was a senior research fellow at the Hoover Institution at Stanford University. offers a masterful look at the impact of the president he admired most. articles. His association with AEI began in the late 1970s and lasted more than three decades. He was also a veteran of WWII. taught hundreds of students at six universities. Carolyn Weaver Mackay passed away.IN MEMORIAM Walter Berns Walter Berns passed away on January 10 at the age of 95.

He hosted a number of PBS television specials as well as the weekly program Think Tank with Ben Wattenberg. one of a handful of Democrats whom William J. Makin. as chairman of the International Security Advisory Board at the US Department of State. who joined AEI in 1977 to study US politics and demography. including The Birth Dearth (1987) and The First Measured Century (2000). politician. engaging in the public debates across a variety of issues. Reagan. and actor. He rejoined AEI full time in 2012 as a senior member of the economics team to study the US economy. Scammon. The Real Majority.John H. and wrote AEI's monthly Economic Outlook. He served his country as a US senator representing Tennessee. Congressional Budget Office. monetary policy. as reflected in his career as an attorney. / 27 / . Along with his work.000 columns as well as a number of other books. AEI mourned the loss of Ben Wattenberg. and serving as a principal at the hedge fund Caxton Associates. television. his lively wit and good humor made him truly loved at AEI. he moved in and out of residence at AEI—advising the US Treasury Department. will surely be missed. His sonorous voice that many know so well from his roles in movies. In 1973. who had been part of the AEI family since 1984. Chinese. teaching. financial markets. Over the course of his career. Fred Thompson Former AEI visiting fellow Fred Thompson passed away on November 1 at the age of 73. Wattenberg On June 28. and commercials. a bestselling analysis of US politics. Makin On March 30. Wattenberg was a passionate commentator. W. He was a clear and principled thinker who specialized at AEI in national security and intelligence and was a man of wide interests and talents. when he first joined as a scholar. brought to the Institute around that time. AEI mourned the loss of John H. Wattenberg was appointed to various committees and commissions by Presidents Carter. lobbyist. which ran for 15 years. Over his career. he was appointed as minority counsel to assist the Republican senators on the Senate Watergate Committee. as a member of the US-China Economic and Security Review Commission. which paired insightful research with current economic topics. corporate taxation. and as a member of the Council on Foreign Relations. Baroody Sr. He also wrote frequently about Japanese. and banking. and George H. and European economic issues. and International Monetary Fund. Ben J. Bush and penned nearly 1. as well as his wry humor. Wattenberg drew national attention in 1970 with the publication of his coauthored book with AEI adjunct colleague Richard M.

Together. we have raised more than $99 million for the campaign. which will extend the reach and impact of AEI’s work by making possible new research programs and communications enhancements and by helping to underwrite the Institute’s long-term financial stability. Our headquarters will be located at 1789 Massachusetts Avenue. We look forward to sharing our new home with you in 2016. NW. in Washington.Thank you to the members of AEI’s community who generously supported AEI’s Campaign for Free Enterprise and American Progress. DC. / 28 / .

AEI Expenses 2015 AEI Operating Revenue ($38. / 29 / . Campus Outreach 6% Social and Political Studies 12% Conferences 6% Communications 13% Foreign and Defense Policy Studies 16% AEI is enormously grateful to its community of investors for making our scholarly research and outreach initiatives possible.7 million—81 percent of these Fiscal year activity is for the period July 1. 2015.7 million) ($54. through June 30. Fiscal year activity is for the period July 1.Policy Studies 16% Expenses for the year totaled $38. and $8. 2015. Investment gains totaling $0. 2015.9 million from Management 5% Economic foundations.7 million) administration.2 million are excludedForeign fromand theDefense Communications 13% operating revenue shown. 2015. is for the period July 1. through June 30.6 million and Capital Conferences 6% Campaign commitments totaling $27. and 9 percent for fundraising. opportunity. 2015 AEI Expenses 10 percent for management and ($38. through June 30. 2014.6 million.8 million fromPolicy Administration 5% Studies 27% corporations.AEI AS RESPONSIBLE STEWARD AEI’s audited financial performance for the fiscal year ended on June 30. is provided in accordance with GAAP 2015 accounting conventions. brought the Social and Institute’s annual operating revenues Political Studies 12% Campus Outreach 6% to $54. along with Fundraising 9% conference and miscellaneous revenue of $2 million. AEI allocates Management 5% Economic Policy communication expenses to Administration 5% Studies 27% programs. and enterprise in America and around the world. 2014. expenses were for programs. The sum of these fundraising activities.6 million) Corporations 16% Foundations 44% nue rences and Revenue 4% Individuals 36% Conferences and Other Revenue 4% Individuals 36% The Institute raised $19.9 million from individuals. 2014. We hope you are proud of the work that you have supported to advance freedom. communication expenses are shown prior to Fundraising 9% such allocation. $23.

