Committee on Economic Development

Committee on Economic Development
Name	Committee on Economic Development
Founded	0 1942
Founder	Paul G. Hoffman, William Benton
Location	Washington, D.C., United States
Focus	Economic policy, Public policy
Method	Research, Policy recommendations

Committee on Economic Development. The Committee on Economic Development is a nonpartisan, nonprofit, business-led public policy organization founded in 1942. It is dedicated to delivering well-researched analysis and reasoned solutions to major national and international economic issues. The organization is known for its unique structure, drawing its membership primarily from senior executives and university presidents who contribute their expertise on a pro bono basis. Throughout its history, it has significantly influenced major policy debates, from post-war reconstruction to contemporary fiscal challenges.

History and founding

The organization was established in 1942 by prominent business leaders, including Paul G. Hoffman, the president of Studebaker, and William Benton, co-founder of the advertising firm Benton & Bowles. Its creation was spurred by the need for business community engagement in planning for the post-World War II economy, aiming to avoid a return to the Great Depression. Early work focused on policies to ensure a smooth transition from a wartime to a peacetime economy, emphasizing full employment and economic stability. The group's first major report, *An American Program of European Economic Cooperation*, laid groundwork for what would become the Marshall Plan.

Mission and objectives

The core mission is to formulate and promote policies that foster steady economic growth, high employment, and a rising standard of living. It operates on the principle that business leaders have a responsibility to contribute to the public good beyond their corporate roles. Objectives include conducting objective research on long-term economic issues and building consensus among diverse stakeholders. Its work often addresses complex areas like fiscal policy, international trade, education reform, and healthcare financing, aiming for pragmatic, evidence-based solutions.

Key publications and reports

The organization has produced hundreds of influential policy statements and research reports. Seminal early publications included recommendations on European Recovery Program implementation and support for the Bretton Woods system. In the 1960s, reports advocated for federal aid to education and played a role in the passage of the Elementary and Secondary Education Act. Later, significant studies addressed budget deficit reduction, Social Security sustainability, and globalization. Its publications are typically developed through extensive deliberation by its research and policy committee.

Influence on economic policy

The organization's influence has been evident in several major policy arenas. Its early advocacy was instrumental in shaping bipartisan support for the Marshall Plan and the establishment of the International Monetary Fund. During the Cold War, it supported strategic investments in science and education, influencing the creation of the National Science Foundation. In more recent decades, its analyses on tax reform, entitlement program sustainability, and federal budget process have been cited by policymakers in the United States Congress and officials within the Department of the Treasury.

Organizational structure and leadership

The organization is governed by a Board of Trustees composed of business executives and university leaders. Policy development is driven by its Research and Policy Committee, whose members serve without compensation. Day-to-day operations are managed by a professional staff headquartered in Washington, D.C.. Leadership has historically included notable figures from industry and academia, such as Marvin Bower of McKinsey & Company and several presidents of institutions like the University of Notre Dame and Tufts University. This structure ensures its work remains independent and focused on long-term national interests.

Notable members and affiliations

Throughout its history, membership has included many distinguished individuals from the corporate and academic worlds. Early influential members included Ralph Flanders, a U.S. Senator from Vermont, and Thomas J. Watson of International Business Machines. Later notable trustees have included executives from The Procter & Gamble Company, Cummins, and Goldman Sachs. The organization maintains affiliations and collaborative relationships with other think tanks, such as the Brookings Institution, and frequently provides testimony before congressional committees like the United States Senate Committee on Finance.

Category:Economic policy institutes in the United States Category:Organizations based in Washington, D.C. Category:Organizations established in 1942