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-governmenta ...

based in

Santa Monica, California Santa Monica (; Spanish language, Spanish: ''Santa Mónica'') is a city in Los Angeles County, California, Los Angeles County, situated along Santa Monica Bay on California's South Coast (California), South Coast. Santa Monica's 2020 United Sta ...

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 50 ...

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 a ...

banker who gained notoriety for significant financial success as a pioneer of "

junk bonds In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit events ...

" 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 scientif ...

. 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 zone An Opportunity Zone is a designation and investment program created by the Tax Cuts and Jobs Act of 2017 allowing for certain investments in lower income areas to have tax advantages. The purpose of this program is to put capital to work that would ...

s created by the

Tax Cuts and Jobs Act of 2017 The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs A ...

. In May 2018,

Treasury Secretary The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

Steven Mnuchin instructed his staff to accept a non-low-income tract in

Storey County, Nevada Storey County is a county located in the U.S. state of Nevada. As of the 2020 census, the population was 4,104, making it the third-least populous county, but one of the fastest-growing economies in Nevada. In 2018, over 18,000 people were emplo ...

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. Bev ...

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 The Hamptons, part of the East End of Long Island, consist of the towns of Southampton and East Hampton, which together comprise the South Fork of Long Island, in Suffolk County, New York. The Hamptons are a popular seaside resort and one o ...

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.

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

History

Research

Tax policy

See also

References

External links