Economic Insights and Forecast

George U “Gus” Sauter

Mr. Sauter retired from his role as Vanguard’s first global chief investment officer at the end of 2012, after 25 years with the company. As Vanguard’s CIO, he was a member of the CEO’s senior staff, and he oversaw portfolio management of Vanguard’s $1.7 trillion of internally managed stock, bond, and money market funds. He also was a member of the investment committee that oversaw the portfolio management of the external advisors that Vanguard used.

Mr. Sauter worked on industry issues with governmental entities including the SEC, and the Federal Reserve, as well as providing Congressional testimony. He served as a member of various industry committees, including the Investment Company Institute Trading Committee, the NYSE Institutional Advisors’ Trading Committee, the NASDAQ Quality of Markets, and the Securities Industry Association Trading Committee. He participated on the AIMR (now CFA Institute) Best Execution Task Force.

He currently is a member of six investment committees including a foundation, an endowment, an investment advisor, an Australian retirement fund, FINRA, and the PGA of America. He is a past member of the University of Chicago Booth School Council for the dean. He also writes articles for The Wall Street Journal online edition. He received his bachelor’s degree from Dartmouth College and his MBA from the University of Chicago.

Introducing

For over 40 years, Southern Minnesota Municipal Power Agency (SMMPA) has fulfilled its mission of safely providing our member utilities with reliable and affordable wholesale electric service in an environmentally responsible manner. While holding fast to that mission, changing times call for bold action and we are laying the groundwork for a reimagined SMMPA which includes the following initiatives: • •

Retiring our coal generation after 2030, replacing it primarily with wind and solar

Planning to be at least 80% carbon-free and reduce carbon emissions nearly 90% compared to 2005 levels in 2030

Building on successful energy efficiency programs

Deploying an electric vehicle charging network connecting member communities

Supporting economic development in member communities

Maintaining competitive rates and striving to hold increases to at or below CPI

This is SMMPA 2.0. Learn more at www.smmpa.com/smmpa2.0