Mark onwhat the trumpet ministration is doing in the energy sector. Good morning. The count since the councils beginning to seen over and over time and again how technology is has transformed our lives and all these new challenges and new opportunities as we think about a new future for the United States. 2003 was such a period change. 17 years after our founding our councilmembers recognize that the nation stood at a particular inflection point. We needed significant change to enhance our innovation capacity that led to the pioneering work of our National Innovation initiative and now another 17 years later, here we are again. Once again finding ourselves at the precipice of transformational change area throughout the day as debra mentioned in her remarks are going to hear stories about these changes as they are foundational to our Flagship National commission on innovation and competitiveness. The commission cochaired by the Councils Board on this stage is a multiyear effort to reimagine americas innovation potential and chart a new path to competitiveness in the 21st century. And it as this slide shows a little less than a year ago with our Core Leadership Team we began to build this effort. And byaugust we had pulled together a powerful and diverse set of commissioners , nearly 60 liters across this country from industry from academia, from our Labor Union Committee and our National Labs. And the commission hasalready , todays release of launches our 20 20 roadmap of activities that will we hope change the future trajectory of American Innovation capacity. And to make all this happen, this fall we have built a growing, blossoming community of hundreds of advisors, communication leaders and innovation practitioners who will create over the coming year this new innovation agenda, this new movement for america. This morning our Commission Leadership is going to share their Top Priorities for this th go Forward Strategy and id like to turn to you first. Looking at a future centered around a more sustainable approach to production and consumption and the benefits that would accrue greater attention there, you have to be concerned about our nations stagnation in investment in longterm or entity. Talk tous about the risk of this stagnation and what might be the opportunities if we were to reignite our investment launch tomorrow. I think we touched on it with deborahs comments but let me frame it up again. Any country and in particular the United States has led the world in terms of Economic Growth and development make on innovation. There is no innovation without invention and every innovation starts with something, a process of project and an ingredient that was invented that requires our and the investment area and every invention is based on investment at the r and the ecosystem and it is to other sectors to take those orinventions and translate them into applications in society so much of the benefit we as a country have achieved from this has started with that are and the investment. If we go back over the last five, six decades, the us was the primary driver in the world of art and the investment. More than half the worlds investment happened in the d United States across our ecosystem. National laboratories, of course the private sector. Today, china accounts for a quarter of our and the investment on the planet, just over. We are not at about a quarter and we have 20 percent more investment annually in china does and that continues to narrow. When that happens we no longer have fuel that will drive this feature innovation and ultimately the job creation, the opportunities that come with an innovation ecosystem. You talked about the china challenge and we see a squeeze here in the us on the fundamental side on longterm research and i think the other squeeze is on the other side, china while its investing less overall is investing more in application and development and id like michael for your comments, we have to rethink our model and mike, your provocatively called for launch of a modernization model for america that we have to be unbelievably creative and thinking about our future. Could you talk about what you think is required to be unbelievably creative . What might that model look like and how is this commission poised to help us think through and fpresent a new way of thinking about innovation . Thanks for the question. Lets back up a little bit. The census will report 330, 335 million people, most diverse country in the world. Unbelievable complexity, everything you can possibly imagine. Were still living off of the successes of the past, the fumes of the past to some extent in terms of our designs over the past so we wake up today with this democracy thats evolving at this rapid rate socially and culturally and we wake up with true global competitors which i think is good news for the planet and good news for humanity and that meanswe have to go in and look at how do we modernize everything. How do we modernize our institutions of Higher Education and the entire educational system . How do we change the notion that education is a sector as opposed to a responsibility . How do we move forward in ita way where we start embracing the notion that Human Capital, taking that as one example, that Human Capital is an objective of every organization. Human capital investment, how do we find ways to modernize, use optechnologies , create opportunities to let people learn across the entirety of their life seamlessly. How do we move out of formal education experiences and credit for informal education experiences, how can we empower 60yearold and 70yearold and 80yearolds in the future who are healthy and at their peak wisdom moment and want to give back and how do we engage all of that together so what we have is an archaic segment, fragmented sector driven model. We dont have connections. We dont have linkages and we have now the means and capability and tools to do all these things. We just have to look at the fact that our systems areantiquated. They are underperforming and just except that. Its a weird thing to me to watch that, its like sending in line after line of people and say we need to make k12 better. No, you need to make k12 different. You