A unique Global Network to service and concessional clients with an emphasis on strong execution in the highest ethical standard. Mr. Corbin has been at the city in a Predecessor Company since his bachelors degree in economics. Prior to the current role he has held a variety of ceo positions including ceo of europe and head of the Global Corporate and global commercial bank. He is reported with civil organizations including his rolls in executive Committee Member of the partnership for new york city and is a board of trustee for the United States and snowboard association. Dusting, id like to introduce dustin who will be moderating, our moderator is in an Award Winning cedar roo senior reportr and many of us see his articles on a regular basis. During the tenure he is over the automotive collapse in the bankruptcies and multibilliondollar mergers and acquisition deals. Things that many of us become very familiar with over the years. He served as an expert source to national and local television and radio programs. Dustin has also won several awards including the alliance of publication best local coverage of a National Economic award versus coverage of and sourcing manufacturing in 2012. He attended grand Valley State University and studied journalism. Ladies and gentlemen, i would like to bring mike up to the stage and welcome dustin for when he is going to do the question and answer. I come up and we will hear remarks. Thank you. [applause] thank you betsy for the very warm welcome. I would like to think steve in the leadership and the membership of the Detroit Economic Club for this opportunity to speak to an influential group. When business and government leaders founded this form during the depression, our nation faced tension and challenges that were exacerbated by both a social, political environment. I think the same in many ways could be said of her country today. Americans have lived through the financial crisis while the government response in my opinion was the right one. The crisis has left many feeling as if the system is stacked against them and solved wrongdoers of accountability. Too many people in our country defining Economic Trends including things like globalization have hurt them economically and while we have historically low and a payment, wage growth has been stubborn in the with anxiety of having the jobs disrupted by technology. The wealth gap is widened too many believe their children will have fewer opportunities in many inner country have lost faith in the american dream. I think that has caused some to question whether our capitalist system is in fact the right one. For my part, i believe in capitalism. I believe in markets in the right of enterprise to conduct business and i believe in responsible and reasonable regulation. We would not be the country we are today without these. But i also believe for our business to strive and thrive in todays society, we need to help solve the societal challenges that we all face. We cannot the on the sidelines. We need to have Business Models that have a positive impact on society and dont rely solely on philanthropy to show that we are solid corporate citizens. Creating shareholder value in my opinion will always be necessary in creating stakeholder value is critical. Today, these two goals are more closely connected than ever before. People increasingly are demanding more from that private enterprise play a role in finding solutions to the challenges that we face. Employees for their part want working companies that reflect their own values and priorities. Our approach to some of these issues is that at our core and at our best we work with our clients to solve problems. With significant Financial Resources to deploy we are scaled to serve our clients and help them compete in todays economy, the client could be anything from a Multinational Company like ford where had the pleasure and privilege of spending time this morning or one of our commercial Banking Client like edward leavy or a Road Construction founded on a handshake of the namesake and henry ford or a Public Sector client including local governments like the state of michigan. Our commitment to solution can be seen through three decisions that we make everyday. Who we work with, how we work with them, and how we treat the people who work for us. Think about one of the Biggest Challenges facing our nation today, thats our failing infrastructure. The American Society and Civil Engineers estimates will fall 1. 5 trillion short of the required Infrastructure Investment needed by 2025. Not only their implications for Public Health and safety, there is an Economic Cost to the status quo. The estimated annual cost of highway congestion, 120 billion. Airport congestion and delays, another 35 billion. That is where a bank like ours can help. The Balance Sheet allows us to finance projects that would be out of the reach of smaller institutions. Just last year the city provided financing for 26 billion in u. S. Infrastructure projects including bridges, hospitals, airports, water and public power. I would like to mention one project which we did in detroit which we are particular product. That was during the bankruptcy the city had 60 million from the own Balance Sheet and another 200 million in bonds on behalf of the Public Lighting Authority of detroit. Those funds finance insulation of over 65000 efficient streetlights improving the quality of life throughout the city. [applause] another challenge, Affordable Housing. I mentioned the economic pressure to Many Americans