Moderator:
Bradley Belt, Senior Managing Director, Milken Institute

The Great Recession represented a nadir in the relationship between the private sector and Washington policymakers. Civil discourse gave way to name-calling, finger-pointing and the blame game. But more recently, there appears to be a new spirit of cooperation, as key business leaders and government officials have joined hands to discuss issues of common interest rather than focusing on differences in their respective points of view. Is the new civility for real, or is it simply political expediency? Can the business community and Washington forge a real partnership? What is needed to make it last?

Moderator:
Alan Schwartz, Executive Chairman, Guggenheim

The Dodd-Frank bill was designed to be a sweeping overhaul of the U.S. regulatory system. But it punted on some key points, most notably the fate of GSEs. With most major pieces of reform legislation, the devil is in the details - and Dodd-Frank left many of the details to be filled in by regulators after the fact. How long will it take for hundreds of new rules to be unveiled and implemented? Have we managed to rein in systemic risk? Is "too big to fail" truly solved? How will the new laws affect commercial banks' global competitiveness? How effective will the new Consumer Financial Protection Bureau be? This panel brings experts, regulators and practitioners to the table to discuss these issues.

Moderator:
Vivek Wadhwa, Director of Research, Center for Entrepreneurship and Research Commercialization, Duke University; Distinguished Visiting Scholar, Halle Institute of Global Learning, Emory University

The U.S. has long benefited from immigration policies that entice the world's best and brightest to arrive, learn and stay in America. The consequent creative and productive strengths have contributed significantly to the nation's global leadership in countless fields, especially high-tech innovation. But now, for the first time in history, talent appears to be migrating the other way. Not only are foreign nationals returning home after getting a top-flight education in American graduate schools, but U.S. policy now actually encourages them to take their diplomas and leave. And why shouldn't they? China, India, Chile, Singapore and other nations actively recruit talent - including native U.S. talent - with attractive, career-advancing jobs and abundant research funding. How can America retain valuable human capital? Is high-skill immigration policy reform sufficient? How might it differ from low-skill immigration policy reform? Can more robust STEM (science, technology, engineering and math) curricula in U.S. schools take effect in time to compensate? Expect a lively debate among leaders from public, private and academic sectors with real stakes in this historic development.

Moderator:
Daniel Casse, President, G100; Managing Partner, High Lantern Group

Is it possible to keep your personal life private anymore? Stores, online retailers and credit-card companies record what you buy. Websites and online advertisers watch your surfing habits. TiVo knows your favorite TV shows. GPS cell phones track your whereabouts. Security cameras abound in public places. New airport security technology peeks under your clothes. Meanwhile, the Facebook generation has come of age thinking it's no big deal to post confessions, provocative photos and personal stories online - public records that are essentially permanent. Has the digital age corrupted the expectation of privacy? Can we ensure that our personal information isn't abused? Does it even matter - is privacy a Luddite concern?

Moderator:
Rafael Pastor, Chairman and CEO, Vistage International Inc.

How will the Great Recession and its aftermath change the structure of employment in the future? Which jobs are unlikely to ever return because of a fundamental restructuring of the economy? Which categories will bounce back? Which sectors will create the jobs of tomorrow? How much of the current unemployment is attributable to the extensive slack in the economy as opposed to a deeper structural issue with firms needing skills that aren't possessed by most workers that are jobless?

Moderator:
Michael Klowden, President and CEO, Milken Institute

It's been said that democracy is messy - but today it seems downright cumbersome, too. The United States seems stuck in neutral on pressing issues such as ending our addiction to foreign oil, rebuilding our infrastructure or transforming our schools. Meantime, China is building vast new projects and implementing policy shifts seemingly overnight. But its speed and decisiveness often come at the expense of individual rights and the environment, and its state-run system has monumental challenges to overcome. India, the world's most populous democracy, has economic potential to match China's. But can its government pull off the massive infrastructure improvements and bureaucratic reforms needed to maintain growth? Can European democracies deal with the increasing costs of their more robust socialist safety net? Which approach will carry the day? Which nations have models and results worth examining? Can participatory democracy respond quickly enough to a world where change moves at lightning speed?

Moderator:
Kenneth Gibbs, President, Municipal Securities Group, Jefferies & Co. Inc.

In 2010, 48 U.S. states faced shortfalls - a record gap of $192 billion, or 29 percent of total state budgets. The recession slashed operating revenues just as it increased demand for expenditures, and the lack of increasing investment income exposed the impossibility of governments meeting their pension and health-care obligations. It's clear that achieving long-term solvency for states and municipalities will require painful paradigm shifts. This session will address some of the most pressing issues, including the ripple effects of austerity measures and the rise in unfunded liabilities. Most important, it will focus on solutions, from regulatory and policy initiatives to shared sacrifice and a more up-to-date model for generating revenue.

