AEI 2015 Annual Report

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A DEFENDEROF FREEDOM,OPPORTUNITY& ENTERPRISEThe American Enterprise Institute is a community of scholars, staff, and supporterscommitted to expanding liberty, increasing individual opportunity, and strengtheningfree 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 moreprosperous, safer, and more democratic nation and world.

Located in Washington, DC, AEI is a nonpartisan, nonpro t, 501(c)(3) educationalorganization. The Institute does not take institutional positions on any issues. Weare 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, www.AEI.org.


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TELEVISION ANDRADIO APPEARANCES

2,465 CONGRESSIONAL TESTIMONIESIN THE 113TH CONGRESS(JANUARY 3, 2013 – JANUARY 3, 2015)

89

OP-EDS IN MAJORPRINT MEDIA

3,385 SUMMER INTERNSHIPAPPLICATIONS

6,794

FOLLOWERS ON AEI'S SOCIALMEDIA ACCOUNTSYOUTUBE, TWITTER, AND FACEBOOK

243,800DONORS

1,380FY 2015 ANNUAL REVENUE

$54.6M

AEI SCHOLARSAND STAFF

225

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


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DEBATING POVERTYOn May 12, Arthur Brooks participated in a panel on poverty withPresidentObama at Georgetown University. The panel, which also featured Harvardpolitical scientistRobert Putnam and was moderated by the WashingtonPost’s E. J. Dionne, debated the best ways to address chronic poverty.Robert Doar and W. Bradford Wilcox participated in a separate panel at thesame event. The summit earned widespread media coverage, including bythe Washington Post , the Wall Street Journal , the New Yorker , and NationalPublic Radio.

2016 ELECTIONAEI scholars organized predebate forums at the sites of Republicanand Democratic US presidential debates in Cleveland, Las Vegas,and Boulder. They discussed the need for a conservative messagethat speaks to voters’ hearts and minds, the country’s demographicshifts, and the economic challenges facing the nation.


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IRAN NUCLEAR DEALIn the month following the announcement of the Irannuclear deal on July 14, Danielle Pletka, MichaelRubin, Matthew McInnis, Marc Thiessen, FrederickKagan, and John Bolton gave more than 50 radioand 30 television interviews on the outlines of the

“comprehensive” nuclear deal with Iran. Additionally,in well over 50 op-eds and blogs posts, the teamwarned that the terms of the deal are likely to enablerather than halt Iran’s nuclear weapons development.Kagan launched a new mini-website on AEI’sCritical Threats Project’s Iran Tracker site to clarifythe agreement’s complex language and to provideadditional information (www.irantracker.org).


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CONTENTS

ECONOMIC POLICY STUDIES 02

POVERTY STUDIES 04

HEALTH POLICY STUDIES 07

EDUCATION POLICY STUDIES 08

SOCIETY AND CULTURE 10

POLITICS AND PUBLIC OPINION 11

FOREIGN AND DEFENSE POLICY STUDIES 12

OUTREACH AND COMMUNICATIONS 14


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WEALTH BUILDING HOME LOAN

Part of AEI’s core mission is the preservation and promotion of freemarket economies in the United States and around the world. AEI’sEconomic Policy team consists of leading scholars who are researchingthe most crucial issues challenging our economy today and proposing arange of innovative solutions designed to reform America’s systems andaccelerate its economic recovery. AEI scholars study the national budget,monetary policy, tax and entitlement reform, nancial markets regulation,and international trade and nance.

z Peter Wallison wrote a secondbook on the nancial crisis, Hiddenin Plain Sight: What Really Causedthe World’s Worst Financial Crisis

and Why It Could Happen Again(Encounter Books, January 2015).Wallison was interviewed bydozens of media outlets aboutthe book—including Fox News,CNN, and CNBC.

z Kevin Hassett, with coauthorAlan Auerbach, wrote an incisivecritique of the data, theory, andpolicy conclusions in ThomasPiketty’s prominent bookCapitalin the Twenty-First Century . Thepaper, which was published in theAmerican Economic Review in May,was presented at the AmericanEconomic Association conferencein January and has been cited byoutlets includingForbes , Tax Notes ,and PBS.

ACCELERATINGECONOMICRECOVERY

ECONOMICPOLICYSTUDIES

In 2014, Edward Pinto and Stephen Oliner created the Wealth Building Home Loan(WBHL), a new approach for banks to provide homebuyers a more reliable andeffective means of building wealth while maintaining buying power similar to a 30-yearloan. The Neighborhood Assistance Corporation of America (NACA), in conjunctionwith the Bank of America, has decided to incorporate the WBHL concept into itslow-income lending program in NACA’s 40-plus of ces nationwide.


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z In March, AEI’s Open SourcePolicy Center, led byMatt Jensen, released to beta users the rst-everopen-source static scoring modelfor US tax policy analysis. Thismodel and its online interface willallow users to analyze the effects ofpolicies for themselves.

z In May,Joseph Antos, AndrewBiggs, Alex Brill, and Alan Viardpublished a paper titled Tax andSpending Reform for Fiscal Stabilityand Economic Growth for thePeterson Foundation’s SolutionsInitiative, which Viard presentedon a bipartisan panel at the 2015Fiscal Summit. The paper proposeda plan to x America’s debt andrestore long-term scal stability tothe country.

z Desmond Lachman, AdamLerrick, and Vincent Reinhart were active in shaping the debateson the Greek debt crisis, holdingpublic events, publishing numerousop-eds, and appearing on televisionand radio. Lerrick and Reinhart

also spent time in Greece over thesummer talking to of cials aboutthe crisis.

Benedic Ippolito joined AEI asa research fellow to focus on theeconomics of health care policy,with a special focus on the behaviorof health care providers. He hasbeen investigating how changesin nancial incentives in uencehospital care and how alternativecompensation models in uence thebehavior of physicians and the waythey treat patients.

Vincent Reinhart rejoined AEI asa visiting scholar after steppingdown as Morgan Stanley’s chiefUS economist. Reinhart is a formerdirector of the Federal ReserveBoard’s Division of Monetary Affairs,where he worked on domestic andinternational aspects of US monetarypolicy at the Fed for more thantwo decades.

Wendell L. Willkie II joined AEIas a visiting fellow to focus on thegovernance of America’s publiccompanies, the responsibilitiesof corporate boards, and thesigni cance of shareholder activismand engagement. Willkie has had adistinguished career in government,having served in various positions atthe White House, US Department ofEducation, and US Departmentof Commerce.

Weifeng Zhong joined AEI asa research fellow, focusing onmacroeconomics and politicaleconomy. Zhong’s current research

focuses on the Chinese economyand how forms of governmentrelate to economic policies acrosscountries. He was previously aresearch and teaching assistant atthe Kellogg School of Managementat Northwestern University.

NEW SCHOLARS

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SEEING PEOPLEAS ASSETS, NOT

LIABILITIES

z Nicholas Eberstadt producedseveral articles and op-eds aboutAmericans’ ight from work andthe impact that has on the modernwelfare state. Eberstadt’s work onthe decline in marriage and thefalling birth rate appeared in theWall Street Journal in February.

z On February 23, NBC News ran thepro le piece “Meet Arthur Brooks, the Republican Party’s PovertyGuru.” The article pro led AEI’s workon poverty issues and impact on themessaging of the 2016 presidentialcandidates. Shortly after, MSNBCran a segment on AEI’s leadingrole in reshaping the conservativeapproach to poverty alleviation, andin October, CNN produced a video

featuring Arthur Brooks on “HowConservatives Can Help the Poor.”

z In June, Angela Rachidi penneda policy brief examining variousearned income tax credit expansionproposals. Her frequent blog postson social services issues have beenread and praised by top HouseCommittee staffers.z Kevin Corinth released twopapers on homelessness in theAEI Economic Perspectives policyseries: Street Homelessness:A Disappearing Act? (June)and What Should We Do aboutHomeless Families? Comments onthe Family Options Study (August).

Twelve million more Americans live in poverty today than did in 2000.Work rates for men with low levels of education are collapsing.Nonmarital births are at elevated levels, and racial gaps in povertypersist. These are the issues that AEI’s Poverty Studies program aimsto address, believing that it is only through free enterprise that we canstimulate true prosperity and innovative thinking—as opposed to simplytreating poverty. AEI’s team of leading academics and practitionersis dedicated to fostering new ideas for ghting poverty and improvinggovernment programs to help more low-income Americans move up,advancing those ideas in the public dialogue, and connecting those

ideas to decision makers. All of the program’s work takes a humancapital approach to poverty alleviation, understanding that poor peopleare not liabilities to be managed but rather assets to develop.

POVERTYSTUDIES


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z Over the summer, Robert Doar,Angela Rachidi, and MauraCorrigan submitted a statement tothe House Committee on Ways andMeans on the Discussion Draft toReauthorize Temporary Assistancefor Needy Families. They analyzedthe merits and drawbacks of thecommittee’s proposal and craftedrecommendations to improve thedraft. Their statement was widelycirculated among relevant staff.

z W. Bradford Wilcox, along witheconomists Joseph Price (BYU) andRobert Lerman (Urban Institute),released a new report exploringthe extent to which family structureaffects economic growth at thestate level. The study, which wasreleased at an AEI event keynotedby Sen. Ben Sasse (R-NE), receivedconsiderable attention in the publicdebate, including favorable articlesin the Washington Post , Bloomberg,and many others.

Maura Corrigan joined AEI as avisiting fellow to focus on issuesrelated to child welfare, childsupport, food assistance, anddisability. Before AEI, Corriganworked as director of the MichiganDepartment of Human Serviceswhere she was responsible foradministering Michigan’s publicassistance programs for low-incomeand vulnerable Michigan childrenand families.

Lawrence Mead joined AEI as avisiting scholar to study Americansocial welfare programs. He is alsoa professor of politics and publicpolicy at New York University.Known as one of the theoreticalarchitects of welfare reform inthe 1990s, Mead has writtenseveral in uential books (includingExpanding Work Programs for PoorMen , AEI Press, 2011), in which hedemonstrates that mandatory workrequirements are essential to soundwelfare policy.

Angela Rachidi joined AEI asa research fellow to work on theeffects of public policy and existingsupport programs on low-incomefamilies. Rachidi was previouslya deputy commissioner for policyresearch and evaluation at theHuman Resources Administration inNew York City, studying programssuch as Temporary Assistance forNeedy Families, the SupplementalNutrition Assistance Program, andworkforce development programs.

