Economic Mobility Alliance

Dear Friends and Colleagues,

More than three decades ago, we launched what was then called the “Milken Institute for Job and Capital Formation.” Just as thefacebook.com famously streamlined its name, so did we. But while Job and Capital Formation no longer show up on our business cards, they are very much a part of our mission and our work. Today, those essential components continue through everything we do, particularly our Milken Institute Finance group, led by Executive Vice President Michael Piwowar, which focuses on fostering growth by promoting efficient, fair, and transparent financial markets that enhance access to capital, create jobs, and generate broadbased prosperity.

Today, we are excited to introduce a significant new initiative: the Economic Mobility Alliance (EMA). By bringing several of our most effective programs under one umbrella, we aim to foster greater collaboration and maximize our impact, increasing economic mobility for individuals of all backgrounds throughout every stage of their financial lives.

EMA integrates key Milken Institute programs, each contributing distinct elements toward comprehensive economic opportunity and lasting financial security:

• Invest America Accounts provide universal investment accounts seeded at birth,aimed at helping individuals build long-term wealth and achieve economic security across generations.
• Pathways to Capital expands access to capital for underserved communities and entrepreneurs, enabling greater economic participation and growth throughthe following programs:
  • Initiative for Inclusive Entrepreneurship removes barriers and offersessential support to entrepreneurs from underserved communities, fueling economic dynamism and job creation.
  • Inclusive Capitalism includes the historically Black college and university(HBCU) program dedicated to supporting HBCU graduates pursuing careers in asset management.
  • 10,000 Communities drives investments and resources into localcommunities to support sustainable economic growth and resilience.

• Financial Innovations Labs develop creative solutions and scalableinnovations to tackle complex financial challenges and broaden economic participation.
• FinTech, Entrepreneurship, and Innovation employs cutting-edge financialtechnology to empower entrepreneurs and expand financial inclusion.
• Veterans’ Community Initiative delivers tailored resources that enable militaryveterans to successfully make the transition into civilian careers.
• Lifetime Financial Security helps individuals better prepare for retirement,addressing the critical challenges of saving and investing effectively.

Additionally, several international initiatives and partnerships enhance our global reachand impact:

• The IFC–Milken Institute Capital Markets Program develops human capital inemerging economies by educating mid-career government finance professionals and providing them with a lasting network; to date, we havesupported 300 fellows across 65 nations, two-thirds of whom are in Africa and 50 percent of whom are women.
• The World Bank–Milken Institute Public Financial Asset ManagementProgram supports sovereign governments in improving public asset management to drive long-term economic stability and growth.
• Geo-Economics, Climate Resilience, and AI explores how globaleconomic trends, environmental challenges, and technological advancements interact, developing strategies that enhance resilience and growth.

We envision EMA as much larger than merely the sum of the Milken Institute’s existingefforts. Our experience launching FasterCures in 2004 highlighted the power of bringing organizations together to accelerate progress. At that time, many disease-specificorganizations (DSOs) were independently doing excellent work but lacked effective collaboration. Recognizing this, FasterCures established Partnering for Cures, convening DSOs to share insights, best practices, and opportunities for mutual advancement, and thereby accelerating progress for all patients.

Similarly, numerous outstanding organizations today are focused on economic mobility.With EMA, we will adopt the Partnering for Cures model of convening organizationscommitted to economic mobility. Together, we will amplify their collective impact, fostering greater collaboration and advancing solutions more rapidly.

To guide and support these collaborative efforts, we are forming a Board of Advisorscomprising leaders from prominent organizations focused on economic mobility. Some of the other organizations we have reached out to already include:

• AltFinance, seeded by commitments from Apollo Global Management, AresManagement Corporation, and Oaktree Capital Management, creates pathways for HBCU students to enter and thrive in the alternative investment management industry.
• Blackstone Career Pathways provides targeted support and training toimprove career opportunities at the firm’s portfolio companies, particularly for underrepresented and economically disadvantaged groups.
• The International Monetary Fund (IMF) promotes global economicstability, fosters international financial cooperation, and advances inclusive economic growth.
• Invest America advocates for policies and initiatives designed to expand financialliteracy, restore faith in free markets, close the wealth gap, and expand participation in the great compounding engine of American innovation.
• Operation HOPE works to expand economic opportunity and access to capital,disrupt poverty, and empower individuals through financial literacy, economic education, and programs that foster inclusion.
• Ownership Works promotes broad-based employee ownership programsthat create meaningful wealth-building opportunities for employees, uplift families, reinvigorate corporate cultures, and improve business performance.

We view this initiative as both timely and urgent, and we are actively forging partnerships to expand and deepen the impact of these efforts. Fittingly, EMA’s efforts align closely with the soon-to-open Center for Advancing the American Dream, which embodies our belief that everyone who has a dream and the courage and talent topursue it—regardless of background— should have the opportunity to do so.

In the pages that follow, you will find additional details about EMA, profiles of our team, samples of recent work by the Milken Institute, and compelling research from otherorganizations that we believe merits your attention.

We deeply value your partnership, collaboration, and insights as we embark on thiscrucial mission. Together, we can meaningfully enhance economic mobility and build enduring prosperity and security for all.

All the best,

Mike Milken

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