US Treasury Secretary Janet Yellen Honored at the Economic Club of New York
For Immediate Release
June 13, 2024 – New York, NY – American Industrial Acquisition Corporation, Avara Pharmaceutical Services, Arnprior Aerospace, and their invited colleagues, clients and friends joined the Economic Club of New York in a private reception, luncheon, address, and award ceremony honoring US Treasury Secretary Janet L. Yellen yesterday at the Plaza Hotel.
In her formal address and interview conducted by John C. Williams, President and CEO of the Federal Reserve Bank of New York and Vice Chairman of the Open Market Committee, Secretary Yellen outlined her vision for US economic policy, focusing on infrastructure, human capital, clean energy, and trade policy. Concerning infrastructure, she called for increased government investment in ports, airports, roads, and affordable broadband internet to expand economic capacity. On human capital, the Secretary emphasized the need to invest in higher education and workforce development, including supporting women through initiatives like affordable childcare and US apprenticeship programs in advanced manufacturing. Regarding the transition to clean energy, Secretary Yellen cited the Inflation Reduction Act as a major driver of clean energy investment, noting that 75% of the $850 billion in announced manufacturing projects since 2022 have been located in low-income US counties. Secretary Yellen also acknowledged criticisms of US trade policies as protectionist, but defended them as necessary to benefit American consumers and companies, especially in strategic sectors. She emphasized that the US must compete economically with China on a level playing field. She noted that China's ultra-high savings rate, combined with its strong manufacturing activity, poses risks of overcapacity and threats to the international trade market.
Secretary Yellen received the Peter G. Peterson Award for Leadership Excellence in a presentation by President John C. Williams, President of the NY Federal Reserve Bank and Chairman of the Economic Club of NY, and by Michael Peterson, CEO of the Peterson Institute and Member of the Centennial Society of the Economic Club. This award was originally inaugurated in 2011 through a gift from the late Peter G. Peterson, former Chair of the Economic Club. Mr. Peterson was Secretary of Commerce, Co-Chairman of Lehman Brothers, and Co-Founder and Chairman of the Blackstone Group, the world’s largest private equity firm. He led the Peterson Institute for International Economics, the Washington DC-based, bi-partisan policy research institution. Past honorees of the Peterson Award include George P. Shultz, Paul Volcker, Alice Rivlin, Alan Greenspan, Henry Kissinger, Roger W. Ferguson, Stanley Fischer, and in 2023, Bill Gates.
AIAC’s guests included the following:
Eric Gertler, Executive Chairman and CEO of US News and World Reports
Tom Rogers, Founder, CSNBC and CNBC
Jason Tepperman, President and Head of Lending, JG Wentworth, Former Member of the US Treasury Crisis Response Team.
Ed Grebow, CEO, Lakewood Advisors, former President and CEO of Amalgamated Bank, Bowery Savings Bank, and President of Sony USA.
Dennis Flannery, CEO, Stonehill Advisors, Fomer Senior Officer and Senior Advisor of the World Bank, US Treasury, InterAmerican Bank, Citicorp, Lehman Brothers Kuhn Loeb.
Dr. Ken Lin, Senior Vice President of Global Investment, Charoen Pokphand Group Company, Ltd. (Thailand CP Group).
James M. Mead, Member of the Board of Directors of The Hershey Company, the Hershey Trust Company, and the Milton Hershey School, Former Chairman of the Federal Reserve Bank of Philadelphia, and Director of Blue Cross/Blue Shield.
Janet Walsh, President and CEO of Birchtree Global, LLC, Director of the Explorers Club.
Brian Shiau, Vice President, Global Strategy and M&A, Paper Excellence
Mark R. Somnolet, President, French-American Chamber of Commerce, Adjuct Professor, NYU, Former Global Marketing Director, Colgate-Palmolive Corporation.
L. M. Levie, AIAC Chairman and Member of the Economic Club of New York Centennial Society and Legacy Society, commented, “Janet Yellen possesses an exceptional blend of intelligence, expertise, and dedication to public service. Her keen insights into economics and finance, coupled with her compassionate approach to policy-making, have left an indelible mark on global financial institutions.” He continued, “Secretary Yellen's steadfast leadership and integrity have been a beacon of stability during times of economic uncertainty, earning her widespread respect and admiration across the political spectrum.”
