A DEFENDER

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

AEI SCHOLARS
AND STAFF

225

OP-EDS IN MAJOR
PRINT MEDIA

3,385
SUMMER INTERNSHIP
APPLICATIONS

6,794
DONORS

1,380

TELEVISION AND
RADIO APPEARANCES

2,465

CONGRESSIONAL TESTIMONIES
IN THE 113TH CONGRESS
(JANUARY 3, 2013 JANUARY 3, 2015)

89

FOLLOWERS ON AEI'S SOCIAL

MEDIA ACCOUNTS
YOUTUBE, TWITTER, AND FACEBOOK

243,800
FY 2015 ANNUAL REVENUE

$54.6M

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

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

2016 ELECTION
AEI scholars organized predebate forums at the sites of Republican
and Democratic US presidential debates in Cleveland, Las Vegas,
and Boulder. They discussed the need for a conservative message
that speaks to voters hearts and minds, the countrys demographic
shifts, and the economic challenges facing the nation.

IRAN NUCLEAR DEAL

In the month following the announcement of the Iran
nuclear deal on July 14, Danielle Pletka, Michael
Rubin, Matthew McInnis, Marc Thiessen, Frederick
Kagan, and John Bolton gave more than 50 radio
and 30 television interviews on the outlines of the
comprehensive nuclear deal with Iran. Additionally,
in well over 50 op-eds and blogs posts, the team
warned that the terms of the deal are likely to enable
rather than halt Irans nuclear weapons development.
Kagan launched a new mini-website on AEIs
Critical Threats Projects Iran Tracker site to clarify
the agreements complex language and to provide
additional information (www.irantracker.org).

CONTENTS

/ IV /

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

MESSAGE FROM THE

CHAIRMAN AND PRESIDENT

programs, we have more than 5,300
student envoys on more than 600
campuses in our network. AEI is also
developing young business leaders
across the nation, empowering
them to help spread our ideas and
improve public policy.

President Arthur C. Brooks and Chairman Tully M. Friedman

The competition of ideas is

fundamental to a free society.
William J. Baroody Sr., one of
AEIs early presidents, coined this
phrase in the 1960s. At the time, the
message was subversive. Baroody
believed that ideas, like economies,
must not be controlled by central
planners and government elites.
Rather, American vibrancy required
bottom-up intellectual diversity and
a true competition of ideas that
included independent institutions
such as AEI.
History has vindicated Baroodys
vision of Americaand of AEI.
We have never wavered from
our mission to promote vigorous
debate and deliver the best ideas
to policymakers, business leaders,
journalists, and students. We do
this to protect liberty and expand
opportunity and enterprise in
America and around the world.
The past yearAEIs 78th fighting
for these timeless principleshas
been the most active in our history.
As you will see in these pages, we
have played a leading role in key

debates on a wide range of public

policy issues, including economics,
health care, education, politics and
public opinion, and foreign and
defense policy. Moreover, we have
added new scholars and fellows,
including in crucial new areas such
as poverty alleviation.
At the same time, we have massively
broadened our communications
presence to ensure that our
scholars ideas have the maximum
possible impact. Across all AEIs
research areas, we are actively
injecting our work into the most
important policy debates of the day
and disseminating that work to the
leaders who are best placed to act.
We have expanded our outreach to
policymakers on both sides of the
aisle, and AEI scholars continue to
testify more often before Congress
than any peer organization.
We are also cultivating the next
generation of free enterprise leaders.
AEI is working to make our core
ideas as prevalent on campuses
and business communities as they
are on Capitol Hill. Three years
after launching our academic

Meanwhile, AEIs in-house media

team is bringing our free enterprise
ideas to new audiences. Our
scholars continue to dominate the
opinion pages of the countrys
most read publications and make
thousands of television and radio
appearances on the nations most
influential programs. On the digital
front, our AEIdeas blog remains a
leading destination for analysis that
combines policy, politics, and news.
Our popularity on social media sites
such as Facebook, Twitter, and
YouTube is growing rapidly.
To carry out this work, we depend
on you, our steadfast community of
supporters, who agree that investing
in ideas is vital for the future of
our world. Thank you for trusting
us with your resources in the fight
for our shared values. In addition
to a record amount of funds to
support our work this past year, our
generous community also helped us
raise more than $99 million toward
our capital campaign goal.
We hope you are proud of the work
you have made possible over the
past year. We are deeply optimistic
about what we can achieve together
in the months and years ahead.
Tully M. Friedman
Chairman
Arthur C. Brooks
President

/ 1 /

ECONOMIC
POLICY
STUDIES

ACCELERATING
ECONOMIC
RECOVERY
Part of AEIs core mission is the preservation and promotion of free
market economies in the United States and around the world. AEIs
Economic Policy team consists of leading scholars who are researching
the most crucial issues challenging our economy today and proposing a
range of innovative solutions designed to reform Americas systems and
accelerate its economic recovery. AEI scholars study the national budget,
monetary policy, tax and entitlement reform, financial markets regulation,
and international trade and finance.
z Peter Wallison wrote a second
book on the financial crisis, Hidden
in Plain Sight: What Really Caused
the Worlds Worst Financial Crisis
and Why It Could Happen Again
(Encounter Books, January 2015).
Wallison was interviewed by
dozens of media outlets about
the bookincluding Fox News,
CNN, and CNBC.

z Kevin Hassett, with coauthor

Alan Auerbach, wrote an incisive
critique of the data, theory, and
policy conclusions in Thomas
Pikettys prominent book Capital
in the Twenty-First Century. The
paper, which was published in the
American Economic Review in May,
was presented at the American
Economic Association conference
in January and has been cited by
outlets including Forbes, Tax Notes,
and PBS.

WEALTH BUILDING HOME LOAN

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 and
effective means of building wealth while maintaining buying power similar to a 30-year
loan. The Neighborhood Assistance Corporation of America (NACA), in conjunction
with the Bank of America, has decided to incorporate the WBHL concept into its
low-income lending program in NACAs 40-plus offices nationwide.

/ 2 /

NEW SCHOLARS
Benedic Ippolito joined AEI as
a research fellow to focus on the
economics of health care policy,
with a special focus on the behavior
of health care providers. He has
been investigating how changes
in financial incentives influence
hospital care and how alternative
compensation models influence the
behavior of physicians and the way
they treat patients.

z In March, AEIs Open Source

Policy Center, led by Matt Jensen,
released to beta users the first-ever
open-source static scoring model
for US tax policy analysis. This
model and its online interface will
allow users to analyze the effects of
policies for themselves.
z In May, Joseph Antos, Andrew
Biggs, Alex Brill, and Alan Viard
published a paper titled Tax and
Spending Reform for Fiscal Stability
and Economic Growth for the
Peterson Foundations Solutions
Initiative, which Viard presented
on a bipartisan panel at the 2015
Fiscal Summit. The paper proposed
a plan to fix Americas debt and
restore long-term fiscal stability to
the country.
z Desmond Lachman, Adam
Lerrick, and Vincent Reinhart
were active in shaping the debates
on the Greek debt crisis, holding
public events, publishing numerous
op-eds, and appearing on television
and radio. Lerrick and Reinhart
also spent time in Greece over the
summer talking to officials about
the crisis.

Vincent Reinhart rejoined AEI as

a visiting scholar after stepping
down as Morgan Stanleys chief
US economist. Reinhart is a former
director of the Federal Reserve
Boards Division of Monetary Affairs,
where he worked on domestic and
international aspects of US monetary
policy at the Fed for more than
two decades.
Wendell L. Willkie II joined AEI
as a visiting fellow to focus on the
governance of Americas public
companies, the responsibilities
of corporate boards, and the
significance of shareholder activism
and engagement. Willkie has had a
distinguished career in government,
having served in various positions at
the White House, US Department of
Education, and US Department
of Commerce.
Weifeng Zhong joined AEI as
a research fellow, focusing on
macroeconomics and political
economy. Zhongs current research
focuses on the Chinese economy
and how forms of government
relate to economic policies across
countries. He was previously a
research and teaching assistant at
the Kellogg School of Management
at Northwestern University.

/ 3 /

POVERTY
STUDIES

SEEING PEOPLE
AS ASSETS, NOT
LIABILITIES
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 poverty
persist. These are the issues that AEIs Poverty Studies program aims
to address, believing that it is only through free enterprise that we can
stimulate true prosperity and innovative thinkingas opposed to simply
treating poverty. AEIs team of leading academics and practitioners
is dedicated to fostering new ideas for fighting poverty and improving
government programs to help more low-income Americans move up,
advancing those ideas in the public dialogue, and connecting those
ideas to decision makers. All of the programs work takes a human
capital approach to poverty alleviation, understanding that poor people
are not liabilities to be managed but rather assets to develop.
z Nicholas Eberstadt produced
several articles and op-eds about
Americans flight from work and
the impact that has on the modern
welfare state. Eberstadts work on
the decline in marriage and the
falling birth rate appeared in the
Wall Street Journal in February.
z On February 23, NBC News ran the
profile piece Meet Arthur Brooks,
the Republican Partys Poverty
Guru. The article profiled AEIs work
on poverty issues and impact on the
messaging of the 2016 presidential
candidates. Shortly after, MSNBC
ran a segment on AEIs leading
role in reshaping the conservative
approach to poverty alleviation, and
in October, CNN produced a video

/ 4 /

featuring Arthur Brooks on How

Conservatives Can Help the Poor.
z In June, Angela Rachidi penned
a policy brief examining various
earned income tax credit expansion
proposals. Her frequent blog posts
on social services issues have been
read and praised by top House
Committee staffers.
z Kevin Corinth released two
papers on homelessness in the
AEI Economic Perspectives policy
series: Street Homelessness:
A Disappearing Act? (June)
and What Should We Do about
Homeless Families? Comments on
the Family Options Study (August).

RESTORING THE
AMERICAN DREAM
Robert Doar serves on the executive
committee of the AEI-Brookings Working
Group, an effort by a bipartisan group
of top scholars and policy intellectuals
to identify actionable and politically
viable policy solutions that address
issues of poverty and lack of opportunity
in America. Members include AEIs
Michael Strain and Lawrence Mead.
The groups effort has resulted in
Opportunity, Responsibility, and Security:
A Consensus Plan for Reducing Poverty
and Restoring the American Dream, a
major consensus document published
in December with proposals focusing
on work, family, and education.

z Over the summer, Robert Doar,

Angela Rachidi, and Maura
Corrigan submitted a statement to
the House Committee on Ways and
Means on the Discussion Draft to
Reauthorize Temporary Assistance
for Needy Families. They analyzed
the merits and drawbacks of the
committees proposal and crafted
recommendations to improve the
draft. Their statement was widely
circulated among relevant staff.
z W. Bradford Wilcox, along with
economists Joseph Price (BYU) and
Robert Lerman (Urban Institute),
released a new report exploring
the extent to which family structure
affects economic growth at the
state level. The study, which was
released at an AEI event keynoted
by Sen. Ben Sasse (R-NE), received
considerable attention in the public
debate, including favorable articles
in the Washington Post, Bloomberg,
and many others.

