Dr. Ben Bernanke at The Richmond Forum

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Dr. Ben Bernanke March 21, 2015


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An Evening with the Former Federal Reserve Chairman M arch 21, 2015

Opening program & National Anthem

Terry Garland

Opening remarks Bill Chapman Executive Director The Richmond Forum

Welcome and introduction Martin P. Klein Executive Vice President & Chief Financial Officer Genworth Financial

Discussion

Dr. Ben Bernanke with Paul Solman

Fifteen-minute intermission for collection of audience questions

Remarks

Audience questions

Closing remarks

Mr. Chapman Dr. Bernanke with Mr. Solman Mr. Chapman

Connecting Richmond to the World.

Tonight’s presentation may not be recorded or photographed by any means for any purpose. Please turn off all electronic devices during the program.

tonight ’s pr ogra m

Dr. Ben Bernanke



For his critical role in leading the Federal Reserve System during the Great Recession, Dr. Ben S. Bernanke has been lauded on magazine covers under the headlines “The Hero” (The Atlantic, 2012) and “Person of the Year” (TIME, 2009). Simultaneously, he has been criticized by the political left for doing too little and by the right for doing too much. Either way, few will dispute his position as one of the “Ten Most Powerful People in the World” as declared by Forbes in 2013. Dr. Bernanke is a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. From February 2006 through January 2014, he was Chairman of the Board of Governors of the Federal Reserve System. Dr. Bernanke also served as Chairman of the Federal Open Market Committee. Before his appointment as Chairman, Dr. Bernanke was Chairman of the President’s Council of Economic Advisers from June 2005 to January 2006. He was also a member of the Board of Governors of the Federal Reserve System from 2002 to 2005. At Princeton University, Dr. Bernanke

was the Class of 1926 Professor of Economics and Public Affairs (1994-1996), the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs, and Chair of the Economics Department (1996-2002). He began at Princeton University in 1985 as a Professor of Economics and Public Affairs. Before arriving at Princeton, Dr. Bernanke was an Associate Professor (1983-85) and an Assistant Professor (1979-83) of Economics at Standford University’s Graduate School of Business. His teaching career also included serving as a Visiting Professor of Economics at New York University (1993) and at the Massachusetts Institute of Technology (1989-90). Dr. Bernanke has published many articles on a wide variety of economic issues, including monetary policy and macroeconomics, and he is the author of several scholarly books and two textbooks. He has held Guggenheim and Sloan Fellowships, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. Dr. Bernanke served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER’s Business Cycle Dating Committee. In July 2001, he was appointed Editor of the American Economic Review. His work with civic and professional groups includes two terms on the Montgomery Township (N.J.) Board of Education. Dr. Bernanke was born in 1953 in Augusta, Georgia, and grew up in Dillon, South Carolina. He received a B.A. in economics in 1975 from Harvard University (summa cum laude) and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology. He is married and has two children.

dr. ben bernanke

Dr. Ben Bernanke


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Paul Solman has been a business, economics, and occasional art correspondent for the PBS NewsHour since 1985. A graduate of Brandeis University, he began his career in business journalism as a 1977 Nieman Fellow at Harvard, earning his MBA in 1978, and was the co-originator and executive editor of PBS’s business documentary series, Enterprise, several years later. Solman has held various teaching positions on college campuses since the 1980s, including Harvard; Yale; his alma mater, Brandeis; West Point; and Yale’s summer Warrior-Scholar and Young Global Scholars programs.

Welcomes

Randolph-Macon college

He is also the author and presenter of Discovering Economics with Paul Solman, a series of videos distributed by McGraw-Hill, and a co-author of the newly released book, Get What’s Yours: The Secrets to Maxing Out Your Social Security, currently on Amazon’s best-seller list. His work has won various awards, including Emmys in every decade since the ’70s, two Peabody Awards, and a Loeb award for reporting on China in 2005. His website, Making Sen$e (pbs.org/ newshour/making-sense), posts essays by eminent economists and “far-flung correspondents.” He tweets @paulsolman.