Reflecting on the life of Peter G. Peterson, Mr. Levie remarked, “I proudly count myself among those who were privileged to serve under Pete Peterson at Lehman Brothers during the 1970s. Pete demonstrated remarkable brilliance, courage, unwavering principles, and boundless energy. From humble origins in Kearney, Nebraska, Pete reached the very pinnacle of government and finance. Through his intellect and drive, he shaped the modern investment banking, private equity, and money management industry and was the strongest advocate for fiscal prudence in government. Janet Yellen epitomizes these same rare qualities, and it is therefore fitting and proper for her to receive the Peter G. Peterson Award, the highest honor conferred by the Board of Trustees of the Economic Club of New York.”
FOR FURTHER INFORMATION, PLEASE SEE:
https://www.youtube.com/watch?v=3AuMW9bYyt4
ABOUT AMERICAN INDUSTRIAL ACQUISITION CORPORATION
American Industrial Acquisition Corporation (AIAC) is a diversified industrial group with manufacturing and distribution sites in 24 countries and 3 territories in North America, Europe, Asia and Australia. AIAC has acquired and grown subsidiaries, divisions, and affiliates of Boeing, Siemens, Lockheed Martin, Northrop Grumman, Raytheon Technologies, Moog, Johnson Controls, Merck, Pfizer, Astellas, Visteon, Carlyle, Blackstone, Riverside, Ahlstrom, Groupe Suez, Groupe Rexel, and many other leading multinational corporations.
AIAC manufacturing companies serve companies and governmental entities worldwide in all major sectors, including aviation, space, defense, automotive, truck, rail, marine, petrochemical, solar, nuclear, food, confectionary, beverage, civil engineering and infrastructure, commercial construction, mining, dredging, disaster relief, education, medical devices, and pharmaceuticals. AIAC companies manufacture materials, components, assemblies, packaging, equipment, and finished products. In addition, AIAC companies are exclusive, authorized distributors of leading branded industrial and consumer products throughout Southeast Asia, Australia, and New Zealand and electrical equipment throughout France.
Of note, AIAC purchased Boeing Canada in 2005, and has produced over 10,000 components for every Boeing jet plane ever since, reliably serving Boeing from manufacturing facilities in North America. A leader in ultra high precision jet engine component manufacturing, AIAC companies also produce 2,200 fan blades and blisks for jet engines produced by GE, Pratt & Whitney, Rolls Royce, and Honeywell.
AIAC companies actively support exploration into outer space, manufacturing critical components for launching and propelling spacecraft and satellites. AIAC customers in this sector include NASA, the European Space Agency, SpaceX, Blue Origin, and Boeing. AIAC companies also produce the critical wire and cable for Tesla, GM, Ford, Chrysler-Fiat, Toyota, Nissan, Navistar, and Caterpillar. In connection with its paper manufacturing interests, AIAC controls and sustainably manages 22 million acres of Manitoba, Canada forestland, an area equivalent in size to the nation of Hungary. AIAC companies design, manufacture and service road and highway signage for over 4,000 municipalities in Europe, Africa, Asia and Australia. AIAC companies also design and produce poles for illumination and signage for cities and states throughout North America.
ABOUT AIAC PHILANTHROPY
AIAC and the AIAC Foundation support a wide range of nonprofit, nonsectarian, bipartisan organizations which promote international conflict resolution, disaster relief, economic development, environmental sustainability, and exploration. AIAC’s beneficiaries include the Appeal of the Nobel Peace Laureates Foundation Inc., the Asia Society, the Atlantic Council, the Bill and Melinda Gates Foundation - Gates Philanthropy Partners, the Bretton Woods Committee, the Carnegie Endowment for International Peace, the Carter Center, the Council on Foreign Relations, the Economic Club of New York, the Foreign Policy Association, the Institut Française des Relations Internationales, the International Committee of the Red Cross, the International Crisis Group, the International Rescue Committee, the Japan Society, the JFK School of Government of Harvard University, the Peterson Institute for International Economics, the Richardson Center for Global Engagement, the Royal Institute of International Affairs (Chatham House), the Sierra Club, and the Trilateral Commission. In the realm of science and exploration, AIAC actively supports the Explorers Club, the National Geographic Society, the Royal Geographical Society, the American Museum of Natural History and the Hayden Planetarium, the Victoria & Albert Museum, the National Air and Space Museum, the National Space Society, and the United States Space Foundation.
