Economic Club of New York
The Economic Club of New York is a U.S. nonprofit and non-partisan membership organization dedicated to promoting the study and discussion of social, economic and political questions.
 | |
| Formation | 1907 |
|---|---|
| Founder | J. W. Beatson |
| Purpose | Study and discussion of social, economic and political questions |
| Headquarters | New York, NY |
Chairman | Marie-Josée Kravis |
President | Barbara M. Van Allen |
| Website | www |
History
The Economic Club of New York was founded in 1907 by J. W. Beatson, Secretary of the National Economic League in Boston, and four business leaders from New York City. Its founders sought to follow the successful example of the Economic Clubs of Boston, Providence, Worcester, Portland, Springfield, and New Haven with the aim of bringing business people and others together for discussions of economic, social and other public issues in a non-partisan forum.[1] For many years, the Economic Club of New York was affiliated with the League for Political Education; their first president Robert Erskine Ely was also director of the League.[2]
The Economic Club previously banned women from both membership and attending any events. In 1970, they called Fortune magazine to send someone to cover their annual black tie event, and balked when Fortune wanted to send their long-time reporter (and future editor) Carol Loomis. The club's director said he did not want "any frivolous little Smith girls looking for a free dinner and the chance to spend an evening with 1,200 men in black tie." Loomis still went, and later sued them, but as it was and remains a private club, she lost the case.[3]
Operation
The main activity of the Economic Club of New York is to regularly host prestigious guest speakers at its member (and their guests)-only dinners and luncheons. However, these presentations are open to the news media to help foster public discussion of issues important to the general public as well those in business and public life. These speaker programs are the focal point of large dinner meetings, or occasionally luncheons, in the ballroom of a major hotel in Manhattan. The format is geared to serious discussion. There is no entertainment, no presentations, and no extraneous business. The focus is on the Guest of Honor and the speaking program. As defined by the Club's founders, the issues for discussion were ones of "live and practical interest" and speakers were to be of national reputation.[4]
Speakers
The Club has been host to more than 1,200 speakers and the stature, caliber, and variety of speakers has become a guiding principle. The audiences have heard from current, and past presidents of the United States including Woodrow Wilson, William H. Taft, Herbert Hoover, Dwight D. Eisenhower, John F. Kennedy, Richard Nixon, Ronald Reagan, George H.W. Bush, and Donald Trump. Among the many distinguished foreign leaders to address the Club have been Winston Churchill, Mikhail Gorbachev, Indira Gandhi, Margaret Thatcher, Yitzak Rabin, Corizon Aquino, and Zhu Rongji.[5]
Other Guests of Honor have included central bankers, justices of the Supreme Court, secretaries general of the United Nations, governors and heads of international business enterprises, as well as many key cabinet members, military leaders, ambassadors, and scientists.[5]
Presentations are followed by a questions period in which Club members, selected in advance and seated on the dais, will query the speaker. There are no constraints placed on what speakers may say during their presentation. Questioners are not constrained either.
Club speakers often use the platform to put forth their agendas to members and the media. On December 14, 1962 then-President John F. Kennedy made his famous remarks calling for a sharp cut in tax rates and reform of the tax system in order to grow the economy. In part, he said:
In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country's own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.[6]
Chairmen
The Chairman of the Board is the chief executive officer of the Club and presides at meetings of the Club and the Board, and has general charge of the business and affairs of the Club. The first chairman was A. Barton Hepburn, who served from 1907 to 1909. Hepburn was U.S. Comptroller of the Currency from 1892 to 1893 and later president of the Chase National Bank. Other notable chairmen included: Wendell L. Willkie (1938 to 1940), the Republican Party nominee for president in 1940; radio and television pioneer David Sarnoff (1940-1942); James P. Warburg (1934 to 1936), financial advisor to President Franklin D. Roosevelt; Rand V. Araskog (1987 to 1990), former CEO of ITT Corp.; Edmund T. Pratt, Jr. (1979 to 1980), former CEO and President of Pfizer, Inc. for whom the Duke University engineering school is named and Barbara H. Franklin (2003-2007), one of the first women graduates of Harvard Business School. She also served as s United States Secretary of Commerce under President George H.W. Bush. William C. Dudley, President & Chief Executive Officer of the Federal Reserve Bank of New York, served as chair from 2010-2016. The immediate past Chair is Terry J. Lundgren, retired President and Chairman of Macys, Inc.[8] The current chair is Marie-Josée Kravis, Senior Fellow at the Hudson Institute.
Presidents
The president is the chief operating officer of the Club. The Club has had only six presidents since its founding over a century ago. They were: Robert Erskine Ely; Edwin A. Locke, Jr.; Raymond K. Price, Jr.;[9] Paul W. Bateman;[10] Jan Hopkins, and the current President, Barbara M. Van Allen.[11]
Barbara Van Allen is the current President of the Economic Club of New York. Immediately prior to becoming President, she ran her own boutique consulting firm specializing in strategic communications, stakeholder outreach and government affairs. Over the course of her career, she served in senior leadership roles with award-winning results in the non-profit, trade association, corporate and government sectors based in New York, NY, Washington, DC and San Francisco, CA.
While working in Washington, DC she served as senior director of communications and stakeholder relations for an association representing the audit profession (CAQ); as senior vice president of marketing and communications for the Mortgage Bankers Association, and as chief marketing officer for SourceAmerica.
Earlier in her career she served in senior management positions in New York with ITT Corporation and Cushman & Wakefield. She began her career on Capitol Hill where she rose to become senior legislative adviser to former Rep. Beverly B. Byron of Maryland while attending graduate school at night.
Ms. Van Allen graduated with honors from the University of North Carolina-Chapel Hill. She holds an MBA in marketing from New York University and a master's degree in legislative affairs from George Washington University. Ms. Van Allen has served on various nonprofit boards and committees in New York City and Washington, DC and currently serves on the Governing Board of the Bishop John T. Walker School for Boys in Anacostia, Washington, DC. She is a member of the YWCA Academy of Women Achievers and is listed in Who's Who in America and Who's Who of American Women. She and her husband Peter C. Van Allen have two children, Caroline K. Van Allen and Peter C. Van Allen Jr.
References
- "About the Economic Club of New York".
- "The Public Forum". The American Review of Reviews. January–June 1920. p. 524.
- "Carol Loomis, Editor for Warren Buffett, Leaves Job After 60 Years". The New York Times. July 3, 2014. Retrieved 10 June 2020.
- "Economic Club of New York: History".
- "Economic Club of New York: Guests".
- John F. Kennedy (December 14, 1962). "Address to the Economic Club of New York".
- "Guests of Honor - The Economic Club of New York". www.econclubny.org. Retrieved 2017-07-24.
- https://macysinc.com/press-room/executive-management-team/default.aspx
- McCormack, Richard T. (2013-01-25). A Conversation with Ambassador Richard T. Mccormack. ISBN 9781479703753.
- "Executive Profile". Bloomberg Business.
- https://www.econclubny.org/?page=trusteesofficers