NEW SCHOLARS
Maura Corrigan joined AEI as a
visiting fellow to focus on issues
related to child welfare, child
support, food assistance, and
disability. Before AEI, Corrigan
worked as director of the Michigan
Department of Human Services
where she was responsible for
administering Michigans public
assistance programs for low-income
and vulnerable Michigan children
and families.
Lawrence Mead joined AEI as a
visiting scholar to study American
social welfare programs. He is also
a professor of politics and public
policy at New York University.
Known as one of the theoretical
architects of welfare reform in
the 1990s, Mead has written
several influential books (including
Expanding Work Programs for Poor
Men, AEI Press, 2011), in which he
demonstrates that mandatory work
requirements are essential to sound
welfare policy.
Angela Rachidi joined AEI as
a research fellow to work on the
effects of public policy and existing
support programs on low-income
families. Rachidi was previously
a deputy commissioner for policy
research and evaluation at the
Human Resources Administration in
New York City, studying programs
such as Temporary Assistance for
Needy Families, the Supplemental
Nutrition Assistance Program, and
workforce development programs.

/ 5 /

THE
CONSERVATIVE
HEART

The Conservative Heart makes the case for why conservative

principles should be at the center of our poverty-fighting
efforts. Arthur is one of the best minds on these issues, and
he demonstrates why its so important that we engage in our
communities and learn from those who are on the front lines
of fighting poverty.
Speaker of the House Paul Ryan (RWI)

Brooks doesnt want conservatives to abandon the wonkish

policy arguments. Indeed, the institute he runs is dedicated
to developing them. But he fears that if conservatives lead
with them, few people will listen. His closing chapter, called
The Seven Habits of Highly Effective Conservatives, offers
a recipe for how conservative politicians can revise their
rhetoric to undermine the lefts monopoly on compassion and
empathy. He wants conservatives to speak more in moral
terms, to be seen fighting for people rather than against
policies, to spend more time engaging with moderates and
liberals, and to embrace the persona of
a happy warrior.
N. Gregory Mankiw, New York Times Book Review, July 28

media outlets nationwide, including

MSNBC, Fox News, NBC News,
NPR, and PBS. Arthur also appeared
on NBCs Meet the Press the Sunday
after the books release to discuss
the books themes.

Arthur Brookss latest book,

The Conservative Heart: How to
Build a Fairer, Happier, and More
Prosperous America, was released
by HarperCollins on July 14.
In the lead up to its publication, AEI
implemented a robust, multifaceted
marketing campaign.
Our media team booked more than
100 radio, television, and online
interviews for Arthur in top-rated

/ 6 /

In addition, AEI provided galleys

of the book to dozens of long-lead
publications, including the New
York Times, Wall Street Journal,
and Washington Post, all of which
reviewed the book. The book was
reviewed 23 times and featured
75 times in print and online outlets.

These efforts surrounding the

books launch led to its debut
in the top 10 of the New York
Times, Washington Post, Wall
Street Journal, Publishers
Weekly, and Chicago Tribune
best-seller lists.

HEALTH
POLICY
STUDIES

KING V. BURWELL
Thomas Miller was involved in the
landmark King v. Burwell case (which
decided the fate of the Affordable
Care Act) from its conception,
meeting with several state-level policy
leaders, and was frequently quoted
in editorials in leading outlets such
as the New York Times regarding
the Supreme Court ACA decisions.
He commented on C-SPAN from
outside the Supreme Court with
his predictions for and reactions to
oral arguments. He also regularly
briefed Senate Republican legislative
directors on ACA replacement
options for the 114th Congress.

PROPOSING
FREE MARKET
HEALTH CARE
ALTERNATIVES
AEIs Health Policy Studies program has been a leader in the debates
on health care policy, promoting free market alternatives to the federal
governments massive new role in the sector and encouraging robust
competition that empowers individuals, not bureaucrats. Through
empirical research and analysis, members of AEIs health team
(which includes practicing physicians, attorneys, academics, and
former policymakers) are helping to advance policy reforms that
increase consumer choice, engender competition and innovation
in the marketplace, improve the corporate tax system, and streamline regulation.
z Joseph Antos published papers
on health care competition and
market-driven innovation in several
academic journals over the course
of the year, including JAAMC:
Academic Medicine and the Journal
of the American Society on Aging.
z Thomas Stossel published his
book, Pharmaphobia: How the
Conflict of Interest Myth Undermines
American Medical Innovation
(Rowman & Littlefield, April 2015).
Stossel reviews the history of conflict
of interest arguments in medicine
and explains why interactions
among companies, physicians,
and medical researchers are not
conflicts but instead prerequisites
for ensuring efficient medical
innovation. He held a book briefing
on Capitol Hill; wrote related
op-eds in the popular press; and
had a series of television and radio
appearances to promote the books
ideas, including NPRs On Point.

z James Capretta, Joseph Antos,

Ramesh Ponnuru, and Thomas
Miller, with fellow contributors at
the Peter G. Peterson Foundation,
released a comprehensive reform
proposal in December for a new
American health agenda. The
goal of this compendium is to
develop a pragmatic, marketbased reform plan for the nations
health system and major health
entitlement programs.
z Scott Gottlieb analyzed
developments in federal policy
and Food and Drug Administration
regulation and their impacts on
innovation, medical care, and public
health and has been identifying
key areas in which the ACA can be
altered to help eventually establish a
market-based health care system.

/ 7 /

EDUCATION
POLICY
STUDIES

BUILDING A CULTURE
OF EDUCATIONAL
ENTREPRENEURSHIP
AEIs Education Policy Studies program seeks to increase the opportunity
of every American student by building a culture of educational entrepreneurship to profoundly improve teaching and learning. Through
serious discussions and first-rate research that seek to rise above the
political partisanship and policy fads so common in education today, the
program has become a leader in the scholarship of reform and a broker
of relationships among influential education reformers. As a result, AEI
has become a destination for policy experts and practitioners alike who
seek to address Americas biggest education challenges and drive
fundamental change.
z Kevin James coauthored a white
paper with New Americas Alexander
Holt on Income Share Agreements
(ISAs) and briefed Rep. Todd
Youngs (R-IN) office on measures to
provide legal clarity to ISA providers.
On July 29, Rep. Young introduced
the Investing in Student Access Act,
which drew from ideas in Jamess
white paper as well as Andrew
Kellys work on the issue. Following
the introduction of the bill, AEI
hosted a private working group that
convened more than 50 individuals
from a variety of backgrounds.
In late August, former Indiana
Governor Mitch Daniels had an
op-ed in the Washington Post
on ISAs, citing AEI scholars as
architects and supporters of
the idea.

/ 8 /

z In June, AEI Education released

An Education Agenda for 2016:
Conservative Solutions for
Expanding Opportunity, a book of
eight essays by AEI scholars and
other experts setting an education
platform that a conservative
administration could pursue in office.
AEI hosted a dinner with policy
advisers from several Republican
presidential campaigns to distribute
and discuss the book.
z AEIs Center on Higher Education
Reform (CHER), led by Andrew
Kelly, commissioned six new
papers that explore competencybased education (CBE). CBE flips
traditional higher education on its
head; instead of awarding credit
to students based on seat time, it
grants credit once students display
mastery of course material. CHERs
project laid thorough groundwork for
future research.

THE CAGE-BUSTING TEACHER

Frederick Hess released The Cage-Busting Teacher (Harvard Education
Press, April 2015) to explain how teachers can engage policymakers on
K12 issues, call out mediocrity in the teaching profession, and grapple
with poor school leadership or professional development. The book
received great acclaim from reform-minded teacher groups and praise
from the presidents of the two largest teachers unions. Hess wrote a
number of related pieces for educator and reform-oriented publications
and spoke to 22 gatherings in 12 states about the book.
AEI worked with Hess to build a web presence for the books ideas
(www.aei.org/feature/cage-busting-teacher). In advance of the books
official release, Hesss six-video series featuring stories of innovative
leadership from teachers around the country garnered almost 60,000
views online within one month. The web page also features distilled points
from the book, teacher resources, and a list of his cage-busting events.

z Katharine Stevens published her

first monograph on the history of
early education in America. Titled
Renewing Childhood's Promise:
The History and Future of Federal
Early Care and Education Policy
(November 2015), the report
explains how policymakers have lost
their way and offers an innovative
new proposal to offer vouchers
for Head Start funds. Stevens also
wrote an op-ed in the Los Angeles
Times criticizing a bill to establish
universal pre-K in California as it was
sitting on Governor Jerry Browns
desk for approval. The op-ed drew
much attention, and Governor Brown
ended up vetoing the bill.
z Now in its seventh year, AEIs
K12 Future of American Education
Working Group convened once
again, gathering many of the nations
leading reform-minded academics,
educators, and entrepreneurs to
discuss the latest research and
cutting-edge innovation in K12
education. AEIs parallel working
group to think about postsecondary
education, launched in 2009, also
met again to identify emerging
research priorities, including
administrative accountability,
innovation, and transparency. Both
working groups serve as incubators
for new projects, partnerships, and
lines of inquiry and innovation.

NEW SCHOLARS
Nat Malkus joined AEI as a
research fellow, focusing on
applying quantitative analysis
to questions on school finance,
charter schools, school choice,
and the future of standardized
testing. Before joining AEI, Malkus
was a senior researcher at the
American Institutes for Research.

Gerard Robinson joined AEI

as a resident fellow. He focuses
on school choice programs, the
challenges of reforming K12,
innovation in for-profit educational
institutions, the role of community
colleges and Historically Black
Colleges and Universities in
adult advancement, and the
importance of parental and student
responsibility. He previously served
as commissioner of education for
Florida, secretary of education for
the Commonwealth of Virginia, and
president of the Black Alliance for
Educational Options.

