Institute for International Economics Renamed in Honor of Founding Chairman Peter G. Peterson

    WASHINGTON, Oct. 24 /PRNewswire/ -- The Institute for International
 Economics celebrated its 25th anniversary by announcing a new name and the
 infusion of new funding to substantially grow its Capital Fund, which
 supports its programs and research.
     The organization is now the Peter G. Peterson Institute for
 International Economics or "The Peterson Institute" for short. Mr. Peterson
 is the Founding Chairman of the Institute's Board of Directors. He is
 Senior Chairman of The Blackstone Group and a former Secretary of Commerce
 and Assistant to the President for International Economic Affairs.
     The Institute also announced the completion of a successful capital
 campaign that raised more than $50 million for its Capital Fund. This will
 roughly quadruple the Fund to approximately $70 million from about $18
 million and greatly strengthen the financial foundation of the private,
 nonprofit, nonpartisan Institute. A list of the major donors to the
 campaign is attached.
     "This capital campaign will help the Peterson Institute continue
 conducting timely, objective research and enhance its role as the leader in
 independent practical thought on economic issues during this time of
 accelerating global change," said C. Fred Bergsten, director of The
 Peterson Institute.
     The Institute announced the changes at a gala anniversary dinner in New
 York on Oct. 23 that featured a discussion on "The Next 25 Years of
 Globalization" by a panel comprised of former Federal Reserve Board
 Chairman Alan Greenspan; former Secretary of the Treasury Robert Rubin;
 President of the European Central Bank Jean-Claude Trichet; and Heizo
 Takenaka, former Japanese Minister for Privatization of the Postal
 Services, Minister for Economic and Fiscal Policy and Minister for
 Financial Services. The discussion was moderated by NBC Chief Foreign
 Affairs Correspondent Andrea Mitchell.
     The Institute also celebrated its anniversary with an afternoon seminar
 at the Ford Foundation, which has been one of its substantial and long-time
 supporters. [It will host another celebratory dinner in Washington on
 December 5 that will be addressed by Secretary of the Treasury Henry M.
     The Institute also is using its anniversary celebration to announce
 changes to honor two other founding members, Anthony M. Solomon and Dr.
 Bergsten. Mr. Peterson, Dr. Solomon and Dr. Bergsten have led the creation
 and development of the Institute throughout its initial quarter century.
     The Institute has created a fully endowed chair in honor of Dr.
 Solomon, chairman of the Executive Committee of the Institute's Board of
 Directors from its creation until a year ago. Dr. Solomon is former
 President of the Federal Reserve Bank of New York, Under Secretary of the
 Treasury for Monetary Affairs and Assistant Secretary of State for Economic
 Affairs. The chair is funded at $4 million by a number of friends and
 former colleagues of Dr. Solomon. It will be filled by a Senior Fellow at
 the Institute.
     In addition, the Institute is renaming the conference center in its
 headquarters building in Washington in honor of Dr. Bergsten. Dr. Bergsten,
 former Assistant Secretary of the Treasury for International Affairs and
 Assistant for International Economic Affairs to the National Security
 Council, has been Director of the Institute since its creation in 1981.
     With the name changes comes a new Web address for the Institute, Additional information can be found there
 or at the Institute's existing website,
     The New Names
     Peter G. Peterson has been Chairman of the Board of Directors of the
 Institute since its creation in 1981. The Board unanimously decided to
 rename the Institute in his honor "in recognition of his unique mix of
 intellectual leadership, advice and support throughout its initial quarter
 century while conducting his own remarkably successful career as
 businessman, prolific author and advisor to Presidents and many other world
 leaders." Mr. Peterson initiated and led the successful completion of the
 projects to build the Institute's Washington headquarters in 1998-2001 and
 to greatly augment its Capital Fund as announced today.
     Mr. Peterson is Senior Chairman of The Blackstone Group, a private
 investment banking firm he co-founded in 1985. He was formerly Chairman and
 CEO of Lehman Brothers, CEO of Bell and Howell, Chairman of the Federal
 Reserve Bank of New York, Secretary of Commerce (1972-73) and Assistant to
 the President for International Economic Affairs (1971-72). He is Chairman
