Milken Institute Summit - California 2013

Milken Institute Summit - California 2013


Thursday, November 21, 2013

Thu 11/21
11:30 am - 4:00 pm


Thu 11/21
11:30 am - 12:00 pm

Thu 11/21
12:00 pm - 1:00 pm

Keynote Address: Gov. Jerry Brown

Setting the tone for the day, the governor will discuss the condition of the California economy and reflect on the steps his administration is taking to address the issues facing the state today and those likely to concern us tomorrow.


Jerry Brown

Governor of California

Thu 11/21
1:00 pm - 2:00 pm

Lunch Discussion: Investing in California's Future

The Golden State's luster dimmed during the Great Recession, but much of that shine has returned. Housing was slammed, but the sector has snapped back smartly. State finances were in dire condition, but we've found a way to make the ends meet. Jobs were lost en masse, but now they.... well, we're working on it. Nevertheless, even after this trying time, California retains its undisputed leadership in high technology, entertainment, agriculture, biotech and other fields that contribute so much to our world. Yet the state's flawed and burdened education system is failing to prepare many young people for the future. Costs are high for those inspired to build a business here. And with 38 million residents, we are straining our resources, including the most vital: water. At this luncheon session, some of the state's most accomplished leaders will address these challenges and offer their ideas on laying the groundwork for long-term prosperity.


Michael Milken

Chairman, Milken Institute


Bobby Kotick

President and CEO, Activision Blizzard

Scott Minerd

Managing Partner and Global Chief Investment Officer, Guggenheim Partners

Lynda Resnick

Vice Chairman, Roll Global

Lyndon Rive

CEO, SolarCity

Thu 11/21
2:15 pm - 3:45 pm

Creating a Business-Friendlier State

When it comes to business, California is a study in contrasts. The Golden State has cultivated some of the world's most innovative and profitable companies while developing a reputation as one of the least friendly places to do business. This session will address key questions about the environment for business and job creation in California and what should be done to enhance it. How could Sacramento address issues that might hinder investment, such as workers' comp rates, unpredictable legislation and compliance requirements that involve overlapping authorities? Would a long-term economic development plan have an important role to play? What are the benefits and downsides of expanding California's skilled immigrant population? What industries may take the lead in the next decade, and how can we develop a workforce that's up to the task? This session will examine the current business engagement and trade promotion efforts and expand the discussion to implementable proposals that will improve the business climate, as well as companies' perception of it.


Kevin Klowden

Director, California Center, and Managing Economist, Milken Institute


John Chiang

California State Controller

Maria Contreras-Sweet

Founder and Executive Chairwoman, ProAmerica Bank

Rob Lapsley

President, California Business Roundtable

John A. Perez

Speaker of the California Assembly

Antonio Villaraigosa

Mayor of Los Angeles (2005-2013)

Thu 11/21
2:15 pm - 3:45 pm

Global Capital Markets Advisory Council (By invitation only)

The Milken Institute's Global Capital Markets Advisory Council is made up of leaders of large funds from around the globe. Together these influential investors represent more than $18 trillion in assets under management. GCMAC's private meetings and conference calls offer one of the few settings in which senior investment officers and principals can speak candidly with their peers about important issues, current market conditions and strategy.

Thu 11/21
2:15 pm - 3:45 pm

Implementing AB 32: Cap and Trade-Offs (By invitation only)

When it was passed in 2006, the California Global Warming Solutions Act - otherwise known as Assembly Bill 32 - set the standard for public action on carbon emissions, renewable energy and battling climate change. After years of court challenges, the implementation phase has arrived, revolving around a market-based carbon credit exchange for industrial emitters. Californians are now faced with more questions than answers. What must businesses and utilities do to meet the 2020 deadline for emissions cuts and clean-power production? Will energy costs rise - if so, by how much? How will the carbon exchange itself function? What about offsets, compliance and other issues? And what kind of benefits will AB 32 bring to residents in its impact on the environment and its promise to energize job creation? This session will not only focus on the law's likely effects but also the means of coping with potential adverse consequences.


Joel Kurtzman

Senior Fellow; Executive Director, Senior Fellows Program, Milken Institute


John Bloom Jr.

Vice President and Chief Economist, U.S. Operations, Cemex

Andy Mannle

Vice President, Strategic Development, Promise Energy

Nancy McFadden

Executive Secretary, Office of the Governor

Eugene Mitchell

Vice President, State and Government Affairs, San Diego Gas & Electric

Fabian Nunez

Partner, Mercury; Former California Assembly Speaker

Fran Pavley

California State Senator

Joe Pettus

Senior Vice President, Fuel and Energy Operations, Safeway Inc.