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How could we revisit 20082009 without singing the blues? Blues artist Terry Garland is a renowned acoustic and master slide guitarist who has toured in the U.S., Europe, and Asia. His meticulous fingerpicking and driving, percussive foot-stomping, united with his vocal prowess, create an evocative, engaging transformation that has earned him praise among contemporary blues and roots musicians. Born in Johnson City, Tennessee, Terry began playing guitar at an early age when his Uncle Paul, who played bluegrass, told him to watch and listen. Other great blues musicians

like Robert Johnson, Jimmy Reed, Blind Willie McTell, Howlin’ Wolf, and Lightnin’ Hopkins inspired Terry to follow his calling. “They played the blues on guitar or piano, just themselves. They were the music. Just a voice and an instrument,” says Garland. Terry’s first solo album, Trouble in Mind, was released in 1991, followed by four more solo blues albums. He has performed as an opening act for Ray Charles, B.B. King, Johnny Winter, Leon Russell, Dr. John, and others. For more information, please visit Terry’s website, www.terrygarland.com.

Troutman Sanders Welcomes

Ben Bernanke Thank you for your

leadership

during the challenging economic crisis

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tonight ’s musician

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The Richmond Fed

At Work for America’s Economy

As part of the nation’s central bank, the Federal Reserve Bank of Richmond helps foster the stability, integrity and efficiency of our nation’s monetary, financial and payments systems. We’re proud to be one of Richmond’s leading employers. Learn more about us at richmondfed.org. Follow us on:


President, Federal Reserve Bank of Richmond It’s been my privilege to know Ben Bernanke for 30 years, first as a fellow economist and then as a colleague on the Federal Open Market Committee (FOMC), the Fed’s monetary policymaking body. The former chairman is a man of integrity and a dedicated public servant. He helped guide the Federal Reserve System through the recent financial crisis, and he was a champion of making the Fed’s actions more transparent to the public. I was honored to work alongside him, as the president of the Richmond Fed. The Federal Reserve Bank of Richmond is one of 12 regional Banks that, along with the Board of Governors in Washington, D.C., form the Federal Reserve System. We opened our doors on November 16, 1914, in downtown Richmond, and for the past 100 years have served the Fifth Federal Reserve District— which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia. The Federal Reserve System’s independent federated structure provides a diversity of viewpoints from across the country and brings critical regional perspectives that contribute to

national monetary policy. The Richmond Fed, as a regional Reserve Bank, works with our colleagues across the Federal Reserve System to ensure a stable and sound economy. We do this by managing the nation’s money supply to keep inflation low and help the economy grow, supervising financial institutions to help protect our country’s financial system, and safeguarding the integrity of the U.S. payment system. To understand the current state of the economy, we conduct economic research and produce and analyze data at both the national and regional level. We also meet regularly with people across our District to learn first-hand about emerging economic issues and trends. We do this by conducting industry roundtables and other events to hear about current economic conditions directly from citizens. In Richmond, we connect with businesses large and small to learn about the economic challenges and opportunities they face. We’re proud to be part of the Greater Richmond community. About 1,900 employees work locally for the Richmond Fed, and we offer internships every summer that draw from the area’s colleges and universities. As we enter our second century of service, we remain committed to faithfully representing the Fifth District as part of our nation’s central bank.

Richmond Fed Facts Headquarters located in downtown Richmond on East Byrd Street, with branch offices in Baltimore, Maryland and Charlotte, North Carolina.

Supervises approximately 370 financial institutions to ensure they follow safe and sound practices and consumer protection laws.

Processed approximately 3.1 billion pieces of currency in 2014.

Partnered with community members for more than 50 events and programs in 2014 to help promote economic opportunity and growth.

The Fed Experience is a free interactive exhibit about the economy located in the lobby of the Richmond office.

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A Selection of Major Milestones

During the Banking Holiday of 1933, FDR effectively stripped the Fed of its control over monetary policy.

Formative Years

The Treasury-Fed Accord of 1951 gave the power back to the Fed to conduct independent monetary policy. 1951

Great WWII Treasury Depression Aftermath Fed Accord

1913 1933 To curb recurrent The Glass-Steagall financial crises, Act gave tighter the Federal regulation of Reserve Act national banks established to the Fed and America’s established central bank. the FDIC.

The Gramm-Leach-Bliley Act expanded the Fed's role as “umbrella supervisor” for financial holding companies. 1999

Great Recession

Great Inflation

Great Moderation

1980 The Monetary Control Act of 1980 phased out restrictions on interest rates that depository institutions could offer on their deposits, and mandated all depository institutions meet reserve requirements.