 of the Council on Foreign Relations and Founding President of the Concord
 Coalition. His books include Running on Empty: How the Democratic and
 Republican Parties Are Bankrupting Our Future and What Americans Can Do
 About It and Gray Dawn: How the Coming Age Wave Will Transform America -
 and the World.
     Anthony M. Solomon played a central role in U.S. foreign economic
 policy throughout the postwar period as Assistant Secretary of State for
 Economic Affairs in the 1960s, Under Secretary of the Treasury for Monetary
 Affairs in the 1970s and President of the Federal Reserve Bank of New York
 in the 1980s. Upon his retirement as Chairman of the Executive Committee of
 the Board of Directors in 2005, the Board praised his "24 years of loyal
 and devoted commitment to making the Institute one of the leading think
 tanks in the world" and announced the creation of the Anthony M. Solomon
 Annual Staff Awards to honor members of the research and support staffs for
 "the most outstanding contribution of the year to achieving the mission of
 the Institute." In recognition of his ability as an accomplished sculptor,
 as well as his service to the Institute, the Board had already named the
 Anthony M. Solomon Sculpture Garden in the headquarters building for him.
 The new chair in honor of Dr. Solomon is the Institute's third, following
 those created in honor of former GE CEO Reginald Jones and former J.P.
 Morgan CEO and Chairman Dennis Weatherstone.
     C. Fred Bergsten created the Institute for International Economics in
 1981, in response to a proposal from the German Marshall Fund of the United
 States, and has been its only Director. He had previously served as
 Assistant for International Economic Affairs to Dr. Henry Kissinger at the
 National Security Council and as Assistant Secretary of the Treasury for
 International Affairs, and functioned as well as Under Secretary of the
 Treasury for Monetary Affairs. Dr. Bergsten has written, coauthored or
 edited 37 books on a wide variety of international economic issues
 including most recently China: The Balance Sheet: What the World Needs to
 Know Now About the Emerging Superpower and The United States and the World
 Economy: Foreign Economic Policy for the Next Decade.
     The Peter G. Peterson Institute for International Economics
     The Peter G. Peterson Institute for International Economics is a
 private, nonprofit, nonpartisan research institution devoted to the study
 of international economic policy. It attempts to anticipate emerging issues
 and develop ideas to inform and shape public debate on these topics. Its
 staff of 50 includes two dozen senior economists. Its annual budget of
 about $8 million is supported by philanthropic foundations, private
 companies and interested individuals from both the United States and around
 the world, and its Capital Fund.
     The research program of the Institute emphasizes global macroeconomic
 issues; international money and finance; trade policy at the multilateral,
 regional and global levels; international investment; and the international
 implications of new technologies. It encompasses all major areas of the
 world, with particular focus on East Asia and Europe as well as the global
 role of the United States. The Institute's current agenda has a particular
 focus on China, the international economic imbalances and related currency
 misalignments centered on the U.S. current account deficit, globalization
 and the widespread backlash against it in the United States and worldwide,
 the Doha Round of trade negotiations in the World Trade Organization, free
 trade agreements between the United States and other countries, and
 economic prospects in the Middle East.
     The Institute has been called "perhaps the most influential think tank
 in the world." Recent studies show that it was quoted by the media more
 than any other economics think tank in 2004 and that Dr. Bergsten has been
 the most widely cited think tank economist since 1997. Former Secretary of
 the Treasury and President of Harvard University Lawrence Summers has
 suggested that, "There is no institute in the world that comes close to
 having the broad impact the Institute for International Economics does in
 capitals across the world." Former United States Trade Representative Carla
 Hills has concluded that "the Institute is needed more today than ever
 before." Recent surveys reveal that the Institute is one of only two of the
 17 leading think tanks viewed by both Congress and the press as
 "nonpartisan" and "neutral."

SOURCE Institute for International Economics

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