/ 9 /

SOCIETY
AND
CULTURE

ADVANCING AN
UNDERSTANDING OF
AMERICAN VALUES
AEI scholars are tackling the challenge of maintaining a culture where
virtue flourishes in tandem with freedom and material progress. Our
scholars are advancing a clear understanding of American culture and
values and exploring how that understanding should in turn inform US
public policy. These are not the narrow cultural values that have so often
divided Americans and poisoned our national politics. Rather, they are
the overarching beliefs that inform our understanding of what it is to be
an Americanhuman liberty, individual opportunity, and free enterprise.
These values have undergirded AEIs endeavors just as they have
inspired generations of Americans.
z Charles Murrays latest book,
By the People: Rebuilding Liberty
without Permission (Crown, May
2015), offers a hopeful message that
rebuilding our traditional freedoms
can be done by we, the people,
using Americas unique civil society
to put government back in its
proper box. AEI promoted the book
extensively nationwide, with Murray
participating in interviews on Fareed
Zakarias GPS (CNN), John Stossels
We the People (Fox), and Wall Street
Journals Opinion Journal.

/ 10 /

z Christina Hoff Sommers has

created more than 40 Factual
Feminist video blogs, which have
garnered 4 million total views.
She is at the epicenter of some
hot-button issues, including male
underachievement, sexual assault
on college campuses, and equal
pay for equal work. Her online
educational videos for Prager
University have also each attracted
more than half a million views.
z Sally Satel provided commentary
on a wide variety of issues that
few conservatives address, such
as prison reentry and criminal
justice reform, the importance of
e-cigarettes in smoking cessation,
incentives for organ donation,
trends in and responses to drug
addiction, and the treatment of
the mentally ill. In September, she
held a conference on reducing
incarceration and crime with
bipartisan reformers Reps. Jim
Sensenbrenner (R-WI) and Bobby
Scott (D-VA).

POLITICS
AND
PUBLIC
OPINION

ANALYZING OUR
POLITICAL CULTURE
IS THE AMERICAN
DREAM ALIVE?
In December 2014, Karlyn
Bowman released an ebook,
Is the American Dream Alive?
Examining Americans Attitudes.
This AEI Public Opinion Study
is the most comprehensive
collection of survey data from
major pollsters on the American
dream. The study found that
the definition of the American
dream to most Americans has
remained constant over the
years: education, freedom, and
homeownership. Overall, the
study found that Americans still
believe the dream is attainable,
despite increased pessimism
spurred in part by the weakened
US economy.

AEI is home to several prominent analysts of trends in politics and public

opinion whose research is informed by the understanding that freedom
and prosperity depend on healthy social and political institutions. The
freedom that Americans enjoy is defined not only by laws that limit the
reach of government but also by a political culture that gives life to
the laws and to the principles they embody. AEIs work aims to inspire
a greater understanding of and appreciation for Americas guiding
principles, enduring documents, and civic character.
z Tim Carney published an AEI
paper on reforms that members of
Congress could consider to start
dismantling policies that favor
narrow interests over general ones.
Entitled An Anti-Corporate Welfare,
Anti-Cronyism Agenda for the 114th
Congress (November 2014), the
paper highlights the work of 10 AEI
scholars and was used during
AEIs briefings for new members
of Congress.
z AEIs Program on American
Citizenship, led by Gary Schmitt,
is creating a comprehensive,
accessible, and serious e-curriculum
on the Constitution for students
and teachers by telling its story
through the prism of great American
statesmen. The project produced
a series of videos, study guides,
and supplemental materials on the
constitutional questions that rose to
prominence during the Lincoln era.
z Michael Barone started a weekly
video series for the Washington
Examiner on the 2016 presidential
campaign. He also wrote one of the
lead essays in the new edition of
the Almanac of American Politics,

a compendium of essential political

data on every state, governor, and
congressional delegation. Barone
was one of the original authors of
this volume, which debuted in 1972.
z In May, Ramesh Ponnuru and
coauthor Reihan Salam penned
A Constitutionalist Agenda for
the GOP for National Review
Online, in which they suggested
ideas to strengthen federalism
and the separation of powers. In
it, they discuss Medicaid reform,
adoption of the REINS Act to assess
regulatory costs, efforts to control
independent funding streams
that give government agencies
excessive latitude, and letting states
go their own ways on marijuana.
z W. Bradford Wilcox published
a coauthored study titled, Red
Families vs. Blue Families: Which
Are Happier? (Institute for Family
Studies, August 2015). The data
showed that on average, more
conservative counties across the
country have more marriage, less
nonmarital childbearing, and more
family stability for their children than
do more liberal counties.

/ 11 /

FOREIGN
AND
DEFENSE
POLICY
STUDIES

PROMOTING AMERICAN
GLOBAL LEADERSHIP
AEIs Foreign and Defense Policy Studies Program has established itself
as one of the premier defense, security, and regional studies programs
in Washington, DC, that is fighting for freedom, a strong national defense,
and American leadership around the world. Our program is educating
current leaders and a new generation about how to best manage todays
threats and tomorrows challenges and believes that it is in Americas
best interests to make the case for freedom and free enterprise overseas
and that America is a force for good in the world.

/ 12 /

z Dan Blumenthal and Derek

Scissors codirected a major
research project resulting in
their February coedited report
Too Much Energy? Asia at 2030.
The report concludes that over
the next 15 years, the US shale
revolution and an end to the Chinese
energy demand shock will be the
two most important factors shaping
global energy markets. AEIs
Michael Mazza was among the
contributors to the report.

z Leon Aron published an edited

volume titled Putins Russia: How It
Rose, How It Is Maintained, and How
It Might End (AEI, May 2015), which
includes nine essays by leading
independent Russian scholars on
the idea that the end of President
Vladimir Putins reign could be
fast approaching. On May 14, the
authors released the volume at a
public AEI event; never before have
so many top Russian scholars from
a variety of fields gathered in the
United States.

z Director of the Critical Threats

Project Frederick Kagans
coauthored April report with the
Norse Corporations Tommy
Stiansen, The Growing Cyberthreat
from Iran, is the first to provide
overwhelming evidence that
cyberattacks emanating from Iran
and targeting US, European, and
Western interests are increasing at
an alarming rate.

z J. Matthew McInnis published a

major paper in May, Irans Strategic
Thinking: Origins and Evolution,
the first in a series of reports on
Iranian strategy and decision
making. McInnis is challenging the
conventional wisdom about the
sources of Irans conduct, making
clear that Iran is playing a long
game in the region, looking not to
shock neighbors into retaliation
but to gradually establish regional
dominance, and that Tehrans
preference for asymmetrical proxy
warfare undermines stability in
the region.

z Derek Scissors launched the

Chinese Global Investment Tracker
(CGIT) on AEI.org with his latest
biannual update in July. AEI and the
Heritage Foundations CGIT is the
only comprehensive public data set
on Chinese outward investments
and engineering contracts of
$100 million or more. Global
investors, academics, journalists,
business consultants, and US
government analysts are using the
CGIT to gauge the strength of the
Chinese economy. The CGIT has
been cited by the New York Times
and CNBC, among other outlets.
z Katherine Zimmerman published
a paper in September outlining a
strategy to defeat al Qaeda in the
Arabian Peninsula. In December,
Frederick Kagan, Mary Habeck,
Thomas Donnelly, and Zimmerman,
along with Heritages James
Carafano, Georgetowns Bruce
Hoffman, RANDs Seth Jones, the
Institute for the Study of Wars
Kim Kagan, and Johns Hopkinss
Thomas Mahnken published a
white paper with policy proposals to
defeat al Qaeda and ISIS.

NEW SCHOLARS
Kirsten Madison joined AEI as a
resident fellow and deputy director
of Foreign and Defense Policy
Studies. She has worked on policy
issues from homeland security to
Latin America in various senior
leadership posts at the White
House, US Department of State,
US Department of Homeland
Security, and US Senate Committee
on Foreign Relations.
Matt Mayer joined AEI as a visiting
fellow, focusing on homeland
security, counterterrorism, domestic
preparedness and response, and
immigration issues. Mayer serves
as president of Opportunity Ohio
and has worked in public policy and
politics at both the state and federal
levels, including as a senior official
at the US Department of Homeland
Security and the deputy director
for the Department of Regulatory
Agencies in Colorado.

z In October, the Marilyn Ware

Center for Security Studies released
To Rebuild Americas Military,
a major report that defines the
strategy, forces, and budgets
necessary to protect American
interests at home and abroad
through the next administration and
the coming decades. Jim Talent,
Gary Schmitt, Mackenzie Eaglen,
and Thomas Donnelly have been
briefing US presidential candidates
foreign policy teams on the reports
conclusions.

Dalibor Rohac joined AEI as

a research fellow. He studies
European political and economic
trends, including the postCommunist transitions and
backsliding of countries in the
former Soviet bloc. Before joining
AEI, Rohac was affiliated with the
Cato Institutes Center for Global
Liberty and Prosperity, the Londonbased Legatum Institute, and the
Center for the New Europe
in Brussels.

z In December, the American

Internationalism Project (a bipartisan
working group of top academics and
policy experts led by AEI Fellow and
former Senator Jon Kyl and Senator
Joseph Lieberman) released its
report Why American Leadership
Still Matters, which examines matters
of security, prosperity, and freedom
and aims to craft a new bipartisan
consensus to define Americas
global role. This volume is helping
to direct US presidential candidates
attention to the importance of
American internationalism.

Jim Talent joined AEI as a senior

fellow and director of the Marilyn
Ware Centers National Security
2020 Project. Talent has been active
in public policy for the past 30 years,
including representing Missouri in
both the US Senate and US House of
Representatives. While serving in the
US Senate, he was a member of the
Senate Armed Services Committee
and chairman of the Subcommittee
on Seapower for four years.