LUKE JR. KLARMAN President and CEO The Baupost Group. PRIEST TULLY M. ROSEN John L. LIPSCHULTZ Partner Kohlberg Kravis Roberts JOHN A. Chairman KEVIN B. GALVIN Chairman Harrison Street Capital. LLC MARILYN WARE Chairman. LP MARC S. Berkeley Ralph and Dorothy Keller Distinguished Service Professor of Economics Booth School of Business University of Chicago JEREMY A. Retired American Express Company Chairman. ROLLINS Chairman and CEO Friedman Fleischer & Lowe. AUERBACH Robert D. Baker Professor of Economics Harvard University ROBERT H. GIDEON SEARLE AARON L. BROOKS President and Beth and Ravenel Curry Chair in Free Enterprise Bendheim Professor. HANUSHEK Paul and Jean Hanna Senior Fellow Hoover Institution Stanford University R. LLC BRUCE KOVNER Chairman Caxton Alternative Management. Inc. MALOTT PAUL F. OREFFICE HENRY WENDT OFFICERS James Clarke Chace Professor of Foreign Affairs and the Humanities Bard College JOHN L. LLC Yale Law School CEO. PALMER University Professor and Dean Emeritus Maxwell School of Citizenship and Public Affairs Syracuse University MARK PAULY RAYMOND V. Professor of Health Care Management Wharton School at the University of Pennsylvania HARVEY GOLUB DAVID GERSON SAM PELTZMAN Harvard Business School Chairman and CEO. Retired Dell. LLC JOHN V. HURLEY Founder and Managing Partner Cavalry Asset Management SETH A. Inc. GREENHILL Founder and Chairman Greenhill & Co. Miller Buckfire ROBERT F. FRANK J. Development and Academic Programs COUNCIL OF ACADEMIC ADVISERS GEORGE L. FRIEDBERG ARTHUR C. D’ANIELLO. LLC Founder and Chairman The Sembler Company WILSON H. Vice Chairman MATTHEW K. PRIEST. McCormick Distinguished Service Professor of Finance Booth School of Business University of Chicago CLIFFORD S. Carson Professor of Finance and Economics Columbia Business School WALTER RUSSELL MEAD Chief Investment Officer Eagle Capital Management. BINDER D. WALTON Managing Member Rockpoint Group. Retired American Water Works RAVENEL B. Weinberg Professor of Economics and Business Policy Princeton University RICHARD J. Phelps Professor of Law and Economics Yale Law School ALAN J. BROOKS MEL SEMBLER ROBERT P. LLC President and Beth and Ravenel Curry Chair in Free Enterprise American Enterprise Institute THE HONORABLE RICHARD B. James Madison Program in American Ideals and Institutions Princeton University ERIC A. Burch Professor of Economics and Law University of California. ROSE Executive Chairman BNSF Railway Company Robert R. ZECKHAUSER Frank Plumpton Ramsey Professor of Political Economy Kennedy School of Government Harvard University . Nitze School of Advanced International Studies Johns Hopkins University EUGENE F. CHAIRMAN Edward J. FRIEDMAN. Development and Communications DANIELLE PLETKA Senior Vice President. RUST JR. MARTIN FELDSTEIN GORDON M. MADDEN Chairman International Paper CHRISTOPHER B. FARACI George F. COORS Vice Chairman of the Board Molson Coors Brewing Company HARLAN CROW Chairman and CEO Crow Holdings Chairman and CEO State Farm Insurance Companies Managing Partner The Serafin Group.. LLC Professor of Politics and International Affairs Princeton University McCormick Professor of Jurisprudence Director. HANNA Hanna Capital. ASNESS EDWARD B. LLC JOHN K. CHENEY PETER H. ELIOT A. Foreign and Defense Policy Studies TOBY STOCK Vice President. COHEN Paul H. GEORGE Chairman and Co-Founder The Carlyle Group Managing and Founding Principal AQR Capital Management Managing Director Coastview Capital. Chairman and CEO MeadWestvaco Corporation Executive Vice President JASON BERTSCH Senior Vice President. GLENN HUBBARD Dean and Russell L. TAYLOR Chairman Emeritus Cigna Corporation WILLIAM H.BOARD OF TRUSTEES GEORGE L. RABKIN Professor of Law George Mason University School of Law HARVEY S. GILMARTIN ARTHUR C. FAMA DANIEL A. CURRY III EMERITUS TRUSTEES ELISABETH (BETSY) DEVOS RICHARD B.