NEW SCHOLARS

Robert Doar serves on the executivecommittee of the AEI-Brookings WorkingGroup, an effort by a bipartisan groupof top scholars and policy intellectualsto identify actionable and politicallyviable policy solutions that addressissues of poverty and lack of opportunityin America. Members include AEI’s Michael Strain and Lawrence Mead .The group’s effort has resulted inOpportunity, Responsibility, and Security:A Consensus Plan for Reducing Povertyand Restoring the American Dream , amajor consensus document publishedin December with proposals focusingon work, family, and education.

RESTORING THE

AMERICAN DREAM


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The Conservative Heart makes the case for why conservativeprinciples should be at the center of our poverty- ghtingefforts. Arthur is one of the best minds on these issues, andhe demonstrates why it’s so important that we engage in our

communities and learn from those who are on the front linesof ghting poverty. —Speaker of the House Paul Ryan (R–WI)

THECONSERVATIVEHEART

Arthur Brooks ’s latest book,The Conservative Heart: How to

Build a Fairer, Happier, and MoreProsperous America, was releasedby HarperCollins on July 14.

In the lead up to its publication, AEIimplemented a robust, multifacetedmarketing campaign.

Our media team booked more than100 radio, television, and onlineinterviews for Arthur in top-rated

media outlets nationwide, including

MSNBC, Fox News, NBC News,NPR, and PBS. Arthur also appearedon NBC’sMeet the Press the Sundayafter the book’s release to discussthe book’s themes.

In addition, AEI provided galleysof the book to dozens of long-leadpublications, including theNewYork Times , Wall Street Journal ,and Washington Post , all of whichreviewed the book. The book wasreviewed 23 times and featured75 times in print and online outlets.

These efforts surrounding thebook’s launch led to its debutin the top 10 of the New YorkTimes , Washington Post , WallStreet Journal , PublishersWeekly , and Chicago Tribune best-seller lists.

Brooks doesn’t want conservatives to abandon the wonkishpolicy arguments. Indeed, the institute he runs is dedicatedto developing them. But he fears that if conservatives leadwith them, few people will listen. His closing chapter, called‘The Seven Habits of Highly Effective Conservatives,’ offersa recipe for how conservative politicians can revise theirrhetoric to undermine the left’s monopoly on compassion andempathy. He wants conservatives to speak more in moralterms, to be seen ghting for people rather than againstpolicies, to spend more time engaging with moderates andliberals, and to embrace the persona ofa happy warrior.

—N. Gregory Mankiw,New York Times Book Review, July 28


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AEI’s Health Policy Studies program has been a leader in the debateson health care policy, promoting free market alternatives to the federalgovernment’s massive new role in the sector and encouraging robustcompetition that empowers individuals, not bureaucrats. Throughempirical research and analysis, members of AEI’s health team(which includes practicing physicians, attorneys, academics, andformer policymakers) are helping to advance policy reforms thatincrease consumer choice, engender competition and innovationin the marketplace, improve the corporate tax system, and stream-line regulation.

zJoseph Antos published paperson health care competition and

market-driven innovation in severalacademic journals over the courseof the year, includingJAAMC:Academic Medicine and the Journalof the American Society on Aging .

z Thomas Stossel published hisbook, Pharmaphobia: How theCon ict of Interest Myth UnderminesAmerican Medical Innovation(Rowman & Little eld, April 2015).Stossel reviews the history of con ictof interest arguments in medicineand explains why interactionsamong companies, physicians,and medical researchers are notcon icts but instead prerequisitesfor ensuring ef cient medicalinnovation. He held a book brie ngon Capitol Hill; wrote relatedop-eds in the popular press; andhad a series of television and radioappearances to promote the book’sideas, including NPR’s “On Point.”

zJames Capretta, Joseph Antos,Ramesh Ponnuru, and Thomas

Miller, with fellow contributors atthe Peter G. Peterson Foundation,released a comprehensive reformproposal in December for a newAmerican health agenda. Thegoal of this compendium is todevelop a pragmatic, market-based reform plan for the nation’shealth system and major healthentitlement programs.

z Scott Gottlieb analyzeddevelopments in federal policyand Food and Drug Administrationregulation and their impacts oninnovation, medical care, and publichealth and has been identifyingkey areas in which the ACA can bealtered to help eventually establish amarket-based health care system.

KING V. BURWELL

PROPOSINGFREE MARKETHEALTH CAREALTERNATIVES

Thomas Miller was involved in thelandmark King v. Burwell case (whichdecided the fate of the AffordableCare Act) from its conception,meeting with several state-level policyleaders, and was frequently quotedin editorials in leading outlets suchas the New York Times regardingthe Supreme Court ACA decisions.He commented on C-SPAN from

outside the Supreme Court withhis predictions for and reactions tooral arguments. He also regularlybriefed Senate Republican legislativedirectors on ACA replacementoptions for the 114th Congress.

HEALTHPOLICYSTUDIES


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BUILDING A CULTUREOF EDUCATIONAL

ENTREPRENEURSHIPAEI’s Education Policy Studies program seeks to increase the opportunityof every American student by building a culture of educational entre-preneurship to profoundly improve teaching and learning. Throughserious discussions and rst-rate research that seek to rise above thepolitical partisanship and policy fads so common in education today, theprogram has become a leader in the scholarship of reform and a brokerof relationships among in uential education reformers. As a result, AEIhas become a destination for policy experts and practitioners alike whoseek to address America’s biggest education challenges and drivefundamental change.

z Kevin James coauthored a whitepaper with New America’s AlexanderHolt on Income Share Agreements(ISAs) and briefed Rep. ToddYoung’s (R-IN) of ce on measures toprovide legal clarity to ISA providers.On July 29, Rep. Young introducedthe Investing in Student Access Act,which drew from ideas in James’swhite paper as well as AndrewKelly ’s work on the issue. Followingthe introduction of the bill, AEIhosted a private working group thatconvened more than 50 individualsfrom a variety of backgrounds.In late August, former IndianaGovernor Mitch Daniels had anop-ed in the Washington Post on ISAs, citing AEI scholars asarchitects and supporters ofthe idea.

z In June, AEI Education releasedAn Education Agenda for 2016:Conservative Solutions forExpanding Opportunity , a book ofeight essays by AEI scholars andother experts setting an educationplatform that a conservativeadministration could pursue in of ce.AEI hosted a dinner with policyadvisers from several Republicanpresidential campaigns to distributeand discuss the book.

z AEI’s Center on Higher EducationReform (CHER), led by AndrewKelly, commissioned six newpapers that explore competency-based education (CBE). CBE ipstraditional higher education on itshead; instead of awarding creditto students based on seat time, itgrants credit once students displaymastery of course material. CHER’sproject laid thorough groundwork forfuture research.

EDUCATIONPOLICYSTUDIES


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z Katharine Stevens published herrst monograph on the history of

early education in America. TitledRenewing Childhood's Promise:The History and Future of FederalEarly Care and Education Policy(November 2015), the reportexplains how policymakers have losttheir way and offers an innovativenew proposal to offer vouchers

for Head Start funds. Stevens alsowrote an op-ed in the Los AngelesTimes criticizing a bill to establishuniversal pre-K in California as it wassitting on Governor Jerry Brown’sdesk for approval. The op-ed drewmuch attention, and Governor Brownended up vetoing the bill.

z Now in its seventh year, AEI’sK–12 Future of American EducationWorking Group convened onceagain, gathering many of the nation’sleading reform-minded academics,educators, and entrepreneurs todiscuss the latest research andcutting-edge innovation in K–12education. AEI’s parallel workinggroup to think about postsecondaryeducation, launched in 2009, alsomet again to identify emergingresearch priorities, includingadministrative accountability,innovation, and transparency. Bothworking groups serve as incubatorsfor new projects, partnerships, andlines of inquiry and innovation.

Frederick Hess released The Cage-Busting Teacher (Harvard EducationPress, April 2015) to explain how teachers can engage policymakers on

K–12 issues, call out mediocrity in the teaching profession, and grapplewith poor school leadership or professional development. The bookreceived great acclaim from reform-minded teacher groups and praisefrom the presidents of the two largest teachers’ unions. Hess wrote anumber of related pieces for educator and reform-oriented publicationsand spoke to 22 gatherings in 12 states about the book.

AEI worked with Hess to build a web presence for the book’s ideas(www.aei.org/feature/cage-busting-teacher). In advance of the book’sof cial release, Hess’s six-video series featuring stories of innovativeleadership from teachers around the country garnered almost 60,000views online within one month. The web page also features distilled pointsfrom the book, teacher resources, and a list of his cage-busting events.

THE CAGE-BUSTING TEACHER

Nat Malkus joined AEI as aresearch fellow, focusing onapplying quantitative analysisto questions on school nance,charter schools, school choice,and the future of standardizedtesting. Before joining AEI, Malkus

was a senior researcher at theAmerican Institutes for Research.

Gerard Robinson joined AEIas a resident fellow. He focuseson school choice programs, thechallenges of reforming K–12,innovation in for-pro t educationalinstitutions, the role of communitycolleges and Historically BlackColleges and Universities inadult advancement, and theimportance of parental and studentresponsibility. He previously servedas commissioner of education forFlorida, secretary of education forthe Commonwealth of Virginia, andpresident of the Black Alliance forEducational Options.

NEW SCHOLARS


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ADVANCING ANUNDERSTANDING OFAMERICAN VALUES

z Charles Murray ’s latest book,By the People: Rebuilding Libertywithout Permission (Crown, May2015), offers a hopeful message thatrebuilding our traditional freedomscan be done by “we, the people,”using America’s unique civil societyto put government back in itsproper box. AEI promoted the bookextensively nationwide, with Murrayparticipating in interviews on FareedZakaria’s GPS (CNN), John Stossel’sWe the People (Fox), and Wall StreetJournal ’s “Opinion Journal.”

z Christina Hoff Sommers hascreated more than 40 “FactualFeminist” video blogs, which havegarnered 4 million total views.She is at the epicenter of somehot-button issues, including maleunderachievement, sexual assaulton college campuses, and equalpay for equal work. Her onlineeducational videos for PragerUniversity have also each attractedmore than half a million views.

z Sally Satel provided commentaryon a wide variety of issues thatfew conservatives address, suchas prison reentry and criminaljustice reform, the importance ofe-cigarettes in smoking cessation,incentives for organ donation,trends in and responses to drugaddiction, and the treatment ofthe mentally ill. In September, sheheld a conference on reducingincarceration and crime withbipartisan reformers Reps. JimSensenbrenner (R-WI) and BobbyScott (D-VA).