need to rethink it from the very core. You need to rethink some universitiesand some colleges, rethink how they work. Weve been doing this at my institution with some progress , not at work eight maybe at a little bit better than impulse power so point being relative to modernization, we have to o face up to the fact that the c country has matured socially and culturally, the world has matured economically and competitively and now is the moment for us for this next burst of modernization across all aspects of what we do. Brian, id like to turn to you and build and risk a bit out of michaels point around modernization and as we think about modernizing america, optimizing our environmentfor innovation, what is your vision for regulatory or other reforms that will be necessary to help support and enable entrepreneurs in innovative activity . A key point is embedded in what was just talked about which is the structure of the worlds economies are different so when we talk about comparing ourselves to china ininnovation , the issue is if the basic principle is we have to be the worldwide leader because were the largest economy we want to grow area at the end of the day thats not the right comparison, its how much more do we have to spend to maintain that position so the second construct is theres a great final demand in a much different set of talent than 17 years ago when you look this question that chinas economy was probably about 1,000,000,000,000 and a half and now its 14 which, people think that one way but the reality is that means a structure as changed dramatically in terms of demand and consumption. Though the european us sort of dominance is changing and so against that, we use to leave the w standardsetting whether its pollution or car safety. How do you lead the standardsetting but its about data and Information Privacy and how do you think about that and how do you lead it when theres two systems developing and how are we going to be able to interface in the system and what regulations will allow all of us in the National Global business ntchains to interface with economies in a different environment that we have and how we work about so if you think about nearterm legislation, i focus on a couple things, one is Research Funding which oneof my colleagues will talk about. At the example of driving that with an executive order earlier this year, Artificial Intelligence and the emergence around the fence and infrastructure and finding those important elements and another thing is we have to keep our i on revitalizing reform and debra mentioned earlier that not only in trade negotiations, what it means with the duration and other things to get the payback so the innovation dollars keep coming because the world has benefited by the Us Innovation so we have to think about patent reform differently now where theres types of demand and different Business Systems and then you have tax and the nearterm issue debra mentioned earlier is with these deficits at some point theres going to become a review of where can they collect money and theres two ways to collect money, raisethe rates which could happen and then you have the problem of the competitiveness against the world where the world is much more interesting to companies or final demand and things. Thats one issue tbut the second issue is what incentives you take out so we cant lose the incentives for r and d, cant lose incentives for alternative new Energy Sources and things like that which are major drivers of activity but when people need money, those things can go and then the other thing is you got to remember the charitable deduction so the University System which gives a lot of funding from charities, if you start taking away or taxonomic, start taking away the resources so one of the things you have to be careful of is not just tax rate, its the issue of what the incentives are and how do we preserve them so i think about it from intellectual property, trade negotiations and how that protected the tax policy and not losing incentives. Those are the key regulatory legislative areas i think about. Can i follow up on one point. And watch many of the issues you just raise our teeth out but another one that comes up is around capital cost structure. Is the United States posed poised to compete globally with their current cost structure . Are we going to build the infrastructure of the future where we are today . We shouldnt say we have the answers up here but inherently we have the steepest Capital Markets and best Capital Formation so the question is not making sure we hold onto that but if that is also emerging in other countries so you have to be careful that the amount of private equity around the world and amount of private equity from the United States is willing to go around the world but you have to step back. There was an article that said one percent of the us has 30 percent of the gdp so you have to think about how the Capital Formation benefits are distributed there and how we have issued Human Capital that michael mentioned, how do we make sure it participates across the board so not only do we have to think about the cost to capital, we have to think about how the capital, we cant have Capital Formation deserts and all the private equity and innovation funding nin seven major counties and not anywhere else because its just going to be problematic. So i think not only the capital return is there, the monies there, i would never worry about that but we got to watch the incentives but the real question is are we paying attention to how we drive that and distribute it and also to michael humancapital. Vethe Human Capital change has to occur continuously and its more important than the last dimension so are we reinvesting in that Human Capital capability . Lipstick on the Human Capital points you have raised and lets return to you. Im interested in how you, the ibw are thinking about that future Human Capital. What ideas are you all generating in how we retrain and reskill and protect American Workers for this innovation space . The skill sets which are going to be needed for the workers of the future aremuch different than there are today. So were constantly working on updating