KAGAN KEVIN CORINTH DEREK M. Taylor Scholar in Health Care and Retirement Policy. AEI’s International Center on Housing Finance. DeWitt Wallace Fellow BENEDIC IPPOLITO TOMAS PHILIPSON KEVIN JAMES EDWARD J. Center for Internet. STEVENS Research Fellow THOMAS P. CARNEY Fellow Resident Fellow Visiting Scholar Visiting Scholar Henry Wendt Scholar in Political Economy THOMAS P. Brady Scholar KATHARINE B. Resident Scholar JAMES PETHOKOUKIS MARC A. Economic Policy Studies. Wilson Chair in American Politics and Culture Managing Director. STOSSEL. Agriculture Studies. Resident Fellow MACKENZIE EAGLEN Resident Fellow Resident Scholar JON KYL Codirector. Visiting Scholar R. KELLY ROBERT DOAR VINCENT H. Resident Scholar MARK SCHNEIDER Visiting Scholar PHILLIP SWAGEL Visiting Scholar JIM TALENT Visiting Fellow Resident Fellow STAN A. MD Visiting Scholar MICHAEL R. Resident Scholar Visiting Fellow MATT MAYER Resident Scholar Codirector. WILLKIE II Visiting Fellow PAUL WOLFOWITZ Visiting Scholar JOHN YOO Visiting Scholar ROGER I. HELMS LYNNE V. Senior Fellow ANDREW P. STRAIN Deputy Director. Marilyn Ware Center for Security Studies. MD Visiting Scholar BENJAMIN ZYCHER John G. KASS. HASSETT Resident Scholar Resident Scholar Resident Fellow Visiting Scholar Visiting Scholar ANDREW G. Center on Higher Education Reform. ORNSTEIN Director. Communications. BIGGS Resident Scholar EDWARD BLUM Visiting Fellow DAN BLUMENTHAL Director. Christopher DeMuth Chair. SMITH Research Fellow NORMAN J. Resident Fellow Visiting Fellow ANGELA RACHIDI VINCENT R. Resident Fellow J. ZINBERG. SCISSORS Resident Scholar ROBERT B. Foreign and Defense Policy Studies. and Technology Policy. Program on American Citizenship. MD Resident Scholar GARY J. Russian Studies. Marilyn Ware Center for Security Studies. HESS Research Fellow SADANAND DHUME SITA SLAVOV Visiting Fellow Resident Scholar Madden-Jewett Chair. Resident Scholar . BOLTON Senior Fellow KARLYN BOWMAN Research Coordinator. GLENN HUBBARD Morgridge Fellow in Poverty Studies. SCHMITT Codirector. Resident Scholar JEFFREY EISENACH Director. State Farm James Q. MATTHEW MCINNIS Director. Asian Studies. AEI’s International Center on Housing Finance. CHENEY Visiting Fellow APARNA MATHUR Visiting Scholar ROGER F. Marilyn Ware Center’s National Security 2020 Project. WALLISON Arthur F. ZAKHEIM Visiting Fellow WEIFENG ZHONG Research Fellow KATHERINE ZIMMERMAN Research Fellow JOEL M. NORIEGA Visiting Fellow EDWARD CONARD DAVID SCHOENBROD Research Fellow Director. RICHARD GEDDES Visiting Scholar JAMES K. PINTO Research Fellow Research Fellow MATTHEW H. H. OLINER Scholar Visiting