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ABOUT AVARA PHARMACEUTICAL SERVICES
Avara Pharmaceutical Services is a global leader in contract manufacturing for pharmaceutical and biotechnology companies. With campuses in Arecibo, Puerto Rico, Norman, Oklahoma, and Liscate, Italy, Avara serves 40 countries, producing a wide range of critical medications, including oral solid dose and injectable pharmaceuticals.
During the Covid-19 pandemic, Avara played a key role in manufacturing essential treatments. In 2021, Avara Norman produced the active pharmaceutical ingredients for Remdesivir, a the leading Covid-19 treatment. Avara Liscate manufactured Nimbex for AbbVie from 2020 to 2022 and Adrenaline for Pfizer from 2020 to 2024, both vital respiratory drugs for Covid-19 patients.
Avara’s state-of-the-art facilities ensure compliance with global regulatory standards and enable efficient production processes. Committed to sustainability, Avara invests in advanced manufacturing techniques and environmental initiatives. Trusted by clients such as Aspen, AbbVie, Genentech-Roche, Merck, Pfizer, and others, Avara tailors its services to meet unique client needs.
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ABOUT ARNPRIOR AEROSPACE
Arnprior Aerospace has over 60 years of experience in designing, producing, and supporting structural components for commercial and defense aerospace applications. Renowned for its extensive in-house manufacturing capabilities, the company offers diverse services such as sheet metal fabrication, precision machining, complex assembly, heat treatment, chemical processing, and paint application.
Arnprior Aerospace provides a superior one-stop shopping experience and value for its customers by combining program management skills with a Lean Manufacturing and Continuous Improvement culture. Their expertise extends to high-level assembly and integration solutions, meeting stringent customer requirements with innovative manufacturing, tooling, and inspection systems.
Following its divestiture from The Boeing Company in 2005, Arnprior Aerospace became an independent business wholly owned by an affiliate of AIAC. The company has expanded its operations in North America, including a 75,000 sq. ft. facility in Chihuahua, Mexico, and an 82,000 sq. ft. facility in Portland, Oregon, USA, both serving as centers of excellence for manufacturing and machining of complex components and assemblies.
With a commitment to delivering world-class expertise and maintaining high standards of quality, Arnprior Aerospace continues to grow its customer base and capability offerings, solidifying its position as a leader in the aerospace manufacturing industry.
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ABOUT THE ECONOMIC CLUB OF NEW YORK
Founded in 1907, the Economic Club of New York is the premier forum for discussion on a wide range of issues facing New York City, the United States, and the world. The Club welcomes preeminent thought leaders from across the globe and from the public and private sectors to speak on complex issues ranging from public policy and economic regulation to tech disruption. Nonpolitical, nonpartisan, and nonprofit, the Club promotes no agenda and takes no sides on issues, encouraging speakers and members to engage openly in thoughtful discussions.
The Economic Club comprises individual memberships, drawing from senior leadership of the many prominent corporate and financial organizations based in the Metropolitan area. The Club has hosted speakers who are experts in their respective fields and who drive the conversations that shape the world’s future. Past speakers include leaders of Fortune Global 500 companies, and multiple U.S. presidents, including Woodrow Wilson, William H. Taft, Herbert Hoover, Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Ronald Reagan, and George H.W. Bush. International heads of state such as Winston Churchill, Mikhail Gorbachev, Indira Gandhi, Margaret Thatcher, and Yitzak Rabin have addressed the Club.
