The Milken Institute is an independent economic
think tank
A think tank, or policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-govern ...
based in
Santa Monica, California
Santa Monica (; Spanish: ''Santa Mónica'') is a city in Los Angeles County, situated along Santa Monica Bay on California's South Coast. Santa Monica's 2020 U.S. Census population was 93,076. Santa Monica is a popular resort town, owing to ...
with offices in Washington, DC, New York, Miami, London, Abu Dhabi, and Singapore. It publishes research and hosts conferences that apply market-based principles and financial innovations to social issues in the
US and internationally. The institute is a
501(c)(3)
A 501(c)(3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code. It is one of the 29 types of ...
nonprofit organization and presents itself as nonpartisan and non-ideological.
History
The institute was founded in 1991 by
Michael Milken
Michael Robert Milken (born July 4, 1946) is an American financier. He is known for his role in the development of the market for high-yield bonds ("junk bonds"), and his conviction and sentence following a guilty plea on felony charges for vio ...
, a former
Drexel Burnham Lambert
Drexel Burnham Lambert was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was ...
banker who gained notoriety for significant financial success as a pioneer of "
junk bonds" as well as his subsequent felony conviction and prison sentence for
U.S. securities law violations.
Research
The institute has published studies relating to
human capital
Human capital is a concept used by social scientists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial ...
, access to capital, financial structures and innovations, regional economics, healthcare economics and
medical research
Medical research (or biomedical research), also known as experimental medicine, encompasses a wide array of research, extending from " basic research" (also called ''bench science'' or ''bench research''), – involving fundamental scienti ...
. It hosts a series of conferences including two annual conferences, a variety of financial innovation labs and a series of forums and private events. The Milken Institute Global Conference, first held in 1998, is an annual forum focused on economic and social issues. Speakers include figures from business, finance, government, education and sports. The institute also hosts an annual State of the State Conference, which examines major issues facing the state of California.
The institute operates a series of centers focused on particular economic and health related topics. The centers are the: Asia Center, Center for Advancing the American Dream,
Center for Regional Economics, FasterCures, Center for Financial Markets, Center for the Future of Aging, Center for Public Health, and Center for Strategic Philanthropy.
Notable reports include:
* ''American Dream Prosperity Index''
* ''Best-Performing Cities''
* ''Best-Performing Cities China''
* ''Global Opportunity Index''
* ''Advancing Tech Enable Health and Home Care''
* ''Health Literacy in the United States: Enhancing Assessments and Reducing Disparities''
Tax policy
The institute has held several events regarding
opportunity zones created by the
Tax Cuts and Jobs Act of 2017. In May 2018,
Treasury Secretary Steven Mnuchin
Steven Terner Mnuchin ( ; born December 21, 1962) is an American investment banker and film producer who served as the 77th United States secretary of the treasury as part of the Cabinet of Donald Trump from 2017 to 2021. Serving for a full pre ...
instructed his staff to accept a non-low-income tract in
Storey County, Nevada as an Opportunity Zone shortly after attending an Institute event in
Beverly Hills
Beverly Hills is a city located in Los Angeles County, California. A notable and historic suburb of Greater Los Angeles, it is in a wealthy area immediately southwest of the Hollywood Hills, approximately northwest of downtown Los Angeles. ...
with Michael Milken.
Milken was already an investor in the Nevada tract.
[ In August 2018, Mnuchin attended an Institute conference on opportunity zones in the Hamptons with Milken and later accepted a flight to Los Angeles with Milken on his private jet.][ Treasury later issued a regulatory guidance at the institute's request that allows prior investors to benefit from newly designated opportunity zones.][
]
See also
* Milken Family Foundation
References
External links
The Milken Institute website
{{Authority control
Political and economic think tanks in the United States
Think tanks established in 1991
Organizations based in Los Angeles
1991 establishments in California
Michael Milken