/ 13 /

OUTREACH AND
COMMUNICATIONS

AEI AS

CONVENER
In 2015, AEI hosted 132 public events or private working groups at
our headquarters, on Capitol Hill, and in select cities nationwide.
Many of these events attracted capacity crowds composed of a diverse
group of business professionals, students, journalists, academics, and
government and military leaders and earned prime media coverage.
AEI is respected by groups on both sides of the political aisle for
bringing together people with divergent points of view for its panel
discussions and private working groups. The following are highlights
of our events over the past year.
JANUARY
z Jim Talent hosted newly minted
House Armed Services Committee
Chairman Mac Thornberry (R-TX)
to coincide with the State of the
Union. In this well-attended event,
also covered on C-SPAN and CNN,
Chairman Thornberry laid out in
detail his agenda for the 114th
Congress and praised the work of
AEIs Marilyn Ware Center team.
(January 20)
z Jeffrey Eisenach hosted Federal
Communications Commissioner
Mike ORielly to discuss the
challenges the FCC will face as it
moves into 2015. The event took
place on the same day as two
congressional net neutrality hearings
on Capitol Hill. (January 21)
z Senate Finance Committee
Chairman Orrin Hatch (R-UT) gave
a keynote address at AEI outlining
his trade policy agenda for the 114th
Congress. (January 30)

/ 14 /

FEBRUARY
z Frederick Hess discussed school
reform and Teach for Americas
vision for the future with TFAs
co-CEO Elisa Villanueva Beard.
(February 11)
z AEI and the Center for
American Progress hosted USAID
Administrator Rajiv Shah, who
reflected on the lessons he has
learned during his five years on the
job. Senators Chris Coons (D-DE)
and Jeff Fortenberry (R-NE) offered
opening remarks. (February 12)
z Frederick Kagan hosted at AEI
Chairman of the House Homeland
Security Committee Michael McCaul
(R-TX), who discussed his strategy
for a renewed global effort to
defeat extremist groups and their
dangerous ideology. (February 12)

MARCH
z Rep. John Delaney (D-MD)
presented his American Infrastructure Fund proposal; a
panel of experts including Alex
Brill commented on the bill in a
discussion moderated by Alex
Pollock. (March 3)
z Iain Duncan Smith, UK
Department for Work and Pensions
secretary of state, discussed the
UK welfare reform effort with Rep.
Todd Young (R-IN) and a panel of
experts, moderated by Robert Doar.
(March 3)

Mac Thornberry and Jim Talent

Elisa Villanueva Beard

Rajiv Shah

Sen. Chris Coons

Frederick Kagan and Michael McCaul

Rep. John Delaney

Iain Duncan Smith

Robert Doar

/ 15 /

Dana Perino

Gen. Keith Alexander

Charles Murray

Michael Smith

Eric Schmidt

Jean Case

/ 16 /

Arun Jaitley

Sen. Lamar Alexander

z AEI welcomed Eric Schmidt,

executive chairman of Google, to
discuss how innovation acts as
a force for social good. James
Glassman moderated the discussion
between Schmidt and Arthur Brooks.
(March 18)

APRIL
z Frederick Kagan released his
major report (written in collaboration
with Norse Corporation) analyzing
Irans cyber activities at a public
AEI event at which Gen. Keith
Alexander delivered the keynote
address. David Sanger published
an exclusive on the report in the
New York Times, and the report was
mentioned in outlets such as the
Hill, Wall Street Journal, the
Washington Examiner, and the
Christian Science Monitor.
(April 17)
z Former White House Press
Secretary Dana Perino sat down
for a discussion at AEI on her new
book, And the Good News Is . . .:
Lessons and Advice from the Bright
Side, with fellow former White House
Press Secretary Mike McCurry from
the Clinton administration. Nearly
250 people attended this event.
(April 23)
z The Case Foundations Jean
Case and Arthur Brooks discussed
forging new paths for public-private
partnerships, promoting social
entrepreneurship, and fostering the
next generation of philanthropic
leaders. (April 24)
z The week after riots in Baltimore,
AEI hosted an important discussion
of the economic and cultural factors
associated with lack of opportunity
for black men and of the ways in
which public policy and culture can
be engaged to make things better.
The event featured a panel including
Michael Smith, who directs the
White Houses My Brothers Keeper
program. The event was covered
live on C-SPAN. (April 29)

MAY
z Arthur Brooks participated in a
panel on how to address chronic
poverty with President Obama at
Georgetown University. The panel
also featured Harvard political
scientist Robert Putnam and was
moderated by the Washington Posts
E. J. Dionne. The summit earned
wide media coverage, including
by the Washington Post, the Wall
Street Journal, the New Yorker, and
National Public Radio. (May 12)
z Leon Aron hosted nine leading
Russian independent scholars for
an event examining the political,
economic, and social crises facing
Russia today and how the Putin
regime has responded. Nearly
150 people gathered for this
unprecedented event in person,
more than 4,000 viewed the video
live or after the event, and it was
covered by media crews from Voice
of America and Russias RTR TV.
(May 14)
z At the direction of Mackenzie
Eaglen, a bipartisan group of DCs
leading national security scholars
and members of Congress came
together on Capitol Hill to discuss
necessary and overdue structural
defense reforms. CNN filmed the
event, which was standing room only
with 220 attendees from the defense
industry and policy community, the
Pentagon, and Capitol Hill. Ahead
of the event, scholars from 15 think
tanks signed an open letter to
Defense Secretary Ash Carter and
the leaders of key congressional
defense committees, urging the
Pentagon and Congress to pursue
these reforms. Eaglen, Thomas
Donnelly, and Roger Zakheim were
among the signatories. (May 14)

JUNE
z Mackenzie Eaglen hosted
Secretary of the Navy Ray Mabus
for a discussion on the future of
the Navy and Marine Corps. More
than 100 people attended the
event, and nearly two dozen press
articles resulted from the discussion.
(June 2)

z Sadanand Dhume hosted Indian

Finance Minister Arun Jaitley to
discuss economic reforms currently
underway in India and his vision to
put the Indian economy on track for
double-digit growth. When meeting
with Jaitley in India to secure this
visit to the Institute, Dhume had
the opportunity to meet with Prime
Minister Narendra Modi himself.
(June 19)
z AEI hosted three of the most
influential social scientists of a
generation: AEIs own Charles
Murray and Harvard Universitys
Robert Putnam and William Julius
Wilson in a debate moderated by
Robert Doar on the implications for
American children of recent trends
showing increasing inequality
between rich and poor Americans.
A capacity crowd of nearly 300
attended, the event was covered
live on C-SPAN, and AEIs YouTube
video of the event has garnered
more than 3,500 views. (June 22)

JULY
z Sen. Lamar Alexander (R-TN),
chairman of the Senate Committee
on Health, Education, Labor, and
Pensions, delivered a keynote
address on higher education reform,
followed by a discussion led by
Andrew Kelly and Kevin James
addressing the opportunities for and
obstacles to change. Sen. Alexander
noted that many of the ideas he has
been promoting came from AEIs
Education team. (July 16)
z Chairman of the House Financial
Services Committee Jeb Hensarling
(R-TX) and a panel of experts
including Peter Wallison and Alex
Pollock discussed the need for
financial regulation reform on the fifth
anniversary of the Dodd-Frank Act.
The event was featured in Politicos
Morning Money newsletter two
days in a row, and C-SPAN covered
it live. (July 21)

/ 17 /

z Danielle Pletka and Michael Rubin

hosted a two-panel discussion
on the religious basis of Islamist
terrorism. Experts from organizations
including the Zephyr Institute,
Brookings Institution, Institute of Shia
Studies, American Islamic Congress,
Hudson Institute, and Gallup
participated as panelists. (July 21)

AUGUST
z Arthur Brooks, Chairman of the
Republican National Committee
Ed Gillespie, and Republican
pollster Kristen Soltis Anderson
discussed with moderator Marc
Thiessen the importance of and
need for a conservative message
that speaks to voters hearts and
minds at a public event in Cleveland,
Ohio, the day before the first
Republican Party US presidential
debate. (August 5)

SEPTEMBER
z Former Vice President Richard
Cheney gave a major address
on the consequences of the Iran
nuclear deal to the security and
interests of the United States and
its allies in the Middle East.
(September 8)
z AEI and the Center for American
Progress cohosted a conference to
explore the transformation in New
Orleans schools since Hurricane
Katrina in 2005. Panelists included
a range of notable scholars
and education policymakers
representing the US Department of
Education, the Eli and Edythe Broad
Foundation, the American Federation
of Teachers, the American Institutes
for Research, Teach for America,
and the Louisiana Recovery School
District. (September 16)
z Katherine Zimmerman discussed
her new report recommending
a strategy to defeat al Qaeda in
Yemen with a panel that included
Rep. Will Hurd (R-TX), a former
CIA officer in Yemen, and a
conversation with Gen. Jack Keane
(ret.) on the fight against al Qaeda.
(September 10)

/ 18 /

z Mackenzie Eaglen hosted

Secretary of the Army John
McHugh for a discussion about the
US Armys challenges in readiness,
modernization, and end strength.
C-SPAN and Voice of America
covered the event. (September 15)

OCTOBER
z More than 70 state-based leaders
from across the country gathered
at AEI for our Leadership Network
Summit. Over the course of three
days, participants engaged in
honest and open debate across
a range of policy issues with AEI
scholars, participated in interactive
leadership exercises, and competed
in an "elevator pitch" competition,
making the case for free enterprise
in 60 seconds. (September 1719)
z University of Illinois at Chicago
Distinguished Professor Deirdre
McCloskey, Boston College Political
Science Department Chair Susan
Shell, and Ethics and Public Policy
Center Hertog Fellow Yuval Levin
gathered for a discussion before a
capacity crowd with Michael Strain
and Stan Veuger on the relationship
between economic freedom and
well-being. (October 1)
z Jim Talent sat down with Sen. Tom
Cotton (R-AR) to discuss what the
next administration needs to do to
rebuild Americas military, guided
by a new report from AEIs Marilyn
Ware Center for Security Studies.
(October 6)
z Leon Aron hosted Vladimir KaraMurza for a conversation about
political oppression and corruption
in Russia and Putins foreign policy
in Ukraine and Syria. Kara-Murza, a
victim of suspected foul play from
the Putin regime, is a prodemocracy
activist, coordinator of Mikhail
Khodorkovskys civic group Open
Russia, and close friend and political
associate of assassinated opposition
leader Boris Nemtsov. (October 9)
z AEI and Brookings Mountain West
hosted an event in Las Vegas prior
to the Democratic presidential
candidate debate that evening

to discuss the demographic

challenges both political parties
face. The bipartisan panel included
AEIs Karlyn Bowman and Norman
Ornstein, the Center for American
Progresss Ruy Texeira, and
Brookingss Robert Lang, who are
collaborating on a major project
on the subject. They released the
projects first report in February,
States of Change: The Demographic
Evolution of the American Electorate,
19742060. (October 13)
z AEI and the Consensus for
Development Reform hosted a
joint event on the fundamental
role of economic growth and
entrepreneurism to a robust global
strategy, featuring a discussion with
Chairman of the Senate Foreign
Relations Committee Sen. Bob
Corker (R-TN), two expert panels,
and closing remarks by Chairman
of the House Foreign Affairs
Committee Rep. Ed Royce (R-CA).
(October 20)