Thu 11/21
4:00 pm - 5:30 pm

Invented Here: Sharpening California's Edge in Research and Innovation

For research and development, ingenuity and entrepreneurship, California remains the mecca. That prowess helps define our global profile and must be fundamental to any growth strategy for the state's future. California boasts the highest-caliber high-tech industries and research-focused universities, lighting the path to start-up success and luring job-generating firms from around the world. How can the state's centers of innovation, led as always by Silicon Valley, strengthen their power to attract talent and extend their reach? How can our most inventive companies flourish in international markets amid cost pressures and challenges from emerging technology hubs? High costs and extensive regulation won't go away, so incentives for investment should be examined. Can reform of our R&D tax rules - for instance, an Assembly bill that would double the tax credit - aid the cause, or jolt the state budget? How can we deepen the culture of passion, experimentation and willingness to fail that sparks breakthroughs that change the world?


Ross DeVol

Chief Research Officer, Milken Institute


Kevin Dangers

Tax Partner, Ernst & Young

Gray Davis

Former Governor of California; Of Counsel, Loeb & Loeb LLP

Fred Farina

Chief Innovation Officer, CalTech

Paul Gladfelty

Chairman, Innovation State; Principal Partner, The Apex Group

Donald Jones

Vice President, Global Strategy and Market Development, Qualcomm Life

Patrick Soon-Shiong

Chairman and CEO, NantWorks

Thu 11/21
4:00 pm - 5:30 pm

Effective Government, Responsive Leadership (By invitation only)

When government is at its most effective, it partners with business, labor and other stakeholders to protect the public interest while efficiently bringing about progress. Unfortunately, public agencies, at both the state and local levels, often find it difficult to adapt to new needs and adopt new and better ways to meet its aims. Yet for a state of California's range, population and complexity, that mission is as essential as it is challenging. How can our well-intentioned but cumbersome permitting processes be streamlined so manufacturers can start up operations as quickly as they do in Texas? In the world's tech capital, can't more interactions with citizens and businesses be automated? Can pathways for grass-roots input be widened, and government employees be empowered to solve problems? This session will identify the obstacles to a more nimble and responsive government and discuss how to improve cooperation aimed at advancing California's economy. Business, unions, foundations, civic and environmental organizations - all must have a voice in the state's future.


Kevin Klowden

Director, California Center, and Managing Economist, Milken Institute


Dale Bonner

Senior Advisor, Milken Institute; Chairman, Plenary Group USA

Debra Bowen

California Secretary of State

Kathleen Brown

Partner, Manatt, Phelps & Phillips, LLP

Andy Lipkis

Founder and President, TreePeople

Kish Rajan

Director, Governor's Office of Business and Economic Development

Art Torres

Vice Chairman, California Institute for Regenerative Medicine; Former California State Senator

Julie Meier Wright

Strategic Advisor, Collaborative Economics; Former California Secretary of Trade & Commerce

Thu 11/21
4:00 pm - 5:30 pm

Rebuilding Housing Finance

The nation's housing-finance system failed in the lead-up to the economic crisis, with mortgage-backed securities a prime catalyst of the collapse. In California, home prices plummeted 40 percent from their pre-recession peak. Even in the past year, the state has seen 65,000 foreclosures, behind only Florida. Although property values have risen, the economics of homeownership still pose difficult questions. The Milken Institute Center for Financial Markets has been at the forefront of policy discussions about strengthening the housing finance market, most recently by co-publishing "A Pragmatic Plan for Housing Finance Reform." The report outlines a strategy for bolstering the private sector's role while ensuring that taxpayers are compensated for an explicit government backstop. Emphasizing California's experience and its importance to the national housing market, this event will gather thought leaders in diverse areas of housing finance to examine directions for future policy. Among other topics, we'll discuss reforming the GSEs while developing alternative sources of mortgage financing; lending practices and regulation; and affordability along with the merits of preserving widespread access to homeownership.


Staci Warden

Executive Director, Center for Financial Markets, Milken Institute


Claudia Cappio

Executive Director, California Housing Finance Agency

Dwight Jaffee

Professor, Haas School of Business, University of California, Berkeley

Steven Mnuchin

Chairman and CEO, OneWest Bank

Joel Singer

CEO, California Association of Realtors

Phillip Swagel

Senior Fellow, Milken Institute; Professor, University of Maryland School of Public Policy

Thu 11/21
6:00 pm - 9:00 pm