The Reserve Banks are the operating arms of the central bank. Each district serves banks in their respective regions, the U.S. Treasury, and, indirectly, the public. The Federal Open Market Committee (FOMC) is made up of the Board of Governors, the president of the New York Fed, and presidents of four other Reserve Banks, who serve on a rotating basis.

Board of Governors Provides leadership for the System

2015 Voting Members of the FOMC: San Francisco, Chicago, Richmond, and Atlanta

Debunking Three Popular Myths Infographic created by:

System Structure

Member banks are stockholders of the Reserve Bank and comprise approximately 30% of the roughly 6,500 commercial banks, savings banks, and thrifts in the U.S. as of March 2015.

The Board of Governors are appointed by the President of the United States with approval from Congress; Reserve Bank Presidents are elected by their Board of Directors with approval from the Board of Governors.

Quantitative Easing is the Fed printing money. No. The Fed is purchasing bonds on the secondary market, then crediting those banks’ accounts with reserves that didn’t exist before. They are not directly increasing the actual amount of money in circulation.

The Fed is responsible for fiscal policy. No. The Fed is responsible for monetary policy; the U.S. president and Congress set national fiscal policy.

A return to the gold standard would make the U.S. economy more stable. No. Changes in the demand or supply of gold would require changes in prices economy-wide.

Sources: federalreservehistory.org | federalreserve.gov | richmondfed.org | financialservices.about.com

a snapshot of the federal reserve

A Snapshot of The Federal Reserve


University of Mary Washington pays tribute to

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THEN

Under the original Federal Reserve Act of 1913, monetary policy was largely a regional process conducted via loans to banks from the 12 regional Federal Reserve Banks, in adherence with the gold standard. The Fed did not have macroeconomic goals. Instead, the Fed’s founders sought to achieve two things: SMOOTH INTEREST RATES Before the Fed, seasonal swings in the demand for currency led to dramatic interest rate volatility. The Fed largely solved this problem by providing an elastic currency supply.

PREVENT FINANCIAL PANICS Bank panics occurred every few years, with sometimes disastrous effects on the economy. The Fed’s lender of last resort powers helped mitigate panics.

NOW

The financial system has changed considerably over the last century, and monetary policy is now a centralized process focused on the health of the overall economy. The Federal Reserve Act was amended in 1977 to include the following goals: PRICE STABILITY The Fed works to keep inflation low while guarding against the risk of deflation. Price stability facilitates longer-term investment and economic growth.

MAXIMUM EMPLOYMENT The Fed supports full employment by adjusting interest rates in response to changing economic conditions.

These two goals are often called the “Dual Mandate” and guide the Fed’s decision-making in conducting monetary policy.

t h e f e d ’s m a n d at e : t h e n & n o w

The Fed’s Mandate: Then & Now


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The Federal Open Market Committee (FOMC) consists of twelve members—the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco.

Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee’s assessment of the economy and policy options. The FOMC holds eight regularly scheduled meetings per year; the most recent meeting was held earlier this week, March 17-18. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth.

FOMC watchers spend a great deal of time talking about the members of the Committee in terms of “doves” and “hawks.” DOVES

HAWKS

Doves prefer low interest rates as a means of encouraging economic growth through increased consumer borrowing and spending. They place higher priority on fighting unemployment than keeping a lid on inflation.

Hawks favor higher interest rates in order to keep inflation in check. They are less concerned with economic growth than they are with recessionary pressure brought to bear by high inflation.

2015 MEMBERS OF THE FOMC Deutsche Bank chief economist Joseph LaVorgna has written that the 2015 makeup of the FOMC is, on average, “more dovish” than 2014. LaVorgna ranks the ten current FOMC members as shown below. (There are two vacancies on the Board of Governors.) DOVE 1

Janet L.Yellen, Board of Governors, Chair William C. Dudley, New York,Vice Chair Lael Brainard, Board of Governors Charles L. Evans, Chicago Stanley Fischer, Board of Governors Jeffrey M. Lacker, Richmond Dennis P. Lockhart, Atlanta Jerome H. Powell, Board of Governors Daniel K. Tarullo, Board of Governors John C. Williams, San Francisco

2

3

4

HAWK 5

the fomc: doves & hawk s

The FOMC: Doves & Hawks


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the fed e xperience

The Fed Experience To help them prepare for this evening’s program, participants in our Student Room visited the “Fed Experience” at the Federal Reserve Bank of Richmond earlier this month. These students, from schools around the region, were given a tour of the bank’s operations, including seeing how cash is processed, participated in trivia games that focused on the structure and mission of the Federal Reserve system, and ended the afternoon with a brief presentation by a Fed ambassador who discussed the dual mandate of America’s central bank.