NOVEMBER
z AEI held its second annual
symposium with His Holiness the
Dalai Lama in Dharamsala, India.
During this private two-day event,
participants explored one of todays
most pressing global challenges:
the search for human happiness in
a world where value is increasingly
defined in purely material terms.
(November 45)
z Israeli Prime Minister Benjamin
Netanyahu received the Irving
Kristol Award at AEIs Annual Dinner
in Washington, DC, and discussed
with Danielle Pletka US-Israel
relations and the growing challenges
facing Israel. (November 9)
z AEI hosted Wall Street Journal
columnist Peggy Noonan for a
conversation with CBS Newss
John Dickerson about her new
book, The Time of Our Lives (Twelve,
November 2015), which chronicles
her career in journalism, the Reagan
White House, and the political arena.
(November 18)

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

Rep. Jeb Hensarling

His Holiness the Dalai Lama

Rep. J. Randy Forbes

Benjamin Netanyahu

Sen. Tom Cotton

Benjamin Netanyahu and Danielle Pletka

Richard Cheney

Peggy Noonan

/ 19 /

AEI AS

COMMUNICATOR
AEIS COMMUNICATIONS
AND OUTREACH EFFORTS
MAGNIFY THE IMPACT
OF OUR RESEARCH,
SHAPING THE NATIONAL
CONVERSATION ON
IMPORTANT PUBLIC
POLICY ISSUES.
WE UTILIZE PRINT,
BROADCAST, AND DIGITAL
MEDIA AS WELL AS
TARGETED OUTREACH TO
BRING OUR SCHOLARS
IDEAS TO MILLIONS
OF AMERICANS.

z AEI scholars have continued to

dominate the op-ed pages of
major publications, publishing
more than 3,380 op-eds in 2015
in outlets such as the Wall Street
Journal, Washington Post, and New
York Times. Thirty-four AEI scholars
now contribute regular op-eds to
27 different outlets.
z AEI scholars produced nine books
in 2015, including popular volumes
from Arthur Brooks, Charles
Murray, and Frederick Hess.
z Our scholars continue to contribute behind the scenes through
the hundreds of background
conversations they hold with
journalists and producers each
year, offering them an opportunity
to deeply influence the national
discourse and promote the case for
free enterprise on yet another level.
z AEI scholars made more than 2,460
television and radio appearances in
2015, including regular appearances
on the nations most influential television programs, like NBCs Meet
the Press, CBSs Face the Nation,
and CNNs State of the Union. AEI
scholars now appear, on average,
more than twice per day on Fox
News and Fox Business and at least
every other day on CNBC, CNN,
MSNBC, and Bloomberg TV. Our
high-definition ReadyCam studio
at AEI has helped news stations
view AEI as a go-to partner to bring
leading scholarship and analysis to
their programs.

/ 20 /

z Our communications team is

expanding our web presence across
a host of digital platforms, continuing
to drive traffic to AEI content. Our
redesigned AEI.org site offers a
flexible and appealing platform for
featuring AEI scholars work, and
we created a number of interactive
web pages and infographics to
help effectively communicate our
scholars' work to broader audiences.
z Our blog, AEIdeas (www.aei-ideas.
org), continues to be a leading
destination for analysis that crosses
policy, politics, and news. Under the
direction of James Pethokoukis,
AEIs blog has become the go-to
source for pro-market commentary
among top-tier media outlets who
frequently cite AEIdeas. Over the
past year, Pethokoukis has authored
nearly 650 blog posts on AEIdeas.
z Our popularity on social media
sites like Facebook, Twitter, and
YouTube is growing, the latter by
nearly 50 percent over the past year
thanks to our AEI Top Three videos
and Christina Hoff Sommers
Factual Feminist series.
z AEI launched or redesigned
several e-newsletters this year,
including a new weekend email
product delivered to more than
30,000 inboxes every Saturday
morning. It features some of the
most timely and important work
from AEI. To sign up to receive
any of AEIs e-newsletters, visit
www.aei.org/newsletters.

/ 21 /

AEI AS

INFLUENCER
AEI HAS MADE A CONCERTED
EFFORT TO DISSEMINATE
ITS SCHOLARSHIP TO THOSE
BEST PLACED TO ACT, THUS
EXPANDING ITS OUTREACH
TO POLICYMAKERS AND THEIR
STAFFS ON BOTH SIDES OF
THE POLITICAL AISLE.
AEI SCHOLARS TESTIFY
BEFORE CONGRESSIONAL
COMMITTEES MORE
OFTEN THAN ANY PEER
ORGANIZATION, WITH A
TOTAL OF 89 TESTIMONIES
BEFORE THE 113TH
CONGRESS AND 39
TESTIMONIES THROUGH
MID-NOVEMBER BEFORE
THE 114TH CONGRESS.

/ 22 /

z New Member Orientations

AEI played a crucial educational
role in the wake of the 2014 midterm
elections, helping to lead three
different policy orientations for new
members of Congress.
z Trade Promotion Authority
Derek Scissors was a go-to expert
on trade promotion authority,
being interviewed for background
information by members of
Congress. The House Ways and
Means Committee circulated
Scissorss April AEIdeas blog
post, Trade Promotion Authority,
finally, as a prime example of the
conservative argument in support
of free trade, and Scissors was
frequently called to Capitol Hill to
brief congressional leaders.
z The Elementary and Secondary
Education Act Reauthorization
Frederick Hess has played a leading
role since 2004 in critiquing the No
Child Left Behind (NCLB) Act and
offering reforms that would decrease
bureaucracy while increasing
transparency and innovation. The
2015 Student Success Act and
the Every Child Achieves Act,
put forward by the House and
Senate, respectively, both closely
track Hesss vision for NCLB
reauthorization. On the day the
Houses bill was brought to the
floor, AEI scholars published two
op-eds in National Review Online.
One was tweeted by thenHouse
Speaker John Boehner (R-OH) and
emailed to the entire House GOP

conference by Cathy McMorris

Rodgers (R-WA), and the other
was cited by Chairman John Kline
(R-MN) in a meeting he convened
with outside organizations.
z Higher Education Reform
Andrew Kelly has been recognized
as the intellectual architect for
several promising new policy ideas
for higher education reform put
forward by major political figures. In
his contribution to the YG Networks
Room to Grow volume last year,
Kelly outlined a proposal to reform
the college accreditation system.
Slates Jordan Weissmann noted that
these ideas were carried through to
legislation introduced by Sen. Mike
Lee (R-UT).
z Acquisition Reform
Many of AEIs ideas on acquisition
reform, especially those of former
visiting fellow William Greenwalt, can
be found in Senate Armed Services
Committee Chairman John McCains
(R-AZ) defense authorization bill
being considered in conference.
In June, Mackenzie Eaglen
published a chart of Greenwalts
work on acquisition reform to show
AEIs progress in affecting actual
legislation and areas for continued
improvement.

AEI AS

EDUCATOR
AEIs Academic Programs
is defending and promoting
free enterprise and American
leadership in the world on college
campuses across America. We are
encouraging a real competition of
ideas and substantive, civil debate
on campuses, targeting not just the
self-identified true believers but also
persuadable and apathetic students
who are not exposed to smart,
sophisticated thinkers who share
AEIs mission and ethos.
We count more than 5,300 students
in the AEI network, representing
more than 600 campuses across the
country. Our 282 student Executive
Council members are taking a
leadership role in helping AEI
educate their peers on campus
on free enterprise principles.
We are also building our network of
faculty and administrators (nearly
380 to date) who share our belief
that the competition of ideas is
fundamental to institutions of higher
learning. Professors are using
AEI resources (including our new
online learning modules) in their
classrooms; during the 201415
academic year, 26 professors on
20 campuses adopted AEIs minibooks in a classroom or reading
group. These books present a
range of public policy topics to a
lay audience from a free enterprise
perspective.
AEI scholars are also traveling to
campuses for conversations on

AEIs internship program recruits approximately 50 students

each semester who spend four months working at our office on
substantive projects under the direction of a scholar or senior
staff member. The Institutes internship program is remarkably
competitive; for the Summer 2015 semester, we received 6,794
applications representing 715 schools across the country and
around the world. We placed 75 interns representing 51 schools
an acceptance rate of just 2.2 percentand with an average GPA
of 3.69. Over the past 10 years, more than 50 former interns have
become full-time employees at AEI, dedicating their careers to the
pursuit of human liberty and flourishing.

topics such as poverty, welfare

reform, higher education reform,
and America's role in the world and
are bringing student groups to AEI's
headquarters in Washington for
conversations with AEI scholars.
Our signature student event is our
annual Summer Honors Program.
In June, AEI hosted three terms of
the program with a total of more
than 130 college students (out

of 457 applicants) representing

78 colleges and universities. AEI
also hosted 115 students for our
inaugural Summer Ideas Summit
and 142 students for our Values
& Capitalism Summer Conference
weekends. Students learned from
AEI scholars and heard from wellknown DC insiders, policymakers,
journalists, and business leaders
and enjoyed networking and
career-coaching events.
/ 23 /

AEI AS

COMMUNITY
AEI is enormously grateful for its
1,380 individual, foundation, and
corporate donors who share our
values and stand with us to support
and defend the moral imperatives of
freedom and free enterprise here in
America and abroad.

A wide range of foundations share

AEIs core principles, and foundation
founders, directors, board members,
and staff regularly join fellow
members of the AEI community for
regional events as well as briefings
and special events at AEI.

We are also thankful for our growing

network of state-based leaders who
are helping to disseminate AEI's
scholarship across the country,
as well as our student leaders at
colleges and universities who are
making the case for free enterprise
on their campuses. Thanks to the
generous intellectual, moral, and
financial support of AEI's community,
we are having an outsized impact on
the policy debates.

Support from the private sectorthe

engine of Americas freedom and
prosperityis a vote in support of
AEIs mission to encourage a policy
and business climate that stimulates
economic growth, dynamism,
and expanded opportunity for all.
AEIs Corporate Program offers
several avenues of engagement
for companies committed to better
public policy.

AEIs community has a broad range

of opportunities to engage with AEI
scholars in their hometowns. Over
the past year, we have organized
more than 150 events across the
country, with many of our donors
and friends of the Institute hosting
AEI scholars for events ranging
from intimate roundtable policy
discussions to major public forums.
Individual donors can join AEIs
Donor Leadership Program at
various levels of support, ranging
from gifts of $250 to more than
$50,000 in annual support, and
donations can also be made in the
form of securities, stocks, matching
gifts, and bequests.

/ 24 /

Importantly, AEI does not undertake

contract research nor accept
government funding. If you are
interested in learning more about
joining our community, please
visit www.aei.org/donate.
If you are interested in joining
AEIs state-based leadership
network, please contact
aeicoalitions@aei.org.