AEI scholars are tackling the challenge of maintaining a culture wherevirtue ourishes in tandem with freedom and material progress. Ourscholars are advancing a clear understanding of American culture andvalues and exploring how that understanding should in turn inform USpublic policy. These are not the narrow cultural values that have so oftendivided Americans and poisoned our national politics. Rather, they arethe overarching beliefs that inform our understanding of what it is to bean American—human liberty, individual opportunity, and free enterprise.These values have undergirded AEI’s endeavors just as they haveinspired generations of Americans.

SOCIETYANDCULTURE


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ANALYZING OURPOLITICAL CULTURE

z Tim Carney published an AEIpaper on reforms that members ofCongress could consider to startdismantling policies that favor

narrow interests over general ones.EntitledAn Anti-Corporate Welfare,Anti-Cronyism Agenda for the 114thCongress (November 2014), thepaper highlights the work of 10 AEIscholars and was used duringAEI’s brie ngs for new membersof Congress.

z AEI’s Program on AmericanCitizenship, led byGary Schmitt,is creating a comprehensive,accessible, and serious e-curriculumon the Constitution for students

and teachers by telling its storythrough the prism of great Americanstatesmen. The project produceda series of videos, study guides,and supplemental materials on theconstitutional questions that rose toprominence during the Lincoln era.

z Michael Barone started a weeklyvideo series for the WashingtonExaminer on the 2016 presidentialcampaign. He also wrote one of thelead essays in the new edition ofthe Almanac of American Politics ,

a compendium of essential politicaldata on every state, governor, andcongressional delegation. Baronewas one of the original authors of

this volume, which debuted in 1972.z In May,Ramesh Ponnuru andcoauthor Reihan Salam penned“A Constitutionalist Agenda forthe GOP” for National ReviewOnline, in which they suggestedideas to strengthen federalismand the separation of powers. Init, they discuss Medicaid reform,adoption of the REINS Act to assessregulatory costs, efforts to controlindependent funding streamsthat give government agencies

excessive latitude, and letting statesgo their own ways on marijuana.

z W. Bradford Wilcox publisheda coauthored study titled, RedFamilies vs. Blue Families: WhichAre Happier? (Institute for FamilyStudies, August 2015). The datashowed that on average, moreconservative counties across thecountry have more marriage, lessnonmarital childbearing, and morefamily stability for their children thando more liberal counties.

In December 2014, KarlynBowman released an ebook,Is the American Dream Alive?Examining Americans’ Attitudes .This AEI Public Opinion Studyis the most comprehensivecollection of survey data frommajor pollsters on the Americandream. The study found thatthe de nition of the Americandream to most Americans hasremained constant over theyears: education, freedom, andhomeownership. Overall, thestudy found that Americans stillbelieve the dream is attainable,despite increased pessimismspurred in part by the weakenedUS economy.

AEI is home to several prominent analysts of trends in politics and publicopinion whose research is informed by the understanding that freedomand prosperity depend on healthy social and political institutions. Thefreedom that Americans enjoy is de ned not only by laws that limit thereach of government but also by a political culture that gives life tothe laws and to the principles they embody. AEI’s work aims to inspirea greater understanding of and appreciation for America’s guidingprinciples, enduring documents, and civic character.

POLITICSANDPUBLICOPINION

IS THE AMERICANDREAM ALIVE?


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PROMOTING AMERICANGLOBAL LEADERSHIP

AEI’s Foreign and Defense Policy Studies Program has established itselfas one of the premier defense, security, and regional studies programsin Washington, DC, that is ghting for freedom, a strong national defense,and American leadership around the world. Our program is educatingcurrent leaders and a new generation about how to best manage today’sthreats and tomorrow’s challenges and believes that it is in America’sbest interests to make the case for freedom and free enterprise overseasand that America is a force for good in the world.

z Dan Blumenthal and DerekScissors codirected a majorresearch project resulting intheir February coedited reportToo Much Energy? Asia at 2030 .The report concludes that overthe next 15 years, the US shalerevolution and an end to the Chineseenergy demand shock will be thetwo most important factors shapingglobal energy markets. AEI’sMichael Mazza was among thecontributors to the report.

z Director of the Critical ThreatsProject Frederick Kagan ’scoauthored April report with the

Norse Corporation’s TommyStiansen, The Growing Cyberthreatfrom Iran , is the rst to provideoverwhelming evidence thatcyberattacks emanating from Iranand targeting US, European, andWestern interests are increasing atan alarming rate.

z Leon Aron published an editedvolume titledPutin’s Russia: How ItRose, How It Is Maintained, and HowIt Might End (AEI, May 2015), which

includes nine essays by leadingindependent Russian scholars onthe idea that the end of PresidentVladimir Putin’s reign could befast approaching. On May 14, theauthors released the volume at apublic AEI event; never before haveso many top Russian scholars froma variety of elds gathered in theUnited States.

z J. Matthew McInnis published amajor paper in May,Iran’s StrategicThinking: Origins and Evolution ,the rst in a series of reports onIranian strategy and decisionmaking. McInnis is challenging theconventional wisdom about thesources of Iran’s conduct, makingclear that Iran is playing a longgame in the region, looking not toshock neighbors into retaliationbut to gradually establish regionaldominance, and that Tehran’spreference for asymmetrical proxywarfare undermines stability inthe region.

FOREIGNANDDEFENSEPOLICYSTUDIES


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z Derek Scissors launched theChinese Global Investment Tracker(CGIT) on AEI.org with his latestbiannual update in July. AEI and theHeritage Foundation’s CGIT is theonly comprehensive public data seton Chinese outward investmentsand engineering contracts of$100 million or more. Globalinvestors, academics, journalists,business consultants, and USgovernment analysts are using theCGIT to gauge the strength of theChinese economy. The CGIT hasbeen cited by the New York Times and CNBC, among other outlets.

z Katherine Zimmerman publisheda paper in September outlining astrategy to defeat al Qaeda in theArabian Peninsula. In December,Frederick Kagan, Mary Habeck,Thomas Donnelly, and Zimmerman,along with Heritage’s JamesCarafano, Georgetown’s BruceHoffman, RAND’s Seth Jones, theInstitute for the Study of War’sKim Kagan, and Johns Hopkins’sThomas Mahnken published awhite paper with policy proposals todefeat al Qaeda and ISIS.

z In October, the Marilyn WareCenter for Security Studies releasedTo Rebuild America’s Military ,a major report that de nes thestrategy, forces, and budgetsnecessary to protect Americaninterests at home and abroadthrough the next administration andthe coming decades. Jim Talent,Gary Schmitt, Mackenzie Eaglen, and Thomas Donnelly have beenbrie ng US presidential candidates’foreign policy teams on the report’sconclusions.

z In December, the AmericanInternationalism Project (a bipartisan

working group of top academics andpolicy experts led by AEI Fellow andformer SenatorJon Kyl and SenatorJoseph Lieberman ) released itsreport Why American LeadershipStill Matters , which examines mattersof security, prosperity, and freedomand aims to craft a new bipartisanconsensus to de ne America’sglobal role. This volume is helpingto direct US presidential candidates’attention to the importance ofAmerican internationalism.

Kirsten Madison joined AEI as aresident fellow and deputy directorof Foreign and Defense PolicyStudies. She has worked on policyissues from homeland security toLatin America in various seniorleadership posts at the WhiteHouse, US Department of State,US Department of HomelandSecurity, and US Senate Committeeon Foreign Relations.

Matt Mayer joined AEI as a visitingfellow, focusing on homelandsecurity, counterterrorism, domesticpreparedness and response, andimmigration issues. Mayer servesas president of Opportunity Ohioand has worked in public policy andpolitics at both the state and federallevels, including as a senior of cialat the US Department of HomelandSecurity and the deputy directorfor the Department of RegulatoryAgencies in Colorado.

Dalibor Rohac joined AEI asa research fellow. He studiesEuropean political and economictrends, including the post-Communist transitions andbacksliding of countries in theformer Soviet bloc. Before joiningAEI, Rohac was af liated with theCato Institute’s Center for GlobalLiberty and Prosperity, the London-based Legatum Institute, and theCenter for the New Europein Brussels.

Jim Talent joined AEI as a seniorfellow and director of the Marilyn

Ware Center’s National Security2020 Project. Talent has been activein public policy for the past 30 years,including representing Missouri inboth the US Senate and US House ofRepresentatives. While serving in theUS Senate, he was a member of theSenate Armed Services Committeeand chairman of the Subcommitteeon Seapower for four years.

NEW SCHOLARS


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JANUARY

z Jim Talent hosted newly mintedHouse Armed Services CommitteeChairman Mac Thornberry (R-TX)to coincide with the State of theUnion. In this well-attended event,also covered on C-SPAN and CNN,Chairman Thornberry laid out indetail his agenda for the 114thCongress and praised the work ofAEI’s Marilyn Ware Center team.(January 20)

z Jeffrey Eisenach hosted FederalCommunications CommissionerMike O’Rielly to discuss thechallenges the FCC will face as it

moves into 2015. The event tookplace on the same day as twocongressional net neutrality hearingson Capitol Hill. (January 21)

z Senate Finance CommitteeChairman Orrin Hatch (R-UT) gavea keynote address at AEI outlininghis trade policy agenda for the 114thCongress. (January 30)

FEBRUARY

z Frederick Hess discussed schoolreform and Teach for America’svision for the future with TFA’sco-CEOElisa Villanueva Beard.(February 11)

z AEI and the Center forAmerican Progress hosted USAIDAdministratorRajiv Shah, whore ected on the lessons he haslearned during his ve years on thejob. Senators Chris Coons (D-DE)and Jeff Fortenberry (R-NE) offeredopening remarks. (February 12)

z Frederick Kagan hosted at AEIChairman of the House HomelandSecurity CommitteeMichael McCaul(R-TX), who discussed his strategyfor a renewed global effort todefeat extremist groups and theirdangerous ideology. (February 12)

MARCH

z Rep. John Delaney (D-MD)presented his American Infra-

structure Fund proposal; apanel of experts including AlexBrill commented on the bill in adiscussion moderated by AlexPollock. (March 3)

z Iain Duncan Smith, UKDepartment for Work and Pensionssecretary of state, discussed theUK welfare reform effort with Rep.Todd Young (R-IN) and a panel ofexperts, moderated by Robert Doar.(March 3)

AEI AS CONVENER In 2015, AEI hosted 132 public events or private working groups atour headquarters, on Capitol Hill, and in select cities nationwide.Many of these events attracted capacity crowds composed of a diversegroup of business professionals, students, journalists, academics, andgovernment and military leaders and earned prime media coverage.AEI is respected by groups on both sides of the political aisle forbringing together people with divergent points of view for its paneldiscussions and private working groups. The following are highlightsof our events over the past year.