Fellow Editor. Open Source Policy Center Senior Fellow NAT MALKUS Visiting Fellow Resident Fellow ADAM LERRICK Visiting Scholar PHILLIP LOHAUS Research Fellow KIRSTEN MADISON Deputy Director. Education Policy Studies. Resident Fellow JOHN R. Resident Fellow ALEX J. Senior Fellow ALEX BRILL Research Fellow JAMES C. Searle Chair. BRADFORD WILCOX Visiting Scholar WENDELL L. GLASSMAN Visiting Fellow MICHAEL AUSLIN JONAH GOLDBERG CLAUDE BARFIELD SCOTT GOTTLIEB. MD MICHAEL BARONE PHIL GRAMM ROGER BATE MARY HABECK ERIC BELASCO KEVIN A. Economic Policy Studies. PERRY R. REINHART Visiting Scholar GERARD ROBINSON Resident Fellow DALIBOR ROHAC Research Fellow MICHAEL RUBIN Resident Scholar SALLY SATEL. Resident Scholar MAURA CORRIGAN Resident Fellow MICHAEL MAZZA Visiting Scholar FREDERICK M. Resident Scholar RAMESH PONNURU LEON R. Burns Fellow in Financial Policy Studies. VEUGER Resident Scholar ALAN D. Director. Resident Scholar LEON ARON Director. CAPRETTA Visiting Fellow TIMOTHY P. JENSEN Visiting Scholar Codirector. THIESSEN Visiting Scholar WILLIAM INGLEE Fellow STEPHEN D.RESEARCH STAFF JOSEPH ANTOS Wilson H. Visiting Scholar Director. Resident Fellow W. POLLOCK Resident Fellow Director. AEIdeas Blog. VIARD Resident Scholar PETER J. MILLER Resident Fellow CHARLES MURRAY W. MD Research Fellow Director. Resident Scholar FREDERICK W. AEI Critical Threats Project. Resident Scholar PAUL H. KUPIEC Resident Scholar DESMOND LACHMAN NICHOLAS EBERSTADT Visiting Scholar Resident Scholar SHANE TEWS THOMAS DONNELLY Resident Fellow LARRY MEAD CHRISTINA HOFF SOMMERS MARK J.

FITES JAMES D.5834). LLC STANLEY S. Inc. AND JANET A. ISAAC* Arbiter Partners RICHARD M. FELIPE* SEAN M.* Chairman Boyle Investment Group CURTIS F. CASTLE Chairman and Chief Executive Officer Castle Harlan. JAMES L. DAVIES JUDSON AND JOYCE GREEN* Managing Principal The Cambria Group ANTHONY J. JOSEPH DAUGHERTY. EGAN* DOUGLAS AND ANGELA BRALY Kohlberg Kravis Roberts BAYARD BOYLE JR. Anderson & Stowe EDWARD C. BAKER Managing Director Goldman Sachs THILO BEST* MARK DORMAN Principal Bayshore Retirement Partners RONALD J. AND YVONNE S. HOBSON* LEWIS M. Inc NANCY AND GARY CHARTRAND* Founder Harbour Group ARMEANE AND MARY CHOKSI* JOEL AND STELLA FREEDMAN* YVETTE AND LOU KLOBUCHAR PETER HALVERSON MICHAEL A. CARREKER Chairman. L. CLARK JOSH FRIEDMAN SUE KOFFEL JOHN KINGSTON .stock@aei. ELTRICH* JOHN W. Inc. GIDWITZ JOE CRAFT AND KELLY KNIGHT* Managing Partner Court Square Capital Partners Chairman and Managing Partner The Parthenon Group MARK D. BRADBURY JR. Executive Chairman Cohen & Steers Vice Chairman Warburg Pincus Principal GCG