In recent months, Japan Prime Minister Fumio Kishida, US Federal Reserve System Chair Jerome Powell, Microsoft Co-Founder Bill Gates, and JPMorgan Chair Jamie Dimon have addressed the Club.
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ABOUT THE HONORABLE JANET LOUISE YELLEN
Janet Louise Yellen, born in Bay Ridge, Brooklyn in 1946, is the 78th Secretary of the United States Treasury, making history as the first person to lead the Treasury, Federal Reserve, and the White House Council of Economic Advisers. An economist by training, she graduated from Brown University and earned her Ph.D. from Yale. Secretary Yellen has held academic positions at Harvard and the University of California at Berkeley, where she is Professor Emeritus. Her public service includes roles at the Federal Reserve, culminating as Chair from 2014 to 2018. She has been instrumental in addressing major economic crises, such as the 2008 financial collapse, and now focuses on economic recovery, inflation, and sustainable growth. Secretary Yellen is also a distinguished scholar known for her work on labor economics, particularly the "Efficiency Wages Theory” developed with her husband, George Akerlof. She has received numerous honorary doctorates and awards, including the Wilbur Cross Medal from Yale.
Before becoming Treasury Secretary, Secretary Yellen was a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution and served as President of the American Economic Association. She is also a member of the American Academy of Arts and Sciences and the Council on Foreign Relations. Yellen has contributed to the advisory boards of several organizations, including the Bloomberg New Economic Forum and the Climate Leadership Council. Her extensive career in both academia and public service reflects her commitment to addressing unemployment, enhancing economic policy, and promoting financial stability.
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JANET YELLEN'S OFFICIAL BIOGRAPHY
ABOUT PETER G. PETERSON
A first generation American, Peter G. Peterson was born in Kearney, Nebraska to Greek immigrant parents during the Great Depression. His family operated a small 24-hour diner, the Central Café, in which he worked after school. A graduate of Northwestern University and the University of Chicago, Mr. Peterson rapidly rose to lead Bell & Howell as Chairman and CEO in 1963, then received a White House appointment to be Assistant to the President for International Economic Affairs in 1971. One year later, he was named U.S. Secretary of Commerce. At that time, he also assumed the chairmanship of the National Commission on Productivity and was appointed U.S. Chairman of the U.S.-Soviet Commercial Commission.
In 1973, he moved from Washington to Wall Street, becoming Chairman and CEO of Lehman Brothers and of Lehman Brothers, Kuhn Loeb, which he expanded internationally. With Lehman Brothers partner, Steve Schwartzman, Mr. Peterson co-founded the Blackstone Group in 1985, in a small, 4 man office at 375 Park Avenue in New York. Blackstone went public in 2007 and has evolved to become the largest alternative asset manager in the world, with over $1 trillion in assets under management. In 1994, Blackstone launched Blackstone Capital Partners, which became Blackrock, the largest money management firm in the world, with $10.5 trillion under management.
For over two decades, Peter G. Peterson served as chairman of the Council on Foreign Relations. He was Chairman of the Federal Reserve Bank of New York and the Economic Club of New York, and also served as a Trustee of the Japan Society and the Museum of Modern Art. He was chairman of the Peter G. Peterson Foundation in New York and of the Peterson Institute for International Economics in Washington, DC.
Peter G. Peterson authored numerous articles and essays, as well as seven books, including the best-selling Running on Empty: How the Democratic and Republican Parties are Bankrupting Our Future and What Americans Can Do About It and his memoir, The Education of an American Dreamer: How a Son of Greek Immigrants Learned His Way from a Nebraska Diner to Washington, Wall Street, and Beyond.
FOR FURTHER INFORMATION, PLEASE SEE:
https://www.piie.com/newsroom/press-releases/visionary-leader
https://www.pgpf.org/board/peter-g-peterson
https://www.nytimes.com/2009/06/21/business/21shelf.html
https://www.cfr.org/news-releases/memoriam-peter-g-peterson
Media Contact:
Isabel Carro-Toro, Vice President
American Industrial Acquisition Corporation
+34 689 295 827 (Spain)
+ 1 787 244 3175 (USA)
icarro-toro@aiac.com