feel acutely. Over 11 million lowincome households in the u. S. Today comprise over a quarter of all rental households. Of those, 70 spent more than half of their income on rent and utilities. To address the urgent need city provided 6 billion in financing for the construction and reconstruction of more than 36000 Affordable Housing units. That level of support not only set a new record but it maintain our ranking as a leading financer of Affordable Housing in the u. S. For the ninth year in a row. How about Climate Change . Some may doubt its existence, we believe it is real and accelerating. And that our collective efforts to address it are the greatest combination of opportunity and risk that we face. According to some of the most recent and compelling scientific assessments, we cannot afford to wait to take action. Serious impact from client change go well beyond extreme weather events like the devastating hurricane that we have experiencing in the past few years and at the same time, we need to recognize that many people depend on the fossil fuel industry for their livelihood. We have clients in the sector and we are not going to walk away from it. Instead we are working with many of them to support the transition to a low Carbon Economy creating green color careers in the process. In 2014, we made a ten year 100 billiondollar Environmental Finance commitment Funding Clean Energy and other sustainable projects including the first offshore win wind farm in the country. There is great demand for this capital and as a result we will meet our goal this year which will be four years ahead of our plans. Let me be clear, none of these projects or transactions ive described up to this point are primarily rooted in or idealistic intent. They are core banking activities conducted on behalf of city clients and yes, they all contributed to our bottom line. However, the value and benefits recruit many stakeholders including our communities, society, u. S. Economy, more broadly the Global Economy. In addition, our core activities as a bank, we also advance our economy and society supporting nonprofit organizations that tackle such challenges head on. We focus on the need to close the whitening gap between the skills of young people and what they need to be able to compete in todays workforce. The u. S. Department of labor released a report last fall that found there are 7 million jobs at any one time today that employers still cannot phil. Our pathways to Progress Initiative is designed to help close the job Skills Mismatch by 200,000 young people over six years with the tools that they need to training, Work Experience and entrepreneurial opportunities. At 100 million, is the largest commitment in our companys history and i hope it shows her willingness to put our profits accurate to the communities that we serve. Earlier this year we broaden the scope to help 10000 Older Workers who feel as if they been on the wrong side of globalization or Digital Innovation to secure employment and Growth Industries like healthcare, transportation, technology and construction. Several organizations in detroit are involved in the 10 million effort. To focus hope is launching a Robotics Program to support people looking to build careers and automation advanced manufacturing, and information technology, fields all helping to grow our economy right here at home. Beyond philanthropy, we also accept we have a responsibility to have a point of view on certain issues affecting our colleagues and our communities. One is the epidemic of gun violence, after several city colleagues were directly impacted by the parkland massacre, we decided we need to think about where our client intersected with this issue. We do not seek to take the place of government and we have never intended to offer the perfect solution. Much less a new form of gun control. I own guns for recreational purpose and i am a Firm Believer of the second amendment. Our commercial firearms policy simply asks the Retail Sector client to use accepted best practices if they sell firearms. Include age restrictions, completed background checks, and no cell above stocks or highcapacity magazines. These sale practices are followed by major retailers including walmart, Dicks Sporting Goods and have strong public support even among many gun owners. We also recognize that how we operate as a company is an opportunity to demonstrate our values. We focus on building a better cultural city making it as free of racial, gender and other biases as we can and this year we were the first u. S. Company to disclose what we call the unadjusted or raw pay gap and analysis revealed in the median pay for women globally is 71 of the median pay for men showing we have a significant issue with the representation of women of senior rolls in our firm. While transparency is great, its what you do with your data were that hits the road. We set a goal to have 30 of the midsenior level globally filled by females with the end of 2021 and we measure our progress against that quarterly. While i focused on the city, im happy to say that these issues are affected by our client and the Business Community more broadly. In august, the Business Roundtable and organization of ceos of major u. S. Companies announced it revised its principles of corporate governance. A revised statement said that responsible business should also take into account the interest of other stakeholders. Such as colleagues, clients, suppliers and communities. As an example i have decided to show its not just a case when a grade this does not nor should ever be. Up until recently, business did not have enough credibility to take on social issues early this year evidence emerged of a new attitude in the public affirm published its annual trust parameter. And the results revealed a profound shift in the degree of trust that people have one class of company and that is their employers. 