2015 events and seminars featuring AEI scholars

z AEI BOARD OF TRUSTEES

AEIs Board of Trustees has grown
to 30 leaders in finance, industry,
academia, and public policy from
around the nation. We welcomed
two trustees this year: John Hurley
from San Francisco and Elisabeth
DeVos from Grand Rapids, MI.
z AEI NATIONAL COUNCIL
AEIs National Council is a coalition
of supporters who share a deep
commitment to strengthening the
free enterprise system. As unofficial
AEI ambassadors, National Council
members help grow our community
by introducing friends and colleagues around the nation to AEI.
There were 178 public members
of the National Council at the end
of November 2015, an increase
of more than 20 percent from the
year before. Our National Council
members represent 31 states, the
United Kingdom, and Taiwan.

z AEI STUDENT EXECUTIVE

COUNCIL
Our 282 student Executive Council
members at 77 schools are helping
us educate their peers on campus
through a variety of activities (conferences, debates, op-eds for their
student paper, or book clubs) and
are hosting leadership dinners with
AEI scholars or business leaders
from the AEI community. These
student leaders attend leadership
events at AEIs headquarters in
Washington where they hear from
our scholars on issues of public
policy and receive career advice.

z AEI PROGRAM COMMITTEES

In 2015, AEI launched program
committees among our National
Council members. These affinity
groups serve as forums for specific
policy discussions and efforts
(Foreign Policy, Education,
Academic Programs, and Values &
Capitalism). In June, Foreign Policy
Program Committee members
Debbie and David Roberts hosted
Danielle Pletka and Jim Talent at
their home in New York City for a
discussion on the current state of
affairs in the Middle East and AEI
defense scholars major initiatives
for the months ahead.

z AEI ENTERPRISE CLUB

AEIs Enterprise Club is an
invitation-only group of 3040year-old professionals who are
selected based on depth of intellectual interest in policy, record of
achievement, and potential for
future impact. In just four years,
the Enterprise Club has grown to
311 members in 12 cities across
the nation. The Dallas Enterprise
Club chapter has grown by 24
members in the past year, and the
group hosted events in 2015 with
Arthur Brooks, General T. Michael
Moseley, Charles Murray, and
Benjamin Zycher.

z REGIONAL COUNCIL EVENTS

AEIs Regional Councils are
comprised of influential business
leaders, entrepreneurs, and
professionals who work with AEI to
promote public policy that restores
growth and prosperity. We currently
count 16 chapters in cities across
the country. Our scholars frequently
travel to meet with these supporters
throughout the year for intimate
gatherings over serious policy
discussions. For example, Gerard
Robinson spoke about education
reform at the national and local levels
in Boston, Nashville, and Seattle,
among other cities.

z AEI Leadership Network

Members of AEI's Leadership
Network, which has now grown
to more than 120 leaders who
represent a diverse range of
nonprofits; community service
groups; business organizations;
and city, state, and local governments, are helping to disseminate
AEIs scholarship and are impacting their communities for freedom,
opportunity, and free enterprise.
Seventy of these leaders gathered
in September for our annual Summit
in Washington, DC.

z AEI30
AEI30 is AEIs selected cohort of
young leaders in business, finance,
and entrepreneurship who are
interested in serious discussions
on the most significant challenges
facing our country. The program
started in September 2014 with
a New York City chapter that has
grown to 48 members. We have
regular breakfasts in New York
featuring prominent business
leaders such as Dan Loeb, AEI
National Council cochair and CEO
of Third Point LLC; David Roberts,
AEI National Council cochair and
COO of Angelo, Gordon & Co; and
Rob Kapito, founder, president, and
director of BlackRock. The program
plans to continue growing its NYC
membership and then expand to
other cities.

z AEI ALUMNI PROGRAM

AEIs Alumni Program connects
former scholars, fellows, staff,
research assistants, interns, and
summer program students. After
starting the program two years
ago, we now have a network of
more than 350 members. In July
2015, Charles Murray spoke to a
group of 90 AEI alumni gathered
at AEIs headquarters about his
latest book, By the People.
z AEI WORLD FORUM
Sea Island, GA
AEIs World Forum, our marquee
event held each year in March,
convenes dozens of congressional
leaders, governors, and executive
branch officials, as well as major
opinion leaders, foundation leaders,
and top executives from the worlds
corporations and financial firms.
Attendees participate in a robust
idea exchange on global economics,
foreign and defense policy, culture,
and politics during the weekend
gathering. The past two years, we
have also included a small group of
top leaders from our Enterprise Club
for a series of policy discussions.

/ 25 /

IN MEMORIAM

Walter Berns
Walter Berns passed away on
January 10 at the age of 95. His
association with AEI began in the late
1970s and lasted more than three
decades. At AEI, his published works
included Making Patriots (2002), After
the People Vote (2001), and Taking
the Constitution Seriously (1987). All
his books had major impact on vitally
important national debates. Lincoln
at Two Hundred (2009), a favorite
of his colleagues, offers a masterful
look at the impact of the president
he admired most. Berns was a
towering intellectual figure on the
US Constitution and wrote prolifically
for both scholarly and popular
audiences, taught hundreds of
students at six universities, served as
a delegate to the UN Commission on
Human Rights, and won the National
Humanities Medal. He was also a
veteran of WWII.

/ 26 /

Carolyn Weaver Mackay

On August 26, Carolyn Weaver
Mackay passed away. She was a
resident scholar and director of social
security and pension studies at AEI
from 1987 to 2000 and served as
editor of Regulation magazine from
1986 to 1988. Prior to joining AEI,
Mackay was a senior research fellow
at the Hoover Institution at Stanford
University, chief professional staff
member on social security for the
US Senate Committee on Finance,
and senior adviser to the 1983
National Commission on Social
Security Reform (Greenspan Panel).
She also served on several federal
advisory councils dealing with Social
Security and disability policy and
wrote numerous books, articles,
and editorials.

John H. Makin
On March 30, AEI mourned the loss
of John H. Makin, who had been part
of the AEI family since 1984, when
he first joined as a scholar. Over
his career, he moved in and out of
residence at AEIadvising the US
Treasury Department, Congressional
Budget Office, and International
Monetary Fund; teaching; and
serving as a principal at the hedge
fund Caxton Associates. He rejoined
AEI full time in 2012 as a senior
member of the economics team to
study the US economy, monetary
policy, financial markets, corporate
taxation, and banking. He also wrote
frequently about Japanese, Chinese,
and European economic issues,
and wrote AEI's monthly Economic
Outlook, which paired insightful
research with current economic
topics. Along with his work, his lively
wit and good humor made him truly
loved at AEI.

Fred Thompson
Former AEI visiting fellow Fred
Thompson passed away on
November 1 at the age of 73. He
was a clear and principled thinker
who specialized at AEI in national
security and intelligence and was a
man of wide interests and talents, as
reflected in his career as an attorney,
politician, lobbyist, and actor. He
served his country as a US senator
representing Tennessee, as chairman
of the International Security Advisory
Board at the US Department of
State, as a member of the US-China
Economic and Security Review
Commission, and as a member of
the Council on Foreign Relations.
In 1973, he was appointed as minority
counsel to assist the Republican
senators on the Senate Watergate
Committee. His sonorous voice that
many know so well from his roles in
movies, television, and commercials,
as well as his wry humor, will surely
be missed.

Ben J. Wattenberg
On June 28, AEI mourned the loss of
Ben Wattenberg, who joined AEI
in 1977 to study US politics and
demography, one of a handful of
Democrats whom William J. Baroody
Sr. brought to the Institute around
that time. Wattenberg drew national
attention in 1970 with the publication
of his coauthored book with AEI
adjunct colleague Richard M.
Scammon, The Real Majority, a bestselling analysis of US politics. Over
the course of his career, Wattenberg
was appointed to various committees
and commissions by Presidents
Carter, Reagan, and George H.
W. Bush and penned nearly 1,000
columns as well as a number of other
books, including The Birth Dearth
(1987) and The First Measured
Century (2000). Wattenberg was a
passionate commentator, engaging
in the public debates across a variety
of issues. He hosted a number of
PBS television specials as well as the
weekly program Think Tank with Ben
Wattenberg, which ran for 15 years.

/ 27 /

Thank you to the members of AEIs

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

/ 28 /

AEI AS

RESPONSIBLE
STEWARD
AEIs audited financial performance
for the fiscal year ended on June 30,
2015, is provided in accordance with
GAAP 2015
accounting
conventions.
AEI Expenses

2015 AEI Operating Revenue

($38.7 million)

($54.6 million)

Corporations 16%

Foundations 44%

nue

rences and
Revenue 4%

Individuals 36%

Conferences and
Other Revenue 4%

Individuals 36%

The Institute raised $19.9 million

from individuals,
$23.9 million from
Management
5%
Economic
foundations, and $8.8 million
fromPolicy
Administration 5%
Studies 27%
corporations. The sum of these
fundraising activities, along with
Fundraising 9%
conference and miscellaneous
revenue of $2 million, brought the
Social and
Institutes annual operating revenues
Political Studies 12%
Campus Outreach 6%
to $54.6 million. Investment gains
totaling $0.6 million and Capital
Conferences 6%
Campaign commitments totaling
$27.2 million are excludedForeign
fromand
theDefense
Communications 13%
operating revenue shown.Policy Studies 16%

Expenses for the year totaled

$38.7 million81 percent of these
Fiscal year activity is for the period July 1, 2014, through June 30,
2015.
expenses
were for programs,
2015 AEI Expenses
10
percent
for management and
($38.7 million)
administration, and 9 percent
for fundraising. AEI allocates
Management 5%
Economic Policy
communication expenses to
Administration 5%
Studies 27%
programs; communication
expenses are shown prior to
Fundraising 9%
such allocation.
Campus Outreach 6%

Social and
Political Studies 12%

Conferences 6%
Communications 13%

Foreign and Defense

Policy Studies 16%

AEI is enormously grateful to its

community of investors for making
our scholarly research and outreach
initiatives possible. We hope you
are proud of the work that you have
supported to advance freedom,
opportunity, and enterprise in
America and around the world.

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

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

/ 29 /

BOARD OF TRUSTEES

GEORGE L. PRIEST

TULLY M. FRIEDMAN, Chairman

KEVIN B. ROLLINS

Chairman and CEO

Friedman Fleischer & Lowe, LLC

Yale Law School

CEO, Retired
Dell, Inc.