All photos taken by The Richmond Forum.


the fed e xperience

The Richmond Fed also hosted a lucky group of 375 Forum subscribers for an evening at the Fed that began with a reception and exploration of the “Fed Experience” and culminated with presentations by Kartik Athreya, Group Vice President, and Jeffrey M. Lacker, President of the Richmond Fed and a member of the Federal Open Market Committee. Mr. Lacker discussed the history of the Fed and events that led up to the Great Recession.

Thank you to the Federal Reserve Bank of Richmond for their enthusiastic support of tonight’s program.


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Executive Committee

Linda M. Warren Chair Community Volunteer Bruce Kelley Immediate Past Chair Community Volunteer Otis S. Jones Vice Chair Program Committee Chair IBM Corporation James W. Dunn Treasurer Bon Secours Virginia Health System Philip H. Goodpasture Secretary Williams Mullen Clifford J. Culley Investment Committee Chair Community Volunteer

Gaye Montgomery Education Committee Chair Altria Group John S. West Governance Committee Chair Troutman Sanders LLP Directors

Amanda Aghdami Capital One Bank Shawn C. Boyer Gazelling James A. Buzzard Community Volunteer I. Lee Chapman IV Davenport & Company LLC Catherine H. Claiborne Universal Leaf Tobacco Company Erika T. Davis Owens & Minor

Kenneth M. Dye Comcast Metro Richmond

J. Theodore Linhart Dominion Auto Group

Ronald P. Ferguson II U.S. Trust/Bank of America

Chris Little SingleStone

Whitney K. Forstner Momentum Resources

Amy Nisenson Mary Morton Parsons Foundation

Anne Lynam Goddard ChildFund International Ed Grier VCU School of Business Mark J. Hourigan Hourigan Construction Martin P. Klein Genworth Financial

Daphne Maxwell Reid New Millennium Studios Carroll D. Swenson Wells Fargo Mark O. Webb Dominion Resources

Nancy F. Langston, Ph.D. Community Volunteer Ray Lepper Panamint Group Robert R. Lindgren Randolph-Macon College

Production Team & Staff Production

John Carter Hailey Stage Manager Susan Senita Bradshaw Assistant Stage Manager Boitnott Visual Communications HD Video Dan Hitchcock Production Manager Boitnott Visual Communications

Carlos Chafin Composer In Your Ear Henry Gonzalez VIP Ground Transportation First Class Service Josée Covington Air Travel Covington Travel P. Kevin Morley Photographer

James W. Bynum Student Room Manager

Susan Greenbaum Proofreader

Owen Ayers Student Room Volunteer

Altria Theater

Sarah Powell Heidi Thompson William Willersdorf Box Office

Audrey M. Booth Theater Manager

Dave Swain Motion Graphics

Glenn Major Director of Operations

Steve Sweet Technical Director

Richmond Forum Scholars

McKenna Brady James River High School Logan Brown J. R. Tucker High School Dylan Lackey James River High School

Staff

Bill Chapman Executive Director / Producer bill@richmondforum.org Debbie Mangolas Office & Ticket Sales Manager debbie@richmondforum.org

Zoe Nelson Maggie L. Walker Governor’s School

Dee A. Raubenstine Director of Development & Special Events dee@richmondforum.org

Reshini Premaratne Maggie L. Walker Governor’s School

Barbara Bliley Communications Director barbara@richmondforum.org

Student Intern

The Richmond Forum 6968 Forest Hill Avenue Richmond, Virginia 23225 (804) 330-3993 www.richmondforum.org

