![]() | This article reads like a press release or a news article and may be largely based on routine coverage .(April 2018) |
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Formation | 1991 |
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Founder | Michael Milken |
Type | Economic Think tank |
Headquarters | Santa Monica, California, United States |
Region served | Global |
Leader | Michael Milken (Chairman) |
Revenue | $47,638,129 [1] (2016) |
Expenses | $42,559,621 [1] (2016) |
Website | www.milkeninstitute.org |
The Milken Institute is an independent economic think tank based in Santa Monica, California, with offices in Washington, D.C., New York, Miami, [2] London, [3] 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) nonprofit organization and presents itself as nonpartisan and non-ideological.
The institute was founded in 1991 by Michael Milken, a former Drexel Burnham Lambert 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. [4] [5]
The institute has published studies relating to human capital, access to capital, financial structures and innovations, regional economics, healthcare economics and medical research. 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 has held several events regarding opportunity zones created by the Tax Cuts and Jobs Act of 2017. In May 2018, Treasury Secretary Steven Mnuchin 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 with Michael Milken. [6] Milken was already an investor in the Nevada tract. [6] 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. [6] Treasury later issued a regulatory guidance at the institute's request that allows prior investors to benefit from newly designated opportunity zones. [6]
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.
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 employed in the county. Its area is 264 square miles, making it the smallest county in Nevada in terms of area. Its county seat is Virginia City. Storey County is part of the Reno-Sparks metropolitan area.
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The Toronto Global Forum (TGF) is an annual economic event organized by the International Economic Forum of the Americas since 2007.
Steven Terner Mnuchin 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 nearly a full presidential term, Mnuchin was one of the few high-profile members of Trump's cabinet whom the president did not dismiss.
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