OUTREACH ANDCOMMUNICATIONS


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/ 15 / ain Duncan Smith

Frederick Kagan and Michael McCaul

Rajiv Shah

Mac Thornberry and Jim Talent Elisa Villanueva Beard

Sen. Chris Coons

Rep. John Delaney

Robert Doar


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c Schmidt

arles Murray

na Perino Gen. Keith Alexander

Michael Smith

Jean Case

Sen. Lamar Alexander


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z AEI welcomedEric Schmidt,executive chairman of Google, todiscuss how innovation acts asa force for social good. JamesGlassman moderated the discussionbetween Schmidt and Arthur Brooks.(March 18)

APRIL

z Frederick Kagan released hismajor report (written in collaborationwith Norse Corporation) analyzingIran’s cyber activities at a publicAEI event at whichGen. KeithAlexander delivered the keynoteaddress. David Sanger publishedan exclusive on the report in theNew York Times , and the report wasmentioned in outlets such as theHill , Wall Street Journal , theWashington Examiner , and theChristian Science Monitor.(April 17)

z Former White House PressSecretary Dana Perino sat downfor a discussion at AEI on her newbook, And the Good News Is . . .:Lessons and Advice from the BrightSide , with fellow former White HousePress Secretary Mike McCurry fromthe Clinton administration. Nearly250 people attended this event.(April 23)

z The Case Foundation’sJeanCase and Arthur Brooks discussedforging new paths for public-privatepartnerships, promoting socialentrepreneurship, and fostering thenext generation of philanthropicleaders. (April 24)

z The week after riots in Baltimore,AEI hosted an important discussionof the economic and cultural factorsassociated with lack of opportunityfor black men and of the ways inwhich public policy and culture canbe engaged to make things better.The event featured a panel includingMichael Smith, who directs theWhite House’s My Brother’s Keeperprogram. The event was coveredlive on C-SPAN. (April 29)

MAY

z Arthur Brooks participated in apanel on how to address chronicpoverty withPresident Obama atGeorgetown University. The panelalso featured Harvard politicalscientist Robert Putnam and wasmoderated by the Washington Post ’sE. J. Dionne. The summit earnedwide media coverage, includingby the Washington Post , the WallStreet Journal , the New Yorker , andNational Public Radio. (May 12)

z Leon Aron hosted nine leadingRussian independent scholars foran event examining the political,economic, and social crises facingRussia today and how the Putinregime has responded. Nearly150 people gathered for thisunprecedented event in person,more than 4,000 viewed the videolive or after the event, and it wascovered by media crews from Voiceof America and Russia’s RTR TV.(May 14)

z At the direction of MackenzieEaglen, a bipartisan group of DC’sleading national security scholarsand members of Congress cametogether on Capitol Hill to discussnecessary and overdue structuraldefense reforms. CNN lmed theevent, which was standing room onlywith 220 attendees from the defenseindustry and policy community, thePentagon, and Capitol Hill. Aheadof the event, scholars from 15 thinktanks signed an open letter toDefense Secretary Ash Carter andthe leaders of key congressionaldefense committees, urging thePentagon and Congress to pursuethese reforms. Eaglen, ThomasDonnelly, and Roger Zakheim wereamong the signatories. (May 14)

JUNE

z Mackenzie Eaglen hostedSecretary of the NavyRay Mabus for a discussion on the future ofthe Navy and Marine Corps. Morethan 100 people attended theevent, and nearly two dozen pressarticles resulted from the discussion.(June 2)

z Sadanand Dhume hosted IndianFinance MinisterArun Jaitley todiscuss economic reforms currentlyunderway in India and his vision toput the Indian economy on track fordouble-digit growth. When meetingwith Jaitley in India to secure thisvisit to the Institute, Dhume hadthe opportunity to meet with PrimeMinister Narendra Modi himself.(June 19)

z AEI hosted three of the mostin uential social scientists of ageneration: AEI’s own CharlesMurray and Harvard University’sRobert Putnam and William JuliusWilson in a debate moderated byRobert Doar on the implications forAmerican children of recent trendsshowing increasing inequalitybetween rich and poor Americans.A capacity crowd of nearly 300attended, the event was coveredlive on C-SPAN, and AEI’s YouTubevideo of the event has garneredmore than 3,500 views. (June 22)

JULY

z Sen. Lamar Alexander (R-TN),chairman of the Senate Committeeon Health, Education, Labor, andPensions, delivered a keynoteaddress on higher education reform,followed by a discussion led byAndrew Kelly and Kevin Jamesaddressing the opportunities for andobstacles to change. Sen. Alexandernoted that many of the ideas he hasbeen promoting came from AEI’sEducation team. (July 16)

z Chairman of the House FinancialServices CommitteeJeb Hensarling (R-TX) and a panel of expertsincluding Peter Wallison and AlexPollock discussed the need for

nancial regulation reform on the fth

anniversary of the Dodd-Frank Act.The event was featured in Politico’s“Morning Money” newsletter twodays in a row, and C-SPAN coveredit live. (July 21)


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to discuss the demographicchallenges both political partiesface. The bipartisan panel includedAEI’s Karlyn Bowman and NormanOrnstein, the Center for AmericanProgress’s Ruy Texeira, andBrookings’sRobert Lang, who arecollaborating on a major projecton the subject. They released theproject’s rst report in February,States of Change: The DemographicEvolution of the American Electorate,1974–2060 . (October 13)

z AEI and the Consensus forDevelopment Reform hosted ajoint event on the fundamentalrole of economic growth andentrepreneurism to a robust globalstrategy, featuring a discussion withChairman of the Senate ForeignRelations CommitteeSen. BobCorker (R-TN), two expert panels,and closing remarks by Chairmanof the House Foreign AffairsCommitteeRep. Ed Royce (R-CA).(October 20)

NOVEMBER

z AEI held its second annualsymposium withHis Holiness theDalai Lama in Dharamsala, India.During this private two-day event,participants explored one of today’smost pressing global challenges:the search for human happiness ina world where value is increasinglyde ned in purely material terms.(November 4–5)

z Israeli Prime MinisterBenjaminNetanyahu received the IrvingKristol Award at AEI’s Annual Dinnerin Washington, DC, and discussedwith Danielle Pletka US-Israelrelations and the growing challengesfacing Israel. (November 9)

z AEI hostedWall Street Journa lcolumnistPeggy Noonan for aconversation with CBS News’sJohn Dickerson about her newbook, The Time of Our Lives (Twelve,November 2015), which chroniclesher career in journalism, the ReaganWhite House, and the political arena.(November 18)

z Mackenzie Eaglen hostedSecretary of the ArmyJohnMcHugh for a discussion about theUS Army’s challenges in readiness,modernization, and end strength.C-SPAN and Voice of Americacovered the event. (September 15)

OCTOBER

z More than 70 state-based leadersfrom across the country gatheredat AEI for our Leadership NetworkSummit. Over the course of threedays, participants engaged inhonest and open debate acrossa range of policy issues with AEIscholars, participated in interactiveleadership exercises, and competedin an "elevator pitch" competition,

making the case for free enterprisein 60 seconds. (September 17–19)

z University of Illinois at ChicagoDistinguished ProfessorDeirdreMcCloskey, Boston College PoliticalScience Department Chair SusanShell, and Ethics and Public PolicyCenter Hertog FellowYuval Levin gathered for a discussion before acapacity crowd with Michael Strainand Stan Veuger on the relationshipbetween economic freedom andwell-being. (October 1)

z Jim Talent sat down withSen. TomCotton (R-AR) to discuss what thenext administration needs to do torebuild America’s military, guidedby a new report from AEI’s MarilynWare Center for Security Studies.(October 6)

z Leon Aron hostedVladimir Kara-Murza for a conversation aboutpolitical oppression and corruptionin Russia and Putin’s foreign policyin Ukraine and Syria. Kara-Murza, avictim of suspected foul play fromthe Putin regime, is a prodemocracyactivist, coordinator of MikhailKhodorkovsky’s civic group OpenRussia, and close friend and politicalassociate of assassinated oppositionleader Boris Nemtsov. (October 9)

z AEI and Brookings Mountain Westhosted an event in Las Vegas priorto the Democratic presidentialcandidate debate that evening

z Danielle Pletka and Michael Rubinhosted a two-panel discussionon the religious basis of Islamistterrorism. Experts from organizationsincluding the Zephyr Institute,Brookings Institution, Institute of ShiaStudies, American Islamic Congress,Hudson Institute, and Gallupparticipated as panelists. (July 21)

AUGUST

z Arthur Brooks, Chairman of theRepublican National CommitteeEd Gillespie, and Republicanpollster Kristen Soltis Andersondiscussed with moderator MarcThiessen the importance of andneed for a conservative messagethat speaks to voters’ hearts andminds at a public event in Cleveland,Ohio, the day before the rstRepublican Party US presidentialdebate. (August 5)

SEPTEMBER

z Former Vice PresidentRichardCheney gave a major addresson the consequences of the Irannuclear deal to the security andinterests of the United States andits allies in the Middle East.(September 8)

z AEI and the Center for AmericanProgress cohosted a conference toexplore the transformation in NewOrleans schools since HurricaneKatrina in 2005. Panelists includeda range of notable scholarsand education policymakersrepresenting the US Department ofEducation, the Eli and Edythe BroadFoundation, the American Federationof Teachers, the American Institutesfor Research, Teach for America,and the Louisiana Recovery SchoolDistrict. (September 16)

z Katherine Zimmerman discussedher new report recommendinga strategy to defeat al Qaeda inYemen with a panel that includedRep. Will Hurd (R-TX), a formerCIA of cer in Yemen, and aconversation withGen. Jack Keane (ret.) on the ght against al Qaeda.(September 10)