Reed Canaan Maggie L. Walker Governor’s School

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2014-2015 Patrons Lead Patron Altria Group Davenport & Company LLC Dominion Resources Genworth Financial, Inc. Wells Fargo Host Patron Hourigan Construction Owens & Minor Troutman Sanders LLP Universal Leaf Tobacco Co., Inc. University of Mary Washington Producer Patron Boitnott Visual Communications Capital One Bank Comcast Metro Richmond Covington Travel C. Kenneth and Dianne Wright Foundation IBM Longwood University PricewaterhouseCoopers LLP SingleStone The Trust Company of Virginia U.S. Trust/Bank of America Private Wealth Management VCU Medical Center VCU School of Business Foundation Virginia Cancer Institute Virginia Commonwealth University Virginia State University Williams Mullen HD Simulcast Room Patron Virginia Lottery Educational Patron Dr. & Mrs. W. Baxter Perkinson, Jr. Trinity Episcopal School Wells Fargo Foundation Media Patron Community Idea Stations WCVE-WHTJ-WCVW-88.9FM Music Patron Moore Cadillac Company Transportation Patron First Class Service, LLC WINN Transportation Municipalities City of Richmond County of Chesterfield County of Henrico

Sponsor BCG Companies Bon Secours Virginia Health System Buckingham Greenery, Inc. Office of Catholic Education, Diocese of Richmond City & Guilds Commonwealth Retirement Advisors Craigie & Craigie M. Hunter Haglund Heritage Wealth Advisors Hunton & Williams LLP J.P. Morgan Chase Kanawha Capital Management, LLC Landmark Apartment Trust LeClairRyan McGuireWoods MWV Tissa & Bart Nasta PadillaCRT Plow & Hearth Rainbow Station Randolph-Macon College Dave Swain LLC Towers Watson VACO Contributor 2nd Order Solutions Actuarial Benefits & Design Co. Actuarial Consulting Group Patsy & Bruce Arnett BB&T CapTech Ventures, Inc. CEBCO INC. Michael Weinstock/DSC Logistics Ernst & Young (EY) Gazelling Hoover & Strong, Inc. In Your Ear Chris & Dave Klein Markel Corporation Momentum Resources Judy & Dave Pahren Richmond Aquarium Dee Slaughter & Tim Nunn SMART Resources Tred Spratley and Janine Collins SunTrust Bank Westham Partners Friend Dr. & Mrs. Ralph L. Anderson B&B Printing Anne & Roger Boevé The Brink’s Company Marge Connelly & Julie Christopher Endodontic Partners

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Trinity Episcopal School advocates service to one’s community as an important aspect of individual character development and the creation of a strong community. These Trinity students, selected from the School’s Honor Roll, serve as pages for The Richmond Forum this season. Through their service, the students facilitate an exchange of ideas that broadens our understanding of the trends and issues shaping our lives and our community. Frank Barksdale III Margaret Benson Jack Bibb Emily Bowe Katherine Cantone Caroline Chester Carolyn Corbet Michelle D’Ambra Katherine Daniel Suzanne Diloreto Michael Donnelly Meredith Eaheart Madison Ferris

James Flowers Alexa Fojtik Whitney Gallahan Anastasia Graves Isabella Hargett Christian Harris Kenneth Harris Tess Huizenga Alena Hyde Sammuel Kettlewell-Sites Natalie King Seth Layton Maeve Losen

Anne Lowe Matthew Majikes Phebe Martin Kelsey McQueen Caroline Moreno Robert Morris Julia Morton Ellis Mumford Dana Pelkey Sidney Regan Fletcher Rowe Conor Salter Collin Sandler

Kyle Schaefer Lillian Senn Cole Shugart Sophia Skrobiszewski Adam Starr Kenneth Stevens Rebecca Walko Elicia Wells Kathryn Young Elizabeth Kelley, Advisor Sarah McDermott, Advisor

The Richmond FoRum Welcomes The sTudenTs and FaculTy oF TRiniTy episcopal school in a special pRogRam designed To connecT The classRoom, The communiTy and cuRRenT evenTs. In AcAdemIcs We discover what motivates students and use that knowledge to challenge them In The InTernATIonAl BAccAlAureATe ProgrAm Academics with a world view provide a competitive curriculum in a dynamic environment In The communITy We celebrate the differences that make us individuals and the common ground that makes us a community WITh The FAculTy Building relationships based on mutual respect helps students realize their full potential dIscover your PATh AT TrInITy ePIscoPAl school 3850 Pittaway Drive, Richmond, VA 23235 • (804) 272-5864 www.trinityes.org

We are grateful to Dr. & Mrs. W. Baxter Perkinson, Jr. for their financial support for this educational program.

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IF EXCELLENCE IS ACHIEVED WHILE STRIVING FOR PERFECTION, THE JOURNEY IS WELL WORTH THE EFFORT. For our team of more than 10,000, perfection is an unending quest to create the highest quality, safest and most efficient health care environment we can provide. It’s an obsession we’ll keep striving for, every moment of every day.