Partners SUSAN CROWN AND WILLIAM KUNKLER HENRY GORDON MARY LOU AND JOHN DASBURG C.862. FOURTICQ SR.NATIONAL COUNCIL Members of AEI's National Council are business and community leaders from across the country who are committed to AEI's success and serve as ambassadors for AEI.P. ("LEW") DAVIES III AND PILAR H. Carson. HERRO* RICHARD DRIEHAUS* THOMAS HILLMAN KURT DUDAS ED AND HELEN HINTZ* Chief Operating Officer Stephens ROBERT A. Please contact Toby Stock. MD* Founding Partner Boyden Gray & Associates PAUL L. HUBBARD Chairman and Chief Executive Officer Hubbard Broadcasting. vice president of development and academic programs (toby. LEE S. CASTELLINI* Hancock Park Associates Chief Executive Officer Kayne Anderson Capital Advisors. Moelis & Company MARK CARLIN* Ehrenkranz Partners Mattel. DE NICOLA HEATHER AND PAUL G. insight. KENDRICK Chairman Castellini Company JOHN K. STORE Capital Corporation RUSSELL L. ECKERT KEN HIRSH GEOFFREY AND MELISSA BRADSHAW-MACK CHRISTOPHER F. DELANEY Hammes Company BILL ACHTMEYER* KIMBERLY O. Inc. FORST ROBERT H. LLC BENNIE AND STEPHANIE BRAY ARTURO BRILLEMBOURG AND HILDA OCHOA-BRILLEMBOURG KEN BROAD ERIC CANTOR* Former House Majority Leader Vice Chairman. HAMMES* KENNETH H. JAFFEE SHELLY AND MICHAEL KASSEN General Partner Welsh. The Braly Group. HUGHES* TOD AND SUSAN HULLIN PAUL J. Inc. HASKEL JIMMY AND DEE HASLAM KERRY MURPHY HEALEY SEAN HEALEY Chairman and Chief Executive Officer Affiliated Managers Group. Inc. FIELER* General Partner Equinox Partners. providing us with advice. LLP CHRISTIAN A. GIBSON JON D. CARSON* H. HOLMAN III JOHN EVANGELAKOS AL AND KATHY HUBBARD Partner AEA Investors Sullivan & Cromwell.* Board of Directors Triad Foundation RICHARD A. Inc. and guidance as we look to reach out to new friends around the country. EISENBERG Executive Vice President Lockton Insurance Brokers. Anderson & Stowe STEVEN T. HAAGA* KIP HAGOPIAN Co-President Welsh. HOFFMAN* MARTIN C. Managing Director Endeavor Capital DAVID G. KEISER* SAM AND MARILYN FOX* RANDY P. HANNAN* Colonial Navigation Co. MICHAEL J. Highside Capital Management ROBERT B. LP DONALD V. MARTIN COHEN* MARTIN GARCIA DAVID COULTER Executive Managing Director HFF. Inc. Carson. DONOVAN* President Searle Freedom Trust JOHN D. BOYDEN GRAY F. if you are interested in learning more about the National Council. TROY AND ELIZABETH FOWLER* MICHAEL L. JDC Holdings Hintz Capital Management MORTON FLEISCHER SPENCER FLEISCHER Double V Trust Funds Managing Director Eagle Capital Management. KAYNE Co-Founder Recycled Paper Greetings. DENNIS* JAY ADAIR* MICHAEL DOAR ERWIN AULIS* JAMES H. MARTIN P. 202.