ELIOT A. COHEN

Paul H. Nitze School of Advanced

International Studies
Johns Hopkins University

EUGENE F. FAMA

DANIEL A. DANIELLO, Vice Chairman

MATTHEW K. ROSE

Executive Chairman
BNSF Railway Company

Robert R. McCormick Distinguished Service

Professor of Finance
Booth School of Business
University of Chicago

CLIFFORD S. ASNESS

EDWARD B. RUST JR.

MARTIN FELDSTEIN

GORDON M. BINDER

D. GIDEON SEARLE

AARON L. FRIEDBERG

ARTHUR C. BROOKS

MEL SEMBLER

ROBERT P. GEORGE

Chairman and Co-Founder

The Carlyle Group

Managing and Founding Principal

AQR Capital Management
Managing Director
Coastview Capital, LLC

President and Beth and Ravenel Curry

Chair in Free Enterprise
American Enterprise Institute

THE HONORABLE
RICHARD B. CHENEY
PETER H. COORS

Vice Chairman of the Board

Molson Coors Brewing Company

HARLAN CROW

Chairman and CEO

Crow Holdings

Chairman and CEO

State Farm Insurance Companies
Managing Partner
The Serafin Group, LLC
Founder and Chairman
The Sembler Company

WILSON H. TAYLOR
Chairman Emeritus
Cigna Corporation

WILLIAM H. WALTON
Managing Member
Rockpoint Group, LLC

MARILYN WARE

Chairman, Retired
American Water Works

RAVENEL B. CURRY III

EMERITUS TRUSTEES

ELISABETH (BETSY) DEVOS

RICHARD B. MADDEN

Chairman
International Paper

CHRISTOPHER B. GALVIN
Chairman
Harrison Street Capital, LLC

Professor of Politics and International Affairs

Princeton University
McCormick Professor of Jurisprudence
Director, James Madison Program
in American Ideals and Institutions
Princeton University

ERIC A. HANUSHEK

Paul and Jean Hanna Senior Fellow

Hoover Institution
Stanford University

R. GLENN HUBBARD

Dean and Russell L. Carson Professor

of Finance and Economics
Columbia Business School

WALTER RUSSELL MEAD

Chief Investment Officer

Eagle Capital Management, LLC

JOHN V. FARACI

George F. Baker Professor of Economics

Harvard University

ROBERT H. MALOTT
PAUL F. OREFFICE
HENRY WENDT

OFFICERS

James Clarke Chace Professor of Foreign

Affairs and the Humanities
Bard College

JOHN L. PALMER

University Professor and Dean Emeritus

Maxwell School of Citizenship
and Public Affairs
Syracuse University

MARK PAULY

RAYMOND V. GILMARTIN

ARTHUR C. BROOKS
President and Beth and Ravenel Curry
Chair in Free Enterprise

Bendheim Professor, Professor of

Health Care Management
Wharton School at the University of
Pennsylvania

HARVEY GOLUB

DAVID GERSON

SAM PELTZMAN

Harvard Business School

Chairman and CEO, Retired

American Express Company
Chairman, Miller Buckfire

ROBERT F. GREENHILL
Founder and Chairman
Greenhill & Co., Inc.

FRANK J. HANNA
Hanna Capital, LLC

JOHN K. HURLEY

Founder and Managing Partner

Cavalry Asset Management

SETH A. KLARMAN

President and CEO

The Baupost Group, LLC

BRUCE KOVNER

Chairman
Caxton Alternative Management, LP

MARC S. LIPSCHULTZ
Partner
Kohlberg Kravis Roberts

JOHN A. LUKE JR.

Chairman and CEO

MeadWestvaco Corporation

Executive Vice President

JASON BERTSCH

Senior Vice President, Development

and Communications

DANIELLE PLETKA

Senior Vice President, Foreign and

Defense Policy Studies

TOBY STOCK

Vice President, Development and

Academic Programs

COUNCIL OF ACADEMIC
ADVISERS
GEORGE L. PRIEST, CHAIRMAN
Edward J. Phelps Professor of
Law and Economics
Yale Law School

ALAN J. AUERBACH

Robert D. Burch Professor of

Economics and Law
University of California, Berkeley

Ralph and Dorothy Keller Distinguished

Service Professor of Economics
Booth School of Business
University of Chicago

JEREMY A. RABKIN

Professor of Law
George Mason University School of Law

HARVEY S. ROSEN

John L. Weinberg Professor of Economics

and Business Policy
Princeton University

RICHARD J. ZECKHAUSER

Frank Plumpton Ramsey Professor of

Political Economy
Kennedy School of Government
Harvard University

RESEARCH STAFF
JOSEPH ANTOS

Wilson H. Taylor Scholar in Health

Care and Retirement Policy; Resident
Scholar

LEON ARON

Director, Russian Studies;

Resident Scholar

JEFFREY EISENACH

Director, Center for Internet,

Communications, and Technology
Policy; Visiting Scholar

R. RICHARD GEDDES
Visiting Scholar

JAMES K. GLASSMAN
Visiting Fellow

MICHAEL AUSLIN

JONAH GOLDBERG

CLAUDE BARFIELD

SCOTT GOTTLIEB, MD

MICHAEL BARONE

PHIL GRAMM

ROGER BATE

MARY HABECK

ERIC BELASCO

KEVIN A. HASSETT

Resident Scholar
Resident Scholar
Resident Fellow
Visiting Scholar
Visiting Scholar

ANDREW G. BIGGS
Resident Scholar

EDWARD BLUM
Visiting Fellow

DAN BLUMENTHAL

Director, Asian Studies; Resident

Fellow

JOHN R. BOLTON
Senior Fellow

KARLYN BOWMAN

Research Coordinator; Senior Fellow

ALEX BRILL

Research Fellow

JAMES C. CAPRETTA
Visiting Fellow

TIMOTHY P. CARNEY

Fellow

Resident Fellow
Visiting Scholar
Visiting Scholar

Henry Wendt Scholar in Political

Economy

THOMAS P. MILLER
Resident Fellow

CHARLES MURRAY
W. H. Brady Scholar

KATHARINE B. STEVENS
Research Fellow

THOMAS P. STOSSEL, MD
Visiting Scholar

MICHAEL R. STRAIN

Deputy Director, Economic Policy

Studies; Resident Scholar

JAMES PETHOKOUKIS

MARC A. THIESSEN

Visiting Scholar

WILLIAM INGLEE

Fellow

STEPHEN D. OLINER

Scholar

Visiting Fellow

Editor, AEIdeas Blog;

DeWitt Wallace Fellow

BENEDIC IPPOLITO

TOMAS PHILIPSON

KEVIN JAMES

EDWARD J. PINTO

Research Fellow
Research Fellow

MATTHEW H. JENSEN

Visiting Scholar

Codirector, AEIs International

Center on Housing Finance;
Resident Fellow

ALEX J. POLLOCK
Resident Fellow

Director, AEI Critical Threats Project;

Christopher DeMuth Chair;
Resident Scholar

RAMESH PONNURU

LEON R. KASS, MD

Research Fellow

Director, Center on Higher

Education Reform; Resident Scholar

PAUL H. KUPIEC
Resident Scholar

DESMOND LACHMAN

NICHOLAS EBERSTADT

Visiting Scholar

Resident Scholar

SHANE TEWS

THOMAS DONNELLY

Resident Fellow

LARRY MEAD

CHRISTINA HOFF SOMMERS

MARK J. PERRY

R. GLENN HUBBARD

Morgridge Fellow in Poverty Studies;

Resident Fellow

MACKENZIE EAGLEN

Resident Fellow

Resident Scholar

JON KYL

Codirector, Marilyn Ware Center for

Security Studies; Resident Fellow

J. MATTHEW MCINNIS

Director, Agriculture Studies;

Visiting Scholar

Director, Marilyn Ware Centers

National Security 2020 Project;
Senior Fellow

ANDREW P. KELLY

ROBERT DOAR

VINCENT H. SMITH

Research Fellow

NORMAN J. ORNSTEIN

Director, Education Policy Studies;

Resident Scholar

MAURA CORRIGAN

Resident Fellow

MICHAEL MAZZA

Visiting Scholar

FREDERICK M. HESS

Research Fellow

SADANAND DHUME

SITA SLAVOV

Visiting Fellow

Resident Scholar

Madden-Jewett Chair; Resident

Scholar

Visiting Fellow

MATT MAYER

Resident Scholar

Codirector, AEIs International Center

on Housing Finance; Resident Scholar

FREDERICK W. KAGAN

KEVIN CORINTH

DEREK M. SCISSORS

Resident Scholar

ROBERT B. HELMS

LYNNE V. CHENEY

Visiting Fellow

APARNA MATHUR

Visiting Scholar

ROGER F. NORIEGA

Visiting Fellow

EDWARD CONARD

DAVID SCHOENBROD

Research Fellow

Director, Economic Policy Studies;

State Farm James Q. Wilson Chair in
American Politics and Culture

Managing Director, Open Source

Policy Center

Senior Fellow

NAT MALKUS

Visiting Fellow
Resident Fellow

ADAM LERRICK
Visiting Scholar

PHILLIP LOHAUS
Research Fellow

KIRSTEN MADISON

Deputy Director, Foreign and

Defense Policy Studies;
Resident Fellow

Visiting Fellow

ANGELA RACHIDI
VINCENT R. REINHART
Visiting Scholar

GERARD ROBINSON
Resident Fellow

DALIBOR ROHAC
Research Fellow

MICHAEL RUBIN
Resident Scholar

SALLY SATEL, MD
Resident Scholar

GARY J. SCHMITT

Codirector, Marilyn Ware Center

for Security Studies; Director,
Program on American Citizenship;
Resident Scholar

MARK SCHNEIDER
Visiting Scholar

PHILLIP SWAGEL
Visiting Scholar

JIM TALENT

Visiting Fellow

Resident Fellow

STAN A. VEUGER
Resident Scholar

ALAN D. VIARD
Resident Scholar

PETER J. WALLISON

Arthur F. Burns Fellow in Financial

Policy Studies; Resident Fellow

W. BRADFORD WILCOX
Visiting Scholar

WENDELL L. WILLKIE II
Visiting Fellow

PAUL WOLFOWITZ
Visiting Scholar

JOHN YOO

Visiting Scholar

ROGER I. ZAKHEIM
Visiting Fellow

WEIFENG ZHONG
Research Fellow

KATHERINE ZIMMERMAN
Research Fellow

JOEL M. ZINBERG, MD
Visiting Scholar

BENJAMIN ZYCHER
John G. Searle Chair;
Resident Scholar

NATIONAL COUNCIL
Members of AEI's National Council
are business and community leaders
from across the country who are
committed to AEI's success and serve
as ambassadors for AEI, providing
us with advice, insight, and guidance
as we look to reach out to new
friends around the country. Please
contact Toby Stock, vice president of
development and academic programs
(toby.stock@aei.org; 202.862.5834),
if you are interested in learning more
about the National Council.