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pa st speakers

Past Speakers 1987 January Ted Koppel February “Iran: Yesterday and Today” Hodding Carter, Paul Duke and Larry Speakes March Diane Sawyer with General Brent Scowcroft April Charles Kuralt 1988 January Oprah Winfrey February George Will March “The Cold War – Will it Thaw?” Marvin Kalb, Jeane Kirkpatrick and Vladimir Pozner April Art Buchwald 1989 January Sam Donaldson February John Chancellor and Henry Kissinger March “Should Drugs be Legalized?” William Buckley and Charles Rangel April Dr. Carl Sagan 1990 January Paul Duke, Howard Fineman and Charles McDowell February “Perspectives – From Right to Left” Frank Carlucci, Bettina Gregory, George McGovern, William Proxmire and William Rusher March Mike Wallace April Alistair Cooke 1 990-1991 October Chancellor Helmut Schmidt January “Crisis in the Persian Gulf” Admiral William Crowe, General Alexander Haig, Robert McFarlane and Edwin Newman February H. Ross Perot March Art Buchwald and Andy Rooney April “Space and Beyond” James Burke, Dr. Frank Drake and James Lovell 1 991-1992 October Barbara Walters January Margaret Thatcher February Larry King with General Norman Schwarzkopf March “DNA: From Catching Criminals to Constructing Dinosaurs” Patricia Cornwell, Dr. Victor McKusick and Dr. Marc Micozzi April Mark Russell 1 992-1993 October Terry Anderson January “Japanese/American Trade Debate” with Hiroki Kato and T. Boone Pickens February Dr. Joyce Brothers March Bill Cosby April Soviet President Mikhail Gorbachev with Cokie Roberts

1 993-1994 November “America in the Year 2000” Lamar Alexander, Marvin Cetron, Senator Warren Rudman and Chris Wallace January Louis Rukeyser with Frank Cappiello and Michael Holland February President George H. W. Bush March Dr. Elisabeth Kubler-Ross April Bob Newhart 1994-1995 November General Colin Powell January Walter Cronkite with Judy Woodruff February Dave Barry March Tom Clancy April Jack Kemp and Senator George Mitchell 1 995-1996 November Ambassador Carla Hills and Prime Minister Brian Mulroney January “Space and Flight: The First & Last Men on the Moon” Neil Armstrong, Capt. Eugene Cernan, David Hartman and Dick Rutan February Calvin Trillin March Charles Kuralt April “The Presidency, The Press and The People” Ed Bradley, David Gergen, Pierre Salinger, Sheila Tate and Bob Woodward 1 996-1997 November Dick Cavett and Carl Reiner January Ray Brady with Paul A. Volcker February “To Preserve and Protect: The Story of the American Presidency” Doris Kearns Goodwin and David McCullough March Sir David Frost interviews Andrew Lloyd Webber April “The Legal System in America” Marcia Clark, Philip K. Howard, Prof. Arthur Miller, Dr. Rodney Smolla and The Hon. Kym Worthy 1 997-1998 November Bill Moyers January Wynton Marsalis February Prime Minister Shimon Peres and Dan Raviv March Mary Tyler Moore April Peter Lynch 1 998-1999 November Rt. Hon. John Major January Robert S. Bennett and Dr. William J. Bennett with Tim Russert February Harry S. Dent, Jr. and Lou Dobbs March Lily Tomlin April Dr. Robert Ballard and Jean-Michel Cousteau 1999-2000 November Julie Andrews with Catherine Crier January “The Century” Todd Brewster and Peter Jennings February “Technology and the New Marketplace” Ray Brady, Michael Connors and John Krubski March Archbishop Desmond Tutu April James Carville and Newt Gingrich with Tim Russert