Moderator:
Bradley Belt, Senior Managing Director, Milken Institute

The nation's retirement security safety net is increasingly tattered: The Great Recession wiped out trillions of dollars of household net worth. IRA and 401(k) balances were severely eroded, and home values have yet to recover. Private-sector defined-benefit plans are going the way of the dodo bird, while public-sector pension plans are underfunded by as much as $3 trillion. Without changes, Social Security will only be able to pay 75 percent of its promised benefits beginning in 2037. And meantime, health-care costs continue to skyrocket. Simply put, governments and individuals haven't saved enough to meet future needs and obligations. Can governments afford an aging population? Can individuals afford to retire? Is the ability to enjoy the "golden years" of retirement an increasingly unattainable dream? This panel will examine what governments, companies and households can do to strengthen the safety net.

Moderator:
Jeffrey Werbalowsky, Co-CEO, Houlihan Lokey

The $2.9 trillion muni bond market has long been considered a safe haven for steady-as-she-goes fixed-income investors, but today it's clouded by a real sense of uncertainty. It's no secret that cities, counties and states across the U.S. are deep in the red. Some observers have made headlines by predicting a massive wave of municipal defaults; others say that yes, a handful of defaults may be inevitable, but they will be limited in scope and impact. Mom-and-pop investors have been spooked, but are the pessimists' fears overblown? Is the market stabilizing? Has this flurry of alarmist talk actually created some remarkable bargains? Is the Fed about to make a move that would change the equation?

Moderator:
Jim McCaughan, CEO, Principal Global Investors

Everyone talks about the federal deficit, but is anyone really doing anything about it? In broad strokes, one camp would cut deeply into social services and entitlements, and the other would prefer to increase taxes for the wealthiest Americans while cutting defense spending, oil and farm subsidies, and corporate tax breaks. While the federal debt is a long-term problem, deep budget cuts in the short term could slow economic growth and increase unemployment, delaying a real recovery. With both parties clinging to their ideologies and playing to their bases with an eye on the next election, what options are really on the table? And what options should be? Can lawmakers get beyond the politics to create pragmatic solutions? How do we stimulate a real debate about what services the government should and shouldn't provide? With an eye toward the nation's future competitiveness, can we afford to invest in R&D, education and infrastructure? Can we afford not to?

Moderator:
Frank Luntz, Founder and President, The Word Doctors

Congress has been playing a dangerous game of chicken over how deeply to cut the federal budget. Middle-class tax cuts that both parties favored almost failed to pass as the two sides warred over tax breaks for the wealthy. Washington is gridlocked, and we don't mean the traffic. How will this push-pull of politics play out in the next year? Is there any hope of reaching bipartisan agreement on a handful of issues? Is Washington's inability to tackle policy change putting America's global leadership at risk? Does anything motivate the two parties besides campaign contributions? Why do Congress and the media keep ignoring the issues and solutions that are most important to the public? What will be the fallout from the Tea Party's ascendency and the protests in Wisconsin? Our annual dinner debate brings together leaders from both sides of the aisle to take America's political pulse.

Moderator:
Robert Hahn, Professor of Economics, Sustainable Consumption Institute, University of Manchester

Increased penetration of broadband has triggered explosive demand for smartphones and the rapid integration of television and the Internet - trends that are radically changing the markets for communications, information and entertainment. Consumers will surely benefit from access to diverse content - everything from video conferencing to high-definition entertainment. But broadband poses enormous challenges to the telecom, cable, consumer electronics and entertainment industries as they scramble for pieces of the rapidly growing pie. And the disruption will put pressure on Washington to regulate both access to the new markets and the way the revenues are divided. This panel will analyze both the likely impact on the key industries drawn into the battle and the need for government intervention to speed innovation and maximize benefits for consumers.

Moderator:
Rick Newman, Chief Business Correspondent, U.S. News & World Report

Our annual big-picture take on the housing market will include a look at current conditions and forecasts for housing prices, foreclosures and sales trends. But we'll also step back and take the long view. How do we really fix the housing market so it's sustainable? We'll examine other countries whose markets are more stable (such as Canada and Australia), and consider what they're doing right. What makes one housing finance model less susceptible to volatile cycles than another? Should the U.S. move toward a securitization model that favors covered bonds? What do other countries do (if anything) to promote homeownership as opposed to renting? Should the U.S. eliminate non-recourse loans or the mortgage tax deduction? What should be the role of GSEs such as Fannie and Freddie?

Moderator:
Peter Passell, Senior Fellow, Milken Institute; Editor, The Milken Institute Review

In 1986, the leaders of both political parties joined forces to push through sweeping tax reforms that had been bitterly opposed by powerful interests. These reforms broadened the tax base by reducing a host of preferences, which allowed policymakers to lower marginal tax rates sharply with only modest losses in revenue. But in the decades since, lobbyists have fought back - and with considerable success. The personal and corporate tax codes are again riddled with preferences that erode revenue, distort economic incentives and offend the public's sense of equity. Moreover, the bipartisanship that made reform possible a quarter-century ago is now only a fading memory. This panel will assay the prospects for tax reform in the face of growing demands on the federal budget and deep political divisions over the proper course of government.