Statement by Milken Institute CEO Michael Klowden

News release

Statement by Milken Institute CEO Michael Klowden

Mike Klowden
Mike Klowden
Chief Executive Officer, Milken Institute

WASHINGTON, October 27, 2019—Michael Klowden, CEO of The Milken Institute, today issued the following statement:

“The New York Times has made highly inaccurate and deliberately misleading claims about the Milken Institute related to our work and recommendations regarding Opportunity Zones.

Michael Milken has had no role in shaping or influencing the Milken Institute's recommendations about Opportunity Zones policies and regulations. He did not review, contribute to, or provide feedback on any report, letter, or recommendation shared by the Milken Institute with the Department of Treasury, the Secretary of Treasury, or any other government official.

For nearly 30 years, the Milken Institute has worked successfully with both Democratic and Republican administrations on a broad range of initiatives to promote better healthcare, fight disease, foster medical innovation and research, encourage philanthropic giving, strengthen capital markets to expand access to financial resources in developing nations, reform our housing finance system to make the dream of homeownership more accessible to all, and help regional communities create jobs and increase wages.

One major focus has been to identify solutions that catalyze economic development in disadvantaged communities. We are proud of our continuing efforts to advance ways to increase investment in these communities, create jobs, raise incomes, and increase access to better healthcare. This has included significant work over the last two years to maximize such benefits through Opportunity Zones.

We shared these efforts—with specific details—broadly and publicly, including with the New York Times and other news organizations. It is troubling to see this work intentionally mischaracterized by the New York Times and the selective use of information designed to create a knowingly misleading impression.”


About the Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank that helps people build meaningful lives in which they can experience health and well-being, pursue effective education and gainful employment, and access the resources required to create ever-expanding opportunities for themselves and their broader communities. For more information, visit

Published October 28, 2019