2 001-2002 November Hal Holbrook in “Mark Twain Tonight!� January Rabbi Marc Gellman and Msgr. Thomas Hartman February Dick Clark March Doris Kearns Goodwin and David McCullough April The Hon. Madeleine K. Albright and The Hon. James A. Baker III with Gwen Ifill 2 002-2003 November Ken Burns January The Hon. Rudolph W. Giuliani February Prime Minister Benazir Bhutto and Her Majesty Queen Noor with Gwen Ifill March FBI Director Louis Freeh April Senator Fred Thompson 2 003-2004 November Cal Ripken, Jr. January Robert Shiller and Jeremy Siegel with Geoff Colvin February Candice Bergen March Rt. Hon. Mary Robinson April Thomas L. Friedman 2 004-2005 November General Tommy Franks January Michael Beschloss and Walter Isaacson February Tim Russert March Fareed Zakaria April Frank Gehry 2005-2006 November Robert Redford January Sherry Lansing February General Colin Powell March Tom Wolfe April Rick Wagoner with Geoff Colvin 2 006-2007 November Burt Rutan January Malcolm Gladwell and Alvin Toffler February B.B. King March Jim Lehrer April Dr. Jared Diamond 2007-2008 November President Vicente Fox January Carly Fiorina February Michael Douglas with Jeffrey Brown March Dr. Henry Louis Gates, Jr. April David Brooks 2008-2009 November Rt. Hon. Tony Blair January Reza Aslan and Jon Meacham February Smokey Robinson with Daphne Maxwell Reid March Terry Bradshaw and Howie Long April Marion Nestle and Michael Pollan 2009-2010 November Dr. Neil deGrasse Tyson January Greg Mortenson March Steve Forbes April Condoleezza Rice May David Plouffe

2010-2011 November President Ellen Johnson Sirleaf January Laura Bush February Anderson Cooper March Dr. George M. Church April David Blaine 2011-2012 November Dr. Robert Ballard January Robert Gates February Quincy Jones March Charles Krauthammer and Robert Reich April Sir Ken Robinson and Rafe Esquith 2012-2013 November Platon January Steven Spielberg, Tony Kushner and Doris Kearns Goodwin February President Bill Clinton March Captain Mark Kelly with Gabrielle Giffords April Dr. Jane Goodall 2013-2014 November Ayaan Hirsi Ali, Imam Feisal Abdul Rauf and Maajid Nawaz January Dan Buettner February President George W. Bush March Rt. Hon. Gordon Brown April Steve Martin and Martin Short This Season November Diana Nyad January Garry Trudeau March Dr. Ben Bernanke April Dr. Daniel Levitin and Rosanne Cash May General Keith Alexander and Robert Mueller

pa st speakers

2000-2001 November Senator John Glenn January Tom Brokaw February Prime Minister Benjamin Netanyahu with Daniel Schorr March Frank McCourt April Dr. William Kelso


KEN BURNS PRESENTS

CANCER THE EMPEROR OF ALL MALADIES A FILM BY BARAK

GOODMAN

MARCH 30 – APRIL 1 | 9-11 PM Based on the Pulitzer Prize-winning book by Siddhartha Mukherjee, M.D., The Emperor of All Maladies: A Biography of Cancer. This “biography” of cancer covers its first documented appearances thousands of years ago through the epic battles in the 20th century to cure, control and conquer cancer. The series is a both a riveting historical documentary, an engrossing and intimate vérité film that focuses on current patients, and a scientific report. Join us for a FREE Preview on Monday, March 23 at 7–8:30 pm at the Byrd Theatre. First come, first served.

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You start by listening In times like these, knowing where to start the conversation in helping to address complex issues is vital. So, there is a process to everything we do and it starts with listening and identifying the right questions. Knowing where to start and what to ask comes from experience and discipline of thought. This is just the beginning of what we provide to our clients. We’re a network of firms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what challenges you are facing or find out more by visiting us at www.pwc.com

Š 2014 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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Dr. Daniel J. Levitin & Rosanne Cash Your Brain on Music April 18, 2015 What goes on in your brain when you compose, play, or listen to music? Neuroscientist and author Dr. Daniel J. Levitin is a leading figure in the cognitive understanding of music’s effects on the brain. Levitin will be joined in conversation and performance by Rosanne Cash, who has been writing and recording songs for 30 years and underwent brain surgery in 2007. Science meets music at The Richmond Forum.

Gener al Keith Alexander

Robert Mueller

Protecting America in the 21st Century Friday, May 22, 2015


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Learning incentives. “Some elementary school students in our Mini-Economy program came up with the idea for an insurance company. The students lost wages for forgetting to do classroom chores, so they issued protection policies. When some of their classmates turned out to be high-risk, they developed pricing levels. If students made five claims in one month, their premium went up. Try teaching that out of a book.” – Stephen Day, Director VCU School of Business Center for Economic Education

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