US TREASURY SECRETARY JANET YELLEN HONORED AT THE ECONOMIC CLUB OF NEW YORK
For Immediate Release
June 13, 2024 – New York, NY – American Industrial Acquisition Corporation, Avara Pharmaceutical Services, Arnprior Aerospace, and their invited colleagues, clients and friends joined the Economic Club of New York in a private reception, luncheon, address, and award ceremony honoring US Treasury Secretary Janet L. Yellen yesterday at the Plaza Hotel.
In her formal address and interview conducted by John C. Williams, President and CEO of the Federal Reserve Bank of New York and Vice Chairman of the Open Market Committee, Secretary Yellen outlined her vision for US economic policy, focusing on infrastructure, human capital, clean energy, and trade policy. Concerning infrastructure, she called for increased government investment in ports, airports, roads, and affordable broadband internet to expand economic capacity. On human capital, the Secretary emphasized the need to invest in higher education and workforce development, including supporting women through initiatives like affordable childcare and US apprenticeship programs in advanced manufacturing. Regarding the transition to clean energy, Secretary Yellen cited the Inflation Reduction Act as a major driver of clean energy investment, noting that 75% of the $850 billion in announced manufacturing projects since 2022 have been located in low-income US counties.
Secretary Yellen also acknowledged criticisms of US trade policies as protectionist, but defended them as necessary to benefit American consumers and companies, especially in strategic sectors. She emphasized that the US must compete economically with China on a level playing field. She noted that China's ultra-high savings rate, combined with its strong manufacturing activity, poses risks of overcapacity and threats to the international trade market.
Secretary Yellen received the Peter G. Peterson Award for Leadership Excellence in a presentation by President John C. Williams, President of the NY Federal Reserve Bank and Chairman of the Economic Club of NY, and by Michael Peterson, CEO of the Peterson Institute and Member of the Centennial Society of the Economic Club. This award was originally inaugurated in 2011 through a gift from the late Peter G. Peterson, former Chair of the Economic Club. Mr. Peterson was Secretary of Commerce, Co-Chairman of Lehman Brothers, and Co-Founder and Chairman of the Blackstone Group, the world’s largest private equity firm. He led the Peterson Institute for International Economics, the Washington DC-based, bi-partisan policy research institution. Past honorees of the Peterson Award include George P. Shultz, Paul Volcker, Alice Rivlin, Alan Greenspan, Henry Kissinger, Roger W. Ferguson, Stanley Fischer, and in 2023, Bill Gates.
For the full video of Secretary Yellen’s address, please see:
https://www.youtube.com/watch?v=3AuMW9bYyt4
AIAC’s guests included the following:
Eric Gertler, Executive Chairman and CEO of US News and World Reports
Tom Rogers, Founder, CSNBC and CNBC
Jason Tepperman, President and Head of Lending, JG Wentworth, Former Member of the US Treasury Crisis Response Team.
Ed Grebow, CEO, Lakewood Advisors, former President and CEO of Amalgamated Bank, Bowery Savings Bank, and President of Sony USA.
Dennis Flannery, CEO, Stonehill Advisors, Fomer Senior Officer and Senior Advisor of the World Bank, US Treasury, InterAmerican Bank, Citicorp, Lehman Brothers Kuhn Loeb.
Dr. Ken Lin, Senior Vice President of Global Investment, Charoen Pokphand Group Company, Ltd. (Thailand CP Group).
James M. Mead, Member of the Board of Directors of The Hershey Company, the Hershey Trust Company, and the Milton Hershey School, Former Chairman of the Federal Reserve Bank of Philadelphia, and Director of Blue Cross/Blue Shield.
Janet Walsh, President and CEO of Birchtree Global, LLC, Director of the Explorers Club.
Brian Shiau, Vice President, Global Strategy and M&A, Paper Excellence
Mark R. Somnolet, President, French-American Chamber of Commerce, Adjuct Professor, NYU, Former Global Marketing Director, Colgate-Palmolive Corporation.
L. M. Levie, AIAC Chairman and Member of the Economic Club of New York Centennial Society and Legacy Society, commented, “Janet Yellen possesses an exceptional blend of intelligence, expertise, and dedication to public service. Her keen insights into economics and finance, coupled with her compassionate approach to policy-making, have left an indelible mark on global financial institutions.” He continued, “Secretary Yellen's steadfast leadership and integrity have been a beacon of stability during times of economic uncertainty, earning her widespread respect and admiration across the political spectrum.”
Reflecting on the life of Peter G. Peterson, Mr. Levie remarked, “I proudly count myself among those who were privileged to serve under Pete Peterson at Lehman Brothers during the 1970s. Pete demonstrated remarkable brilliance, courage, unwavering principles, and boundless energy. From humble origins in Kearney, Nebraska, Pete reached the very pinnacle of government and finance. Through his intellect and drive, he shaped the modern investment banking, private equity, and money management industry and was the strongest advocate for fiscal prudence in government. Janet Yellen epitomizes these same rare qualities, and it is therefore fitting and proper for her to receive the Peter G. Peterson Award, the highest honor conferred by the Board of Trustees of the Economic Club of New York.”
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