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. Paulson.] 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, http://www.petersoninstitute.org. Additional information can be found there or at the Institute's existing website, http://www.iie.com. 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