Sachs & Co. LLC DAN O’KEEFE* SYLVIE LÉGÈRE AND TODD RICKETTS* DANIEL S. LLC Morgridge Foundation MR. BARRY L. RICHARD J. RAHN* President Kern Family Foundation ANNE AND ROB RAYMOND* GEOFFREY S. KROUSE* Co-Chief Executive Officer Sun Capital Partners. HOLT MASSEY ROBERT AND MARY MCCORMACK* ROSS MCKNIGHT PAUL AND JUNE SCHORR DAN SCHULTEJANN Chief Executive Officer Automation-X Corporation JAMES M. RIORDAN* Managing Partner Thoma Bravo. STERNLICHT President Robert and Mayari Pritzker Family Foundation Chairman and Chief Executive Officer Starwood Capital Group PHILIP J. STONE ANDY PUZDER* THOMAS P. RYAN Chief Executive Officer Société Générale Americas GoldenTree Asset Management JEFFREY L. MEHLMAN Member & Global Head of Public Affairs Kohlberg Kravis Roberts DANIEL N. Inc. JOE RICKETTS* CARL THOMA* Chairman of the Board Olney Bancshares of Texas. MARC STERN MAYARI PRITZKER BARRY S. MCMAHON DAVID N. ROBERTS Managing Director Summit Partners RICHARD AND ALLISON ROEDER* ROBERT ROSENKRANZ* GWENDOLYN VAN PAASSCHEN JOHN AND CAROL WALTER* RAY AND HEATHER WASHBURNE* Charter Holdings Chairman Delphi Financial Group BUD WATTS JOHN W. MARTINO* Co-Founder Mason Capital Management IVOR MASSEY JR. MACLEAN* President and Chief Executive Officer MacLean-Fogg Company RICHARD MAGNUSON MICHAEL E. RUMMELL* GARY L. LLP WILLIAM KOURAKOS Perella Weinberg Partners RODGER R. ROSS SINGLETARY II Managing Partner Arcus Capital Partners DAVID SMICK Chairman & CEO Johnson Smick International. Inc. MOONEY* AMY KORENVAES* JOHN AND CARRIE MORGRIDGE* Managing Director Goldman.* Chief Executive Officer Third Point LLC MUNEER SATTER* Founder Satter Investment Management. Inc. LLC DUANE AND SUSAN OTTENSTROER RICHARD H. Inc. PURCELL* SHELDON M. REYES RYAN TAYLOR J. SENEFF Executive Chairman CNL Financial Group. LEACH President Leach Capital. ROBERT P. Inc. ROBERT S. LLC HARRY T. STOSSEL AND KERRY MAGUIRE ALLEN AND KELLI QUESTROM* JAMES C. WILSON JEFF WYLER Chief Executive Officer Jeff Wyler Automotive Family SCOTT ZAJAC * Denotes National Council Co-Chair . Triad LC M. MD* STEVEN SHAFRAN CRAIG OVERLANDER ALEC LITOWITZ* Elliott Management Corporation LOU OBERNDORF PHILIP LEBHERZ Chairman Lebherz Insurance Services. LLC Partner The Baupost Group. REHNERT* Co-Chief Executive Officer Audax Group DONALD AND SUSAN STURM Sturm Financial Group MICHAEL SULLIVAN* Point72 Asset Management GENE SYKES STEVEN TANANBAUM ROB TAYLOR DAVID K. NIEHAUS GCP Capital Partners LLC PETER NOLAN* PHILIP AND JUDY NUSSBAUM* RICHARD R. Inc. SAINT-AMAND. AND JEANNE M. ROBERTS* Senior Managing Director Angelo. Inc. JOHN AND KARIN KUKRAL* KEN LANGONE BILL LAVERACK* Laverack Capital Partners HOWARD H. SILVERMAN Chairman and Co-Founder Agman Partners W. SERVISON Fidelity Investments STEVEN SHAPIRO SARAH AND ROSS PEROT JR. AND MRS. STEEL* Chairman and Chief Executive Officer Townsquare Media. ONG Managing Director Eagle Capital Management. ROGER T. KORENVAES* Korenvaes Capital Management STEPHEN M. DICK UIHLEIN* Executive Vice Chairman Bank of America Merrill Lynch LINDA MCMAHON* Principal and former Chief Executive Officer World Wrestling Entertainment JOANIE AND DON MCNAMARA KENNETH B.. & Gail Miller Family Foundation CEO Uline PETER S. SCOTT LUTTRELL Chairman and Chief Executive Officer LCM Group. LOEB* NATHAN E. MEZZALINGUA* THOMAS S. MURLEY ALEX NAVAB* Kohlberg Kravis Roberts PATRICK AND CHARLENE NEAL* Neal Communities ROBERT H.J. Gordon & Co. CHRISTOPHER KOJIMA JAMES F. President Harlan and Amy Korenvaes Family Foundation HARLAN B. KOTRAN Sullivan & Cromwell. The Lovett & Ruth Peters Foundation LINDA AND BILL STAVROPOULOS STEVEN PRICE* ROBERT K. LENNY* DAN AND KELLIE PETERS* BOB LOWE D. ROWE* Manhattan Pacific Partners Acquisitions Analyst FTO ROBERT ROWLING GREG MILLER* Chief Executive Officer Rummell Company LLC Larry H.

5800 | www. Washington. . DC 20036 202./ 34 / AMERICAN ENTERPRISE INSTITUTE 1150 Seventeenth Street.aei.862.