MARTIN COHEN*

MARTIN GARCIA

DAVID COULTER

Executive Managing Director

HFF, L.P.

Executive Chairman
Cohen & Steers
Vice Chairman
Warburg Pincus

Principal
GCG Partners

SUSAN CROWN AND WILLIAM KUNKLER

HENRY GORDON

MARY LOU AND JOHN DASBURG

C. BOYDEN GRAY

F. JOSEPH DAUGHERTY, MD*

Founding Partner
Boyden Gray & Associates

PAUL L. ("LEW") DAVIES III

AND PILAR H. DAVIES

JUDSON AND JOYCE GREEN*

Managing Principal
The Cambria Group

ANTHONY J. DE NICOLA

HEATHER AND PAUL G. HAAGA*

KIP HAGOPIAN

Co-President
Welsh, Carson, Anderson & Stowe

STEVEN T. HALVERSON

MICHAEL A. DELANEY

Hammes Company

BILL ACHTMEYER*

KIMBERLY O. DENNIS*

JAY ADAIR*

MICHAEL DOAR

ERWIN AULIS*

JAMES H. DONOVAN*

President
Searle Freedom Trust

JOHN D. BAKER

Managing Director
Goldman Sachs

THILO BEST*

MARK DORMAN

Principal
Bayshore Retirement Partners

RONALD J. GIDWITZ

JOE CRAFT AND KELLY KNIGHT*

Managing Partner
Court Square Capital Partners
Chairman and Managing Partner
The Parthenon Group

MARK D. GIBSON

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

JAMES L. HASKEL
JIMMY AND DEE HASLAM
KERRY MURPHY HEALEY
SEAN HEALEY

Chairman and Chief Executive Officer

Affiliated Managers Group, Inc.

Managing Director
Endeavor Capital

DAVID G. HERRO*

RICHARD DRIEHAUS*

THOMAS HILLMAN

KURT DUDAS

ED AND HELEN HINTZ*

Chief Operating Officer

Stephens

ROBERT A. ECKERT

KEN HIRSH

GEOFFREY AND MELISSA

BRADSHAW-MACK

CHRISTOPHER F. EGAN*

DOUGLAS AND ANGELA BRALY

Kohlberg Kravis Roberts

BAYARD BOYLE JR.*

Chairman
Boyle Investment Group

CURTIS F. BRADBURY JR.

The Braly Group, LLC

BENNIE AND STEPHANIE BRAY

ARTURO BRILLEMBOURG AND
HILDA OCHOA-BRILLEMBOURG
KEN BROAD
ERIC CANTOR*

Former House Majority Leader

Vice Chairman, Moelis & Company

MARK CARLIN*

Ehrenkranz Partners
Mattel, Inc.

Highside Capital Management

ROBERT B. AND JANET A. HOFFMAN*

MARTIN C. ELTRICH*

JOHN W. HOLMAN III

JOHN EVANGELAKOS

AL AND KATHY HUBBARD

Partner
AEA Investors

Sullivan & Cromwell, LLP

CHRISTIAN A. FELIPE*
SEAN M. FIELER*

General Partner
Equinox Partners, LP

DONALD V. FITES

JAMES D. CARREKER

Chairman, STORE Capital Corporation

RUSSELL L. CARSON*

H. LEE S. HOBSON*

LEWIS M. EISENBERG

Executive Vice President

Lockton Insurance Brokers, Inc.
JDC Holdings

Hintz Capital Management

MORTON FLEISCHER

SPENCER FLEISCHER

Double V Trust Funds

Managing Director
Eagle Capital Management, LLC

STANLEY S. HUBBARD

Chairman and Chief Executive Officer

Hubbard Broadcasting, Inc.

MARTIN P. HUGHES*
TOD AND SUSAN HULLIN
PAUL J. ISAAC*
Arbiter Partners

RICHARD M. JAFFEE
SHELLY AND MICHAEL KASSEN

General Partner
Welsh, Carson, Anderson & Stowe

EDWARD C. FORST

ROBERT H. CASTELLINI*

Hancock Park Associates

Chief Executive Officer

Kayne Anderson Capital Advisors, Inc.

TROY AND ELIZABETH FOWLER*

MICHAEL L. KEISER*

SAM AND MARILYN FOX*

RANDY P. KENDRICK

Chairman
Castellini Company

JOHN K. CASTLE

Chairman and Chief Executive Officer

Castle Harlan, Inc.

MICHAEL J. FOURTICQ SR.*

Board of Directors
Triad Foundation

RICHARD A. KAYNE

Co-Founder
Recycled Paper Greetings, Inc

NANCY AND GARY CHARTRAND*

Founder
Harbour Group

ARMEANE AND MARY CHOKSI*

JOEL AND STELLA FREEDMAN*

YVETTE AND LOU KLOBUCHAR

PETER B. CLARK

JOSH FRIEDMAN

SUE KOFFEL

JOHN KINGSTON

J. CHRISTOPHER KOJIMA

JAMES F. MOONEY*

AMY KORENVAES*

JOHN AND CARRIE MORGRIDGE*

Managing Director
Goldman, Sachs & Co.

President
Harlan and Amy Korenvaes Family Foundation

HARLAN B. KORENVAES*

Korenvaes Capital Management

STEPHEN M. KOTRAN
Sullivan & Cromwell, LLP

WILLIAM KOURAKOS

Perella Weinberg Partners

RODGER R. KROUSE*

Co-Chief Executive Officer

Sun Capital Partners, Inc.

JOHN AND KARIN KUKRAL*

KEN LANGONE
BILL LAVERACK*

Laverack Capital Partners

HOWARD H. LEACH
President
Leach Capital, LLC

Partner
The Baupost Group, LLC
Morgridge Foundation

MR. AND MRS. ROBERT S. MURLEY

ALEX NAVAB*

Kohlberg Kravis Roberts

PATRICK AND CHARLENE NEAL*

Neal Communities

ROBERT H. NIEHAUS

GCP Capital Partners LLC

PETER NOLAN*
PHILIP AND JUDY NUSSBAUM*

RICHARD R. ONG

Managing Director
Eagle Capital Management, LLC

DUANE AND SUSAN OTTENSTROER

RICHARD H. LENNY*

DAN AND KELLIE PETERS*

BOB LOWE
D. SCOTT LUTTRELL

Chairman and Chief Executive Officer

LCM Group, Inc.

BARRY L. MACLEAN*

President and Chief Executive Officer

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 MCKNIGHT

PAUL AND JUNE SCHORR

DAN SCHULTEJANN

Chief Executive Officer

Automation-X Corporation

JAMES M. SENEFF

Executive Chairman
CNL Financial Group, Inc.

ROGER T. SERVISON
Fidelity Investments

STEVEN SHAPIRO

SARAH AND ROSS PEROT JR.*

Chief Executive Officer

Third Point LLC

MUNEER SATTER*
Founder
Satter Investment Management, LLC

DAN OKEEFE*

SYLVIE LGRE AND TODD RICKETTS*

DANIEL S. LOEB*

NATHAN E. SAINT-AMAND, MD*

STEVEN SHAFRAN

CRAIG OVERLANDER

ALEC LITOWITZ*

Elliott Management Corporation

LOU OBERNDORF

PHILIP LEBHERZ

Chairman
Lebherz Insurance Services, Inc.

ROBERT P. RYAN

Chief Executive Officer

Socit Gnrale Americas

GoldenTree Asset Management

JEFFREY L. SILVERMAN

Chairman and Co-Founder

Agman Partners

W. ROSS SINGLETARY II
Managing Partner
Arcus Capital Partners

DAVID SMICK

Chairman & CEO

Johnson Smick International, Inc..

The Lovett & Ruth Peters Foundation

LINDA AND BILL STAVROPOULOS

STEVEN PRICE*

ROBERT K. STEEL*

Chairman and Chief Executive Officer

Townsquare Media, Inc.

MARC STERN

MAYARI PRITZKER

BARRY S. STERNLICHT

President
Robert and Mayari Pritzker Family Foundation

Chairman and Chief Executive Officer

Starwood Capital Group

PHILIP J. PURCELL*

SHELDON M. STONE

ANDY PUZDER*

THOMAS P. STOSSEL AND

KERRY MAGUIRE

ALLEN AND KELLI QUESTROM*

JAMES C. RAHN*

President
Kern Family Foundation

ANNE AND ROB RAYMOND*

GEOFFREY S. REHNERT*
Co-Chief Executive Officer
Audax Group

DONALD AND SUSAN STURM

Sturm Financial Group

MICHAEL SULLIVAN*

Point72 Asset Management

GENE SYKES
STEVEN TANANBAUM
ROB TAYLOR

DAVID K. REYES

RYAN TAYLOR

J. JOE RICKETTS*

CARL THOMA*

Chairman of the Board

Olney Bancshares of Texas, Inc.

RICHARD J. RIORDAN*

Managing Partner
Thoma Bravo, LLC

HARRY T. MCMAHON

DAVID N. ROBERTS*

Senior Managing Director

Angelo, Gordon & Co.

DICK UIHLEIN*

Executive Vice Chairman

Bank of America Merrill Lynch

LINDA MCMAHON*

Principal and former Chief Executive Officer

World Wrestling Entertainment

JOANIE AND DON MCNAMARA

KENNETH B. MEHLMAN

Member & Global Head of Public Affairs

Kohlberg Kravis Roberts

DANIEL N. MEZZALINGUA*

THOMAS S. ROBERTS
Managing Director
Summit Partners

RICHARD AND ALLISON ROEDER*

ROBERT ROSENKRANZ*

GWENDOLYN VAN PAASSCHEN

JOHN AND CAROL WALTER*
RAY AND HEATHER WASHBURNE*

Charter Holdings

Chairman
Delphi Financial Group

BUD WATTS

JOHN W. AND JEANNE M. ROWE*

Manhattan Pacific Partners

Acquisitions Analyst
FTO

ROBERT ROWLING

GREG MILLER*

Chief Executive Officer

Rummell Company LLC

Larry H. & Gail Miller Family Foundation

CEO
Uline

PETER S. RUMMELL*

GARY L. WILSON
JEFF WYLER

Chief Executive Officer

Jeff Wyler Automotive Family

SCOTT ZAJAC

* Denotes National Council Co-Chair

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