AEI event photography by Tenzin Choejor, Aaron Clamage, Peter Holden, Sylvia Johnson, Mike Morgan, and Eliot VanOtt


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Sen. Tom Cotton

Richard Cheney

Rep. Jeb Hensarling His Holiness the Dalai Lama

Benjamin Netanyahu

Benjamin Netanyahu and Danielle Pletka

Rep. J. Randy Forbes

Peggy Noonan


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AEI AS COMMUNICATOR

z AEI scholars have continued todominate the op-ed pages ofmajor publications, publishingmore than 3,380 op-eds in 2015in outlets such as the Wall StreetJournal , Washington Post , and NewYork Times . Thirty-four AEI scholarsnow contribute regular op-eds to27 different outlets.

z AEI scholars produced nine booksin 2015, including popular volumesfromArthur Brooks, CharlesMurray, and Frederick Hess.

z Our scholars continue to contri-bute behind the scenes throughthe hundreds of backgroundconversations they hold withjournalists and producers eachyear, offering them an opportunityto deeply in uence the nationaldiscourse and promote the case forfree enterprise on yet another level.

z AEI scholars made more than 2,460 television and radio appearances in2015, including regular appearanceson the nation’s most in uential tele-vision programs, like NBC’sMeetthe Press , CBS’sFace the Nation ,and CNN’sState of the Union . AEIscholars now appear, on average,more than twice per day on FoxNews and Fox Business and at leastevery other day on CNBC, CNN,MSNBC, and Bloomberg TV. Ourhigh-de nition ReadyCam studioat AEI has helped news stationsview AEI as a go-to partner to bringleading scholarship and analysis totheir programs.

z Our communications team isexpanding our web presence acrossa host of digital platforms, continuingto drive traf c to AEI content. Ourredesigned AEI.org site offers a

exible and appealing platform forfeaturing AEI scholars’ work, andwe created a number of interactiveweb pages and infographics tohelp effectively communicate ourscholars' work to broader audiences.

z Our blog, AEIdeas (www.aei-ideas.org), continues to be a leadingdestination for analysis that crossespolicy, politics, and news. Under thedirection ofJames Pethokoukis, AEI’s blog has become the go-tosource for pro-market commentaryamong top-tier media outlets whofrequently cite AEIdeas. Over thepast year, Pethokoukis has authorednearly 650 blog posts on AEIdeas.

z Our popularity on social mediasites like Facebook, Twitter, andYouTube is growing, the latter bynearly 50 percent over the past yearthanks to our AEI “Top Three” videosand Christina Hoff Sommers’

“Factual Feminist” series.z AEI launched or redesignedseveral e-newsletters this year,including a new weekend emailproduct delivered to more than30,000 inboxes every Saturdaymorning. It features some of themost timely and important workfrom AEI. To sign up to receiveany of AEI’s e-newsletters, visitwww.aei.org/newsletters.

AEI’S COMMUNICATIONS

AND OUTREACH EFFORTSMAGNIFY THE IMPACTOF OUR RESEARCH,SHAPING THE NATIONALCONVERSATION ONIMPORTANT PUBLICPOLICY ISSUES.

WE UTILIZE PRINT,BROADCAST, AND DIGITALMEDIA AS WELL ASTARGETED OUTREACH TOBRING OUR SCHOLARS’IDEAS TO MILLIONSOF AMERICANS.


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AEI AS INFLUENCER AEI HAS MADE A CONCERTED

EFFORT TO DISSEMINATEITS SCHOLARSHIP TO THOSEBEST PLACED TO ACT, THUSEXPANDING ITS OUTREACHTO POLICYMAKERS AND THEIRSTAFFS ON BOTH SIDES OFTHE POLITICAL AISLE.

AEI SCHOLARS TESTIFYBEFORE CONGRESSIONALCOMMITTEES MOREOFTEN THAN ANY PEERORGANIZATION, WITH ATOTAL OF 89 TESTIMONIESBEFORE THE 113THCONGRESS AND 39TESTIMONIES THROUGHMID-NOVEMBER BEFORETHE 114TH CONGRESS.

z New Member OrientationsAEI played a crucial educationalrole in the wake of the 2014 midtermelections, helping to lead threedifferent policy orientations for newmembers of Congress.

z Trade Promotion AuthorityDerek Scissors was a go-to experton trade promotion authority,being interviewed for backgroundinformation by members ofCongress. The House Ways andMeans Committee circulatedScissors’s April AEIdeas blogpost, “Trade Promotion Authority,

nally,” as a prime example of theconservative argument in supportof free trade, and Scissors wasfrequently called to Capitol Hill tobrief congressional leaders.

z The Elementary and SecondaryEducation Act ReauthorizationFrederick Hess has played a leadingrole since 2004 in critiquing the NoChild Left Behind (NCLB) Act andoffering reforms that would decreasebureaucracy while increasingtransparency and innovation. The

2015 Student Success Act andthe Every Child Achieves Act,put forward by the House andSenate, respectively, both closelytrack Hess’s vision for NCLBreauthorization. On the day theHouse’s bill was brought to the

oor, AEI scholars published twoop-eds in National Review Online.One was tweeted by then–HouseSpeaker John Boehner (R-OH) andemailed to the entire House GOP

conference by Cathy McMorrisRodgers (R-WA), and the otherwas cited by Chairman John Kline(R-MN) in a meeting he convenedwith outside organizations.

z Higher Education Reform Andrew Kelly has been recognizedas the intellectual architect forseveral promising new policy ideasfor higher education reform putforward by major political gures. Inhis contribution to the YG Network’sRoom to Grow volume last year,Kelly outlined a proposal to reformthe college accreditation system.Slate ’s Jordan Weissmann noted thatthese ideas were carried through tolegislation introduced by Sen. MikeLee (R-UT).

z Acquisition Reform Many of AEI’s ideas on acquisitionreform, especially those of formervisiting fellow William Greenwalt, canbe found in Senate Armed ServicesCommittee Chairman John McCain’s(R-AZ) defense authorization billbeing considered in conference.In June, Mackenzie Eaglen

published a chart of Greenwalt’swork on acquisition reform to showAEI’s progress in affecting actuallegislation and areas for continuedimprovement.


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AEI AS EDUCATORAEI’s Academic Programsis defending and promotingfree enterprise and Americanleadership in the world on collegecampuses across America. We areencouraging a real competition ofideas and substantive, civil debateon campuses, targeting not just theself-identi ed true believers but alsopersuadable and apathetic studentswho are not exposed to smart,sophisticated thinkers who shareAEI’s mission and ethos.

We count more than 5,300 studentsin the AEI network, representingmore than 600 campuses across thecountry. Our 282 student ExecutiveCouncil members are taking aleadership role in helping AEIeducate their peers on campuson free enterprise principles.

We are also building our network offaculty and administrators (nearly380 to date) who share our beliefthat the competition of ideas isfundamental to institutions of higherlearning. Professors are usingAEI resources (including our new

online learning modules) in theirclassrooms; during the 2014–15academic year, 26 professors on20 campuses adopted AEI’s mini-books in a classroom or readinggroup. These books present arange of public policy topics to alay audience from a free enterpriseperspective.

AEI scholars are also traveling tocampuses for conversations on

topics such as poverty, welfarereform, higher education reform,and America's role in the world andare bringing student groups to AEI'sheadquarters in Washington forconversations with AEI scholars.

Our signature student event is ourannual Summer Honors Program.In June, AEI hosted three terms ofthe program with a total of morethan 130 college students (out

AEI’s internship program recruits approximately 50 studentseach semester who spend four months working at our of ce onsubstantive projects under the direction of a scholar or seniorstaff member. The Institute’s internship program is remarkablycompetitive; for the Summer 2015 semester, we received 6,794applications representing 715 schools across the country andaround the world. We placed 75 interns representing 51 schools—an acceptance rate of just 2.2 percent—and with an average GPAof 3.69. Over the past 10 years, more than 50 former interns havebecome full-time employees at AEI, dedicating their careers to thepursuit of human liberty and ourishing.

of 457 applicants) representing78 colleges and universities. AEIalso hosted 115 students for ourinaugural Summer Ideas Summitand 142 students for our Values& Capitalism Summer Conferenceweekends. Students learned fromAEI scholars and heard from well-known DC insiders, policymakers,journalists, and business leadersand enjoyed networking andcareer-coaching events.


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AEI ASCOMMUNITY AEI is enormously grateful for its1,380 individual, foundation, andcorporate donors who share ourvalues and stand with us to supportand defend the moral imperatives offreedom and free enterprise here inAmerica and abroad.

We are also thankful for our growingnetwork of state-based leaders whoare helping to disseminate AEI'sscholarship across the country,as well as our student leaders atcolleges and universities who aremaking the case for free enterpriseon their campuses. Thanks to the

generous intellectual, moral, andnancial support of AEI's community,we are having an outsized impact onthe policy debates.

AEI’s community has a broad rangeof opportunities to engage with AEIscholars in their hometowns. Overthe past year, we have organizedmore than 150 events across thecountry, with many of our donorsand friends of the Institute hostingAEI scholars for events rangingfrom intimate roundtable policy

discussions to major public forums.Individual donors can join AEI’sDonor Leadership Program atvarious levels of support, rangingfrom gifts of $250 to more than$50,000 in annual support, anddonations can also be made in theform of securities, stocks, matchinggifts, and bequests.

A wide range of foundations shareAEI’s core principles, and foundationfounders, directors, board members,and staff regularly join fellowmembers of the AEI community forregional events as well as brie ngsand special events at AEI.

Support from the private sector—theengine of America’s freedom andprosperity—is a vote in support ofAEI’s mission to encourage a policyand business climate that stimulateseconomic growth, dynamism,and expanded opportunity for all.AEI’s Corporate Program offers

several avenues of engagementfor companies committed to betterpublic policy.

Importantly, AEI does not undertakecontract research nor acceptgovernment funding. If you areinterested in learning more aboutjoining our community, pleasevisit www.aei.org/donate.