75 or three out of every four people enter globally trusted their employers to do what is right for them and for society. That is a welcome shift in perception and development that this should take pride in. I believe Companies Continue to see the bullish creating value for stakeholders as well as shareholders, our country will be stronger in her system will continue to show white crates more opportunity than any other anywhere. Thank you for having me here today. I look forward to our discussion. I would like to invite dustin on the stage. [applause] ofthank you. That was delightful. I also dont want to show you that ptosis. Before i want to do a deeper dive into the social topics that you spoke of. First thing, i would like to get your parameter on the economy and where it is going. Usually when the Global Economy or the National Economy stumbles the detroit, were leading this. And we fall down the well. What are you seeing in the economy that is were seen recessionary indicators, what are you thinking the long term this year or next year . I have talked publicly in my 36 years of being in the industry and being around companies in the economy more broadly. Ive never seen a time like this. When you think about where we are today, we are effectively ten years into her recovery from the great financial crisis and so people say by historical standards that is long. True but we have to remind ourselves recoveries have no memory as my friends in australia remind me, 26 years into the recovery, second, as we look at the Economy Today it cannot be looked at through single lens. That is when we look at the world we are the culmination of economic social and political, and also have the tearing of what we think of as the consumer business and government. Too really understand where the u. S. Economy and Global Economy is, we need to take those apart. Very simply when you look at the United States today, two thirds of our economy is dictated by the consumer. By the way, the consumer is in pretty good shape if we go back to the crisis and think about how intervention was done and where stabilization came from, effectively to the consumer two things matter most. Their job, do i have a job, can i keep my dog, if i dont have one can i get one. Secondary offense around wages, et cetera. As we saw last week, we have to go back to 1969 to find a job market with lower unemployment than we have today. In the second piece is housing, when we think about housing, we can argue, people feel pretty good about the house. And certainly for american many consumers around the home their home is the largest investment in a proxy for their retirement and if you fill it a good about your job in her home the consumer will be engaged and thats exactly what we see. This has been a bit flighty. Throughout these ten years business has been engaged, disengaged on the back of tax reform or other things, in and out but business is probably been more conservative and i think the other piece, we are ten years into what i described as an unpresented in massive signs for project called quantitative using. Unprecedented in terms of trillions of dollars around the world and as we look and things that we can escape in the Global Economy is the impact its had on interest rates. If we ever think any of us with gray hair or in this room that we would look around and find several Major Economies in the world with negative interest rate. We operate in those places and its a strange phenomenon where you go to somebody and say give us your deposit and by the way you are going to pay to put your deposit in our bank. It redefined the traditional paradigm of how people think about things. I dont believe and i think weve heard out of our central bank and the Federal Reserve that has not necessarily transmitted as well and for now we are saying we are not a believer in the negative rates but all that has had an impact and you have to look at the other pieces out there around, this morning you wake up, it is china. Its brexit, hus mca and what is going to happen. So the volatility has been destabilizing to business but fortunately we have had the backbone of a healthy, strong engaged consumer. Right, im running short on time. I really want to get into the idea of corporate americas role in solving society. Historically its been the governments role about society and the constituents. And you now see that role as being taken on by corporate america. Does that mean the government is failing us . Or does that mean something has changed . What the fundamental change that you have to do to do the things that you just talked about. I would say as we look at these issues, i talked a bit about guns but if you look at issues that we choose to be involved with. In many ways it goes back and it starts at home. It starts around our employees and the expectation of our employees. Of wanting to come to work for a company that they can be proud of. And most of the stances, significantly most of the stances that we take are very internally focused around ourselves and our clients and we do not go out in public forms to speak about them. But in the word underworld for talent in the world we live in and taking tho