New California Economic Council Created
Governor forms new group to confront challenges and identify opportunities for California businesses
SACRAMENTO - 09/18/04 - California Governor Arnold Schwarzenegger has announced the creation of a new group - the California Council of Economic Advisors - to act as an advisory capacity to the governor on economic matters and meet with him periodically to assist "in confronting the economic challenges facing the state in addition to identifying economic opportunities for California," according to the governor's office.
"This is a group of brilliant individuals with a clear understanding of the complexities of our economy and the steps necessary to rebuild it," Schwarzenegger said in a written statement.
Eight out of the 16 members of the group serve as Fellows of the Hoover Institution at Stanford University in Palo Alto, including former US Secretary of State George Shultz, who will?co-chair of the Council with investor and businessman Warren Buffett (seen, left and right, respectively, flanking Gov. Schwarzenegger).
Both Shultz and Buffett served as advisors to Schwarzenegger in the run-up campaign to last October's?recall election that ousted former Democrat governor?Gray Davis.?
Named as council members to serve with Shultz and Buffett are Annelise Anderson, a research fellow at the Hoover Institution at Stanford University; Martin Anderson, a senior fellow at the Hoover Institution; Gary Becker, who won the Nobel Memorial Prize for Economics in 1992, and who also is a senior fellow at Hoover; Michael Boskin, a senior fellow at Hoover and an economics professor at Stanford; former Silicon Valley congressman Tom Campbell, now dean of the Haas School of Business at the University of California, Berkeley; and John Cogan, a senior fellow at Hoover and a professor in the Public Policy Program at Stanford University.
Also selected to serve are Milton Friedman, recipient of the 1976 Nobel Prize for Economic Science, and who has been a senior research fellow at the Hoover Institution since 1977; Arthur Laffer, founder and chairman of Laffer Associates, an economic research and consulting firm; John Shoven, director of the Stanford Institute for Economic Policy Research and the Charles R. Schwab Professor of Economics at Stanford University; and James Sweeney, of the Stanford University, where he serves as a professor of management science and engineering and a senior fellow of the Stanford Institute for Economic Policy Research and senior fellow of the Hoover Institution.
In addition, Robert Denham, a partner in the law firm of Munger, Tolles & Olson, LLP; James Doti, president of Chapman University; and Sebastian Edwards, professor of international business and economics at the Anderson Graduate School of Management at the University of California, Los Angeles have been named to the group.
At the same time, the Republican governor announced at the same time that he had established a Commission on Jobs and Economic Growth.
The co-chairmen of the Jobs Commission - Warren Hellman, the chairman and co-founder of San Francisco-based Hellman & Friedman, LLC, a private equity investment firm, and Ronald Olson, a partner in Los Angeles law firm of Munger, Tolles & Olson, LLP - will serve as ex-officio members of the Council.
According to the Governor's office, Shultz will also serve as an ex-officio member of the Commission on Jobs and Economic Growth to facilitate coordination and communication between the two entities.
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