If you are interested in joiningAEI’s state-based leadershipnetwork, please contact

[email protected].

z AEI BOARD OF TRUSTEES

AEI’s Board of Trustees has grownto 30 leaders in nance, industry,academia, and public policy fromaround the nation. We welcomedtwo trustees this year: John Hurleyfrom San Francisco and ElisabethDeVos from Grand Rapids, MI.

z AEI NATIONAL COUNCILAEI’s National Council is a coalitionof supporters who share a deepcommitment to strengthening thefree enterprise system. As unof cialAEI ambassadors, National Councilmembers help grow our communityby introducing friends and collea-gues around the nation to AEI.There were 178 public membersof the National Council at the endof November 2015, an increaseof more than 20 percent from theyear before. Our National Councilmembers represent 31 states, theUnited Kingdom, and Taiwan.


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z AEI PROGRAM COMMITTEES

In 2015, AEI launched programcommittees among our NationalCouncil members. These af nitygroups serve as forums for speci cpolicy discussions and efforts(Foreign Policy, Education,Academic Programs, and Values &Capitalism). In June, Foreign PolicyProgram Committee membersDebbie and David Roberts hostedDanielle Pletka and Jim Talent attheir home in New York City for adiscussion on the current state ofaffairs in the Middle East and AEIdefense scholars’ major initiativesfor the months ahead.

z REGIONAL COUNCIL EVENTS

AEI’s Regional Councils arecomprised of in uential businessleaders, entrepreneurs, andprofessionals who work with AEI topromote public policy that restoresgrowth and prosperity. We currentlycount 16 chapters in cities acrossthe country. Our scholars frequentlytravel to meet with these supportersthroughout the year for intimategatherings over serious policydiscussions. For example, GerardRobinson spoke about educationreform at the national and local levelsin Boston, Nashville, and Seattle,among other cities.

z AEI ENTERPRISE CLUB

AEI’s Enterprise Club is aninvitation-only group of 30–40- year-old professionals who areselected based on depth of inte-llectual interest in policy, record ofachievement, and potential forfuture impact. In just four years,the Enterprise Club has grown to311 members in 12 cities acrossthe nation. The Dallas EnterpriseClub chapter has grown by 24members in the past year, and thegroup hosted events in 2015 withArthur Brooks, General T. MichaelMoseley, Charles Murray, andBenjamin Zycher.

z AEI Leadership Network

Members of AEI's LeadershipNetwork, which has now grownto more than 120 leaders whorepresent a diverse range ofnonpro ts; community servicegroups; business organizations;and city, state, and local govern-ments, are helping to disseminateAEI’s scholarship and are impac-ting their communities for freedom,opportunity, and free enterprise.Seventy of these leaders gathe redin September for our annual Summitin Washington, DC.

z AEI30

AEI30 is AEI’s selected cohort ofyoung leaders in business, nance,and entrepreneurship who areinterested in serious discussionson the most signi cant challengesfacing our country. The programstarted in September 2014 witha New York City chapter that hasgrown to 48 members. We haveregular breakfasts in New Yorkfeaturing prominent businessleaders such as Dan Loeb, AEINational Council cochair and CEOof Third Point LLC; David Roberts,AEI National Council cochair andCOO of Angelo, Gordon & Co; andRob Kapito, founder, president, anddirector of BlackRock. The program

plans to continue growing its NYCmembership and then expand toother cities.

z AEI STUDENT EXECUTIVE

COUNCILOur 282 student Executive Councilmembers at 77 schools are helpingus educate their peers on campusthrough a variety of activities (confe -rences, debates, op-eds for theirstudent paper, or book clubs) andare hosting leadership dinners withAEI scholars or business leadersfrom the AEI community. Thesestudent leaders attend leadershipevents at AEI’s headquarters inWashington where they hear fromour scholars on issues of publicpolicy and receive career advice.

z AEI ALUMNI PROGRAMAEI’s Alumni Program connects

former scholars, fellows, staff,research assistants, interns, andsummer program students. Afterstarting the program two yearsago, we now have a network ofmore than 350 members. In July2015, Charles Murray spoke to agroup of 90 AEI alumni gatheredat AEI’s headquarters about hislatest book, By the People.

z AEI WORLD FORUMSea Island, GAAEI’s World Forum, our marqueeevent held each year in March,convenes dozens of congressionalleaders, governors, and executivebranch of cials, as well as major

opinion leaders, foundation leaders,and top executives from the world’scorporations and nancial rms.Attendees participate in a robustidea exchange on global economics,foreign and defense policy, culture,and politics during the weekendgathering. The past two years, wehave also included a small group oftop leaders from our Enterprise Clubfor a series of policy discussions.


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IN MEMORIAM

Walter BernsWalter Berns passed away onJanuary 10 at the age of 95. Hisassociation with AEI began in the late1970s and lasted more than threedecades. At AEI, his published worksincluded Making Patriots (2002), Afterthe People Vote (2001), and Takingthe Constitution Seriously (1987). Allhis books had major impact on vitallyimportant national debates. Lincolnat Two Hundred (2009), a favoriteof his colleagues, offers a masterfullook at the impact of the presidenthe admired most. Berns was atowering intellectual gure on theUS Constitution and wrote proli callyfor both scholarly and popularaudiences, taught hundreds ofstudents at six universities, served asa delegate to the UN Commission onHuman Rights, and won the NationalHumanities Medal. He was also aveteran of WWII.

Carolyn Weaver MackayOn August 26, Carolyn WeaverMackay passed away. She was aresident scholar and director of socialsecurity and pension studies at AEIfrom 1987 to 2000 and served aseditor ofRegulation magazine from1986 to 1988. Prior to joining AEI,Mackay was a senior research fellowat the Hoover Institution at StanfordUniversity, chief professional staffmember on social security for theUS Senate Committee on Finance,and senior adviser to the 1983National Commission on SocialSecurity Reform (“Greenspan Panel”).She also served on several federaladvisory councils dealing with SocialSecurity and disability policy andwrote numerous books, articles,and editorials.


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John H. MakinOn March 30, AEI mourned the lossof John H. Makin, who had been partof the AEI family since 1984, whenhe rst joined as a scholar. Overhis career, he moved in and out ofresidence at AEI—advising the USTreasury Department, CongressionalBudget Of ce, and InternationalMonetary Fund; teaching; andserving as a principal at the hedgefund Caxton Associates. He rejoinedAEI full time in 2012 as a seniormember of the economics team tostudy the US economy, monetarypolicy, nancial markets, corporatetaxation, and banking. He also wrotefrequently about Japanese, Chinese,and European economic issues,and wrote AEI's monthlyEconomicOutlook , which paired insightfulresearch with current economictopics. Along with his work, his livelywit and good humor made him trulyloved at AEI.

Fred ThompsonFormer AEI visiting fellow FredThompson passed away onNovember 1 at the age of 73. Hewas a clear and principled thinkerwho specialized at AEI in nationalsecurity and intelligence and was aman of wide interests and talents, asre ected in his career as an attorney,politician, lobbyist, and actor. Heserved his country as a US senatorrepresenting Tennessee, as chairmanof the International Security AdvisoryBoard at the US Department ofState, as a member of the US-ChinaEconomic and Security ReviewCommission, and as a member ofthe Council on Foreign Relations.In 1973, he was appointed as minoritycounsel to assist the Republicansenators on the Senate WatergateCommittee. His sonorous voice thatmany know so well from his roles inmovies, television, and commercials,as well as his wry humor, will surelybe missed.

Ben J. WattenbergOn June 28, AEI mourned the loss ofBen Wattenberg, who joined AEIin 1977 to study US politics anddemography, one of a handful ofDemocrats whom William J. BaroodySr. brought to the Institute aroundthat time. Wattenberg drew nationalattention in 1970 with the publicationof his coauthored book with AEIadjunct colleague Richard M.Scammon, The Real Majority , a best-selling analysis of US politics. Overthe course of his career, Wattenbergwas appointed to various committeesand commissions by PresidentsCarter, Reagan, and George H.W. Bush and penned nearly 1,000columns as well as a number of otherbooks, including The Birth Dearth(1987) and The First MeasuredCentury (2000). Wattenberg was apassionate commentator, engagingin the public debates across a varietyof issues. He hosted a number ofPBS television specials as well as theweekly programThink Tank with BenWattenberg , which ran for 15 years.


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Thank you to the members of AEI’scommunity who generously supportedAEI’s Campaign for Free Enterpriseand American Progress.

Together, we have raised more than $99 million for thecampaign, which will extend the reach and impact ofAEI’s work by making possible new research programsand communications enhancements and by helpingto underwrite the Institute’s long-term nancial stability.We look forward to sharing our new home with youin 2016. Our headquarters will be located at 1789Massachusetts Avenue, NW, in Washington, DC.


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AEI AS RESPONSIBLESTEWARD

AEI’s audited nancial performancefor the scal year ended on June 30,2015, is provided in accordance withGAAP accounting conventions.

The Institute raised $19.9 millionfrom individuals, $23.9 million fromfoundations, and $8.8 million fromcorporations. The sum of thesefundraising activities, along withconference and miscellaneousrevenue of $2 million, brought theInstitute’s annual operating revenuesto $54.6 million. Investment gainstotaling $0.6 million and CapitalCampaign commitments totaling$27.2 million are excluded from theoperating revenue shown.

Expenses for the year totaled$38.7 million—81 percent of theseexpenses were for programs,10 percent for management andadministration, and 9 percentfor fundraising. AEI allocatescommunication expenses toprograms; communicationexpenses are shown prior tosuch allocation.

AEI is enormously grateful to itscommunity of investors for makingour scholarly research and outreachinitiatives possible. We hope youare proud of the work that you havesupported to advance freedom,opportunity, and enterprise inAmerica and around the world.

Foundations 44%

Conferences andOther Revenue 4%

Individuals 36%

Corporations 16%

i lli i l i

ili ii i

i lii

2015 AEI Operating Revenue($54.6 million)

i i i

i i

i lSocial andPolitical Studies 12%

Foreign and DefensePolicy Studies 16%Communications 13%

Economic PolicyStudies 27%

Campus Outreach 6%

2015 AEI Expenses($38.7 million)

Management 5%

Conferences 6%

Administration 5%

Fundraising 9%

Fiscal year activity is for the period July 1, 2014, through June 30, 2015.


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BOARD OF TRUSTEES

TULLY M. FRIEDMAN,Chairman Chairman and CEOFriedman Fleischer & Lowe, LLC

DANIEL A. D’ANIELLO,Vice Chairman Chairman and Co-Founder The Carlyle Group

CLIFFORD S. ASNESSManaging and Founding Principal AQR Capital Management

GORDON M. BINDERManaging Director Coastview Capital, LLC

ARTHUR C. BROOKSPresident and Beth and Ravenel CurryChair in Free Enterprise American Enterprise Institute

THE HONORABLERICHARD B. CHENEY

PETER H. COORSVice Chairman of the Board Molson Coors Brewing Company

HARLAN CROWChairman and CEO Crow Holdings

RAVENEL B. CURRY IIIChief Investment Of cerEagle Capital Management, LLC

ELISABETH (BETSY) DEVOS

JOHN V. FARACIChairman International Paper

CHRISTOPHER B. GALVINChairman Harrison Street Capital, LLC

RAYMOND V. GILMARTINHarvard Business School

HARVEY GOLUBChairman and CEO, Retired

American Express Company Chairman, Miller Buck re

ROBERT F. GREENHILLFounder and Chairman Greenhill & Co., Inc.

FRANK J. HANNAHanna Capital, LLC

JOHN K. HURLEYFounder and Managing Partner Cavalry Asset Management

SETH A. KLARMANPresident and CEO The Baupost Group, LLC

BRUCE KOVNERChairman Caxton Alternative Management, LP

MARC S. LIPSCHULTZPartner Kohlberg Kravis Roberts

JOHN A. LUKE JR.Chairman and CEO MeadWestvaco Corporation

GEORGE L. PRIESTYale Law School

KEVIN B. ROLLINSCEO, Retired Dell, Inc.

MATTHEW K. ROSEExecutive Chairman BNSF Railway Company

EDWARD B. RUST JR.Chairman and CEOState Farm Insurance Companies

D. GIDEON SEARLEManaging PartnerThe Sera n Group, LLC

MEL SEMBLERFounder and ChairmanThe Sembler Company

WILSON H. TAYLORChairman EmeritusCigna Corporation

WILLIAM H. WALTONManaging Member Rockpoint Group, LLC

MARILYN WAREChairman, RetiredAmerican Water Works

EMERITUS TRUSTEES

RICHARD B. MADDENROBERT H. MALOTTPAUL F. OREFFICEHENRY WENDT

OFFICERS

ARTHUR C. BROOKSP resident and Beth and Ravenel CurryChair in Free Enterprise

DAVID GERSONExecutive Vice President

JASON BERTSCHSenior Vice President, Developmentand Communications

DANIELLE PLETKASenior Vice President, Foreign andDefense Policy Studies

TOBY STOCKVice President, Development andAcademic Programs

COUNCIL OF ACADEMICADVISERS

GEORGE L. PRIEST, CHAIRMANEdward J. Phelps Professor of

Law and Economics Yale Law School

ALAN J. AUERBACHRobert D. Burch Professor of

Economics and Law University of California, Berkeley

ELIOT A. COHENPaul H. Nitze School of Advanced

International Studies Johns Hopkins University

EUGENE F. FAMARobert R. McCormick Distinguished Service

Professor of Finance Booth School of Business University of Chicago

MARTIN FELDSTEINGeorge F. Baker Professor of EconomicsHarvard University

AARON L. FRIEDBERGProfessor of Politics and International Affairs Princeton University

ROBERT P. GEORGEMcCormick Professor of Jurisprudence Director, James Madison Program in American Ideals and Institutions Princeton University

ERIC A. HANUSHEKPaul and Jean Hanna Senior Fellow

Hoover Institution Stanford University

R. GLENN HUBBARDDean and Russell L. Carson Professor

of Finance and Economics Columbia Business School

WALTER RUSSELL MEADJames Clarke Chace Professor of Foreign

Affairs and the Humanities Bard College

JOHN L. PALMERUniversity Professor and Dean Emeritus Maxwell School of Citizenship

and Public Affairs Syracuse University

MARK PAULYBendheim Professor, Professor of

Health Care Management Wharton School at the University ofPennsylvania

SAM PELTZMANRalph and Dorothy Keller Distinguished

Service Professor of EconomicsBooth School of Business University of Chicago JEREMY A. RABKINProfessor of Law George Mason University School of Law

HARVEY S. ROSENJohn L. Weinberg Professor of Economics

and Business Policy Princeton University

RICHARD J. ZECKHAUSERFrank Plumpton Ramsey Professor ofPolitical Economy

Kennedy School of Government Harvard University


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RESEARCH STAFFJOSEPH ANTOSWilson H. Taylor Scholar in HealthCare and Retirement Policy; ResidentScholar

LEON ARONDirector, Russian Studies;Resident Scholar

MICHAEL AUSLINResident Scholar

CLAUDE BARFIELDResident Scholar

MICHAEL BARONEResident Fellow

ROGER BATEVisiting Scholar

ERIC BELASCOVisiting Scholar

ANDREW G. BIGGSResident Scholar

EDWARD BLUMVisiting Fellow

DAN BLUMENTHALDirector, Asian Studies; ResidentFellow

JOHN R. BOLTONSenior Fellow

KARLYN BOWMANResearch Coordinator; Senior Fellow

ALEX BRILLResearch Fellow

JAMES C. CAPRETTAVisiting Fellow

TIMOTHY P. CARNEYVisiting Fellow

LYNNE V. CHENEYSenior Fellow

EDWARD CONARDVisiting Fellow

KEVIN CORINTHResearch Fellow

MAURA CORRIGANVisiting Fellow

SADANAND DHUMEResident Fellow

ROBERT DOARMorgridge Fellow in Poverty Studies;Resident Fellow

THOMAS DONNELLYCodirector, Marilyn Ware Center forSecurity Studies; Resident Fellow MACKENZIE EAGLENResident Fellow

NICHOLAS EBERSTADTHenry Wendt Scholar in PoliticalEconomy

JEFFREY EISENACHDirector, Center for Internet,Communications, and TechnologyPolicy; Visiting Scholar

R. RICHARD GEDDESVisiting Scholar

JAMES K. GLASSMANVisiting Fellow

JONAH GOLDBERGFellow

SCOTT GOTTLIEB, MDResident Fellow

PHIL GRAMMVisiting Scholar

MARY HABECKVisiting Scholar

KEVIN A. HASSETTDirector, Economic Policy Studies;State Farm James Q. Wilson Chair inAmerican Politics and Culture

ROBERT B. HELMSResident Scholar

FREDERICK M. HESSDirector, Education Policy Studies;Resident Scholar

R. GLENN HUBBARDVisiting Scholar

WILLIAM INGLEEVisiting Fellow

BENEDIC IPPOLITOResearch Fellow

KEVIN JAMESResearch Fellow

MATTHEW H. JENSENManaging Director, Open SourcePolicy Center

FREDERICK W. KAGANDirector, AEI Critical Threats Project;Christopher DeMuth Chair;Resident Scholar

LEON R. KASS, MDMadden-Jewett Chair; ResidentScholar

ANDREW P. KELLYDirector, Center on HigherEducation Reform; Resident Scholar

PAUL H. KUPIECResident Scholar

JON KYLVisiting Fellow

DESMOND LACHMANResident Fellow

ADAM LERRICKVisiting Scholar

PHILLIP LOHAUSResearch Fellow

KIRSTEN MADISONDeputy Director, Foreign andDefense Policy Studies;Resident Fellow

NAT MALKUSResearch Fellow

APARNA MATHURResident Scholar

MATT MAYERVisiting Fellow

MICHAEL MAZZAResearch Fellow

J. MATTHEW MCINNISResident Fellow

LARRY MEADVisiting Scholar

THOMAS P. MILLERResident Fellow

CHARLES MURRAYW. H. Brady Scholar

ROGER F. NORIEGAFellow

STEPHEN D. OLINERCodirector, AEI’s International Center

on Housing Finance; Resident Scholar NORMAN J. ORNSTEINResident Scholar

MARK J. PERRYScholar

JAMES PETHOKOUKISEditor, AEIdeas Blog;DeWitt Wallace Fellow

TOMAS PHILIPSONVisiting Scholar

EDWARD J. PINTOCodirector, AEI’s InternationalCenter on Housing Finance;Resident Fellow

ALEX J. POLLOCKResident Fellow

RAMESH PONNURUVisiting Fellow

ANGELA RACHIDIResearch Fellow

VINCENT R. REINHARTVisiting Scholar

GERARD ROBINSONResident Fellow

DALIBOR ROHACResearch Fellow

MICHAEL RUBINResident Scholar

SALLY SATEL, MDResident Scholar

GARY J. SCHMITTCodirector, Marilyn Ware Centerfor Security Studies; Director,Program on American Citizenship;Resident Scholar

MARK SCHNEIDERVisiting Scholar

DAVID SCHOENBRODVisiting Scholar

DEREK M. SCISSORSResident Scholar

SITA SLAVOVVisiting Scholar

VINCENT H. SMITHDirector, Agriculture Studies;

Visiting Scholar

CHRISTINA HOFF SOMMERSResident Scholar

KATHARINE B. STEVENSResearch Fellow

THOMAS P. STOSSEL, MDVisiting Scholar

MICHAEL R. STRAINDeputy Director, Economic PolicyStudies; Resident Scholar

PHILLIP SWAGELVisiting Scholar

JIM TALENTDirector, Marilyn Ware Center’sNational Security 2020 Project;Senior Fellow

SHANE TEWSVisiting Fellow

MARC A. THIESSENResident Fellow

STAN A. VEUGERResident Scholar

ALAN D. VIARDResident Scholar

PETER J. WALLISONArthur F. Burns Fellow in FinancialPolicy Studies; Resident Fellow

W. BRADFORD WILCOXVisiting Scholar

WENDELL L. WILLKIE IIVisiting Fellow

PAUL WOLFOWITZVisiting Scholar

JOHN YOOVisiting Scholar

ROGER I. ZAKHEIMVisiting Fellow

WEIFENG ZHONGResearch Fellow

KATHERINE ZIMMERMANResearch Fellow

JOEL M. ZINBERG, MDVisiting Scholar

BENJAMIN ZYCHERJohn G. Searle Chair;Resident Scholar


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BILL ACHTMEYER*Chairman and Managing Partner The Parthenon Group

JAY ADAIR*ERWIN AULIS*

JOHN D. BAKER

THILO BEST*Principal Bayshore Retirement Partners

BAYARD BOYLE JR.*Chairman Boyle Investment Group

CURTIS F. BRADBURY JR.Chief Operating Of cer Stephens

GEOFFREY AND MELISSABRADSHAW-MACK

DOUGLAS AND ANGELA BRALYThe Braly Group, LLC

BENNIE AND STEPHANIE BRAY

ARTURO BRILLEMBOURG ANDHILDA OCHOA-BRILLEMBOURG

KEN BROAD

ERIC CANTOR*Former House Majority Leader Vice Chairman, Moelis & Company

MARK CARLIN*Executive Vice President Lockton Insurance Brokers, Inc.

JAMES D. CARREKERJDC Holdings

RUSSELL L. CARSON*General Partner Welsh, Carson, Anderson & Stowe

ROBERT H. CASTELLINI*Chairman Castellini Company

JOHN K. CASTLEChairman and Chief Executive Of cer Castle Harlan, Inc.

NANCY AND GARY CHARTRAND*

ARMEANE AND MARY CHOKSI*

PETER B. CLARK

MARTIN COHEN*Executive Chairman Cohen & Steers

DAVID COULTERVice Chairman Warburg Pincus

JOE CRAFT AND KELLY KNIGHT*

SUSAN CROWN AND WILLIAM KUNKLER

MARY LOU AND JOHN DASBURG

F. JOSEPH DAUGHERTY, MD*PAUL L. ("LEW") DAVIES IIIAND PILAR H. DAVIESManaging Principal The Cambria Group

ANTHONY J. DE NICOLACo-President Welsh, Carson, Anderson & Stowe

MICHAEL A. DELANEYManaging Partner Court Square Capital Partners

KIMBERLY O. DENNIS*President Searle Freedom Trust

MICHAEL DOARJAMES H. DONOVAN*Managing Director Goldman Sachs

MARK DORMANManaging Director Endeavor Capital

RICHARD DRIEHAUS*

KURT DUDASEhrenkranz Partners

ROBERT A. ECKERTMattel, Inc.

CHRISTOPHER F. EGAN*

LEWIS M. EISENBERGKohlberg Kravis Roberts

MARTIN C. ELTRICH*Partner AEA Investors

JOHN EVANGELAKOSSullivan & Cromwell, LLP

CHRISTIAN A. FELIPE*

SEAN M. FIELER*General Partner Equinox Partners, LP

DONALD V. FITES

MORTON FLEISCHERChairman, STORE Capital Corporation SPENCER FLEISCHER

EDWARD C. FORST

MICHAEL J. FOURTICQ SR.*Hancock Park Associates

TROY AND ELIZABETH FOWLER*Board of Directors Triad Foundation

SAM AND MARILYN FOX*Founder Harbour Group

J OEL AND STELLA FREEDMAN*

JOSH FRIEDMAN

MARTIN GARCIA

MARK D. GIBSONExecutive Managing Director HFF, L.P.

RONALD J. GIDWITZPrincipal GCG Partners

HENRY GORDON

C. BOYDEN GRAYFounding Partner Boyden Gray & Associates

JUDSON AND JOYCE GREEN*

HEATHER AND PAUL G. HAAGA*

KIP HAGOPIAN

STEVEN T. HALVERSON

JON D. HAMMES*Hammes Company

KENNETH H. AND YVONNE S. HANNAN*Colonial Navigation Co. Inc.

JAMES L. HASKEL

JIMMY AND DEE HASLAM

KERRY MURPHY HEALEY

SEAN HEALEYChairman and Chief Executive Of cer Af liated Managers Group, Inc.

DAVID G. HERRO*

THOMAS HILLMAN

ED AND HELEN HINTZ*Hintz Capital Management

KEN HIRSH

H. LEE S. HOBSON*Highside Capital Management

ROBERT B. AND JANET A. HOFFMAN*Double V Trust Funds

JOHN W. HOLMAN IIIManaging Director Eagle Capital Management, LLC

AL AND KATHY HUBBARD

STANLEY S. HUBBARDChairman and Chief Executive Of cer Hubbard Broadcasting, Inc.

MARTIN P. HUGHES*

TOD AND SUSAN HULLIN

PAUL J. ISAAC*Arbiter Partners

RICHARD M. JAFFEE

SHELLY AND MICHAEL KASSEN

RICHARD A. KAYNEChief Executive Of cer Kayne Anderson Capital Advisors, Inc.

MICHAEL L. KEISER*Co-Founder Recycled Paper Greetings, Inc

RANDY P. KENDRICK

JOHN KINGSTON

YVETTE AND LOU KLOBUCHAR

SUE KOFFEL

Members of AEI's National Councilare business and community leadersfrom across the country who arecommitted to AEI's success and serveas ambassadors for AEI, providingus with advice, insight, and guidanceas we look to reach out to newfriends around the country. Pleasecontact Toby Stock, vice president ofdevelopment and academic programs([email protected]; 202.862.5834),if you are interested in learning moreabout the National Council.

NATIONAL COUNCIL


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J. CHRISTOPHER KOJIMAManaging Director Goldman, Sachs & Co.

AMY KORENVAES*President Harlan and Amy Korenvaes Family Foundation

HARLAN B. KORENVAES*Korenvaes Capital Management

STEPHEN M. KOTRANSullivan & Cromwell, LLP

WILLIAM KOURAKOSPerella Weinberg Partners

RODGER R. KROUSE*Co-Chief Executive Of cer Sun Capital Partners, Inc.

JOHN AND KARIN KUKRAL*

KEN LANGONEBILL LAVERACK*Laverack Capital Partners

HOWARD H. LEACHPresident Leach Capital, LLC

PHILIP LEBHERZChairman Lebherz Insurance Services, Inc.

SYLVIE LÉGÈRE AND TODD RICKETTS*

RICHARD H. LENNY*

ALEC LITOWITZ*

DANIEL S. LOEB*Chief Executive Of cer Third Point LLC

BOB LOWE

D. SCOTT LUTTRELLChairman and Chief Executive Of cer LCM Group, Inc.

BARRY L. MACLEAN*President and Chief Executive Of cer MacLean-Fogg Company

RICHARD MAGNUSON

MICHAEL E. MARTINO*Co-Founder Mason Capital Management

IVOR MASSEY JR.Triad LC

M. HOLT MASSEY

ROBERT AND MARY MCCORMACK*

ROSS MCKNIGHTChairman of the Board Olney Bancshares of Texas, Inc.

HARRY T. MCMAHONExecutive Vice Chairman Bank of America Merrill Lynch

LINDA MCMAHON*Principal and former Chief Executive Of cer World Wrestling Entertainment

JOANIE AND DON MCNAMARA

KENNETH B. MEHLMANMember & Global Head of Public Affairs Kohlberg Kravis Roberts

DANIEL N. MEZZALINGUA*Acquisitions Analyst FTO

GREG MILLER*Larry H. & Gail Miller Family Foundation

JAMES F. MOONEY*Partner The Baupost Group, LLC

JOHN AND CARRIE MORGRIDGE*Morgridge Foundation

MR. AND MRS. ROBERT S. MURLEY

ALEX NAVAB*Kohlberg Kravis Roberts

PATRICK AND CHARLENE NEAL*Neal Communities

ROBERT H. NIEHAUSGCP Capital Partners LLC

PETER NOLAN*

PHILIP AND JUDY NUSSBAUM*

LOU OBERNDORF

DAN O’KEEFE*

RICHARD R. ONGManaging Director Eagle Capital Management, LLC

DUANE AND SUSAN OTTENSTROER

CRAIG OVERLANDER

Chief Executive Of cer Société Générale Americas

SARAH AND ROSS PEROT JR.*

DAN AND KELLIE PETERS*The Lovett & Ruth Peters Foundation

STEVEN PRICE*Chairman and Chief Executive Of cer Townsquare Media, Inc.

MAYARI PRITZKERPresidentRobert and Mayari Pritzker Family Foundation

PHILIP J. PURCELL*

ANDY PUZDER*

ALLEN AND KELLI QUESTROM*JAMES C. RAHN*President Kern Family Foundation

ANNE AND ROB RAYMOND*

GEOFFREY S. REHNERT*Co-Chief Executive Of cer Audax Group

DAVID K. REYES

J. JOE RICKETTS*

RICHARD J. RIORDAN*

DAVID N. ROBERTS*Senior Managing Director Angelo, Gordon & Co.

THOMAS S. ROBERTSManaging Director Summit Partners

RICHARD AND ALLISON ROEDER*

ROBERT ROSENKRANZ*Chairman Delphi Financial Group

JOHN W. AND JEANNE M. ROWE*

ROBERT ROWLING

PETER S. RUMMELL*Chief Executive Of cer Rummell Company LLC

ROBERT P. RYANElliott Management Corporation NATHAN E. SAINT-AMAND, MD*

MUNEER SATTER* Founder Satter Investment Management, LLC

PAUL AND JUNE SCHORR

DAN SCHULTEJANNChief Executive Of cer Automation-X Corporation

JAMES M. SENEFFExecutive Chairman CNL Financial Group, Inc.

ROGER T. SERVISONFidelity Investments

STEVEN SHAFRAN

STEVEN SHAPIROGoldenTree Asset Management

JEFFREY L. SILVERMANChairman and Co-Founder Agman Partners

W. ROSS SINGLETARY IIManaging Partner Arcus Capital Partners

DAVID SMICKChairman & CEO Johnson Smick International, Inc..

LINDA AND BILL STAVROPOULOS

ROBERT K. STEEL*

MARC STERN

BARRY S. STERNLICHTChairman and Chief Executive Of cer Starwood Capital Group

SHELDON M. STONE

THOMAS P. STOSSEL ANDKERRY MAGUIRE

DONALD AND SUSAN STURMSturm Financial Group

MICHAEL SULLIVAN*Point72 Asset Management

GENE SYKES

STEVEN TANANBAUM

ROB TAYLOR

RYAN TAYLOR

CARL THOMA*Managing Partner Thoma Bravo, LLC

DICK UIHLEIN*CEOUline

GWENDOLYN VAN PAASSCHEN

JOHN AND CAROL WALTER*

RAY AND HEATHER WASHBURNE*Charter Holdings

BUD WATTS

GARY L. WILSONManhattan Paci c Partners

JEFF WYLERChief Executive Of cer Jeff Wyler Automotive Family

SCOTT ZAJAC* Denotes National Council Co-Ch


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AEI 2015 Annual Report

Documents

Transcript of AEI 2015 Annual Report