JPMorgan Chase & Co. : Global Cities Initiative Launches in Los Angeles

Brookings, JPMorgan Chase Partner to Help Metro Areas Create Jobs by Expanding Global Business Opportunities

The Brookings Institution Metropolitan Policy Program and JPMorgan Chase today kicked off the Global Cities Initiative, a $10 million, five-year project aimed at helping leaders in metropolitan areas across the nation create more and better jobs and reorient their economies towards greater engagement in world markets.

The new project, chaired by Richard M. Daley, former Mayor of Chicago and senior advisor to JPMorgan Chase, launched at an event in Los Angeles hosted by the University of Southern California which was attended by representatives from business, philanthropy, and local, state, national and foreign governments.

"Going Global: Boosting the Economic Future of Greater Los Angeles" is the first of a series of forums that will move to Columbus, Ohio; Miami, Florida; and Sao Paulo, Brazil this year. On March 22, the San Diego Regional Chamber of Commerce, CONNECT and the San Diego Regional Economic Development Corporation will host a Global Cities Initiative roundtable discussion in San Diego on how to grow the regional economy through international economic opportunities.

During the forum, Los Angeles Mayor Antonio Villaraigosa unveiled a regional export plan whose purpose is to strengthen the global business identity for the Los Angeles region and expand local business opportunities with overseas markets. The export plan was developed as part of the Brookings-Rockefeller Project on State and Metropolitan Innovation.

"The moment is ripe for our country to abandon its old patterns and habits and compete in a different environment," stated Peter Scher, Head of Corporate Responsibility for JPMorgan Chase. "As public resources for economic development and job growth diminish, we believe that we have a responsibility to do our part to help position U.S. cities to deal with the opportunities and challenges that come with increasing globalization, urbanization and the rapid growth of emerging market nations."

The Global Cities Initiative combines Brookings' deep expertise in fact-based, metro-focused research and JPMorgan Chase's longstanding commitment to investing in cities. The aim of the initiative is to equip metropolitan leaders with tools to expand the global reach of their local economies by leveraging their assets and focusing on key indicators such as advanced manufacturing, exports, foreign direct investment, and immigration. Ultimately, the Global Cities Initiative will create an international network of leaders from global cities who are intent upon deepening global trade relationships and collaborating to compete more effectively.

The Global Cities Initiative is built on the concept that the global economy is a network of metropolitan economies, which are home to most of the world's population, production, finance, and sources of innovation.

"The Global Cities Initiative will accelerate metro efforts to grow jobs and retool economies," said Bruce Katz, vice president and co-director of the Metropolitan Policy Program and Global Cities Initiative. "The civic, business, political, university and philanthropy leaders in many cities and metro areas are working collaboratively to make global competition, production and innovation the drivers of their economies, not debt and excessive consumption. These efforts are beginning to take hold across the country."

"Cities and metropolitan regions are the drivers of the U.S. economy, and if our nation is to succeed, cities need to be better-positioned for innovation and growth. During my two decades as Mayor of Chicago, collaboration was crucial to our city and our region's growth and success," stated former Chicago Mayor Richard M. Daley. "Greater Los Angeles is an example of a city and region already working to improve its economy by expanding its global reach. The Global Cities Initiative will give local and regional leaders across the U.S. the tools to maximize the opportunities offered by the new global economy."

"Our region is a natural choice for the inaugural event of the Global Cities Initiative," stated Robert M. Hertzberg, Partner at Mayer Brown, former Speaker of the California State Assembly, and 2012 Chair of the Los Angeles County Economic Development Corporation. "Los Angeles County is positioned well to be a global leader. Our manufacturing sector is driving export growth and job creation here. We are the number one exporter in the country, and serve as the nation's gateway to foreign direct investment from vitally important trading partners in the 21st Century global economy. Founded on creativity and innovation, our region has the core leadership to make the Greater Los Angeles region a driving force in global commerce."

Speakers at the forum included Mickey Kantor, Former Secretary of Commerce and U.S. Trade Representative; Chan Heng Chee, Ambassador of Singapore to the United States; David Carden, Ambassador, U.S. Mission to ASEAN; Minister Counselor Zhang Shaogang, Embassy of the People's Republic of China; and Peter Barker, Chairman of California, JPMorgan Chase.

The Metropolitan Policy Program at Brookings provides decision-makers with cutting-edge research and policy ideas for improving the health and prosperity of metropolitan areas, including their component cities, suburbs, and rural areas. To learn more, please visit: www.brookings.edu/metro. Follow us on Twitter at www.twitter.com/brookingsmetro.

JPMorgan Chase JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

For more information, please visit http://www.brookings.edu/projects/global-cities.aspx and http://www.jpmorganchase.com/globalcities.

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Brookings
John Fairbanks, 202-725-3816
jfairbanks@brookings.edu
or
JPMorgan Chase
Gary Kishner, 818-775-3670
gary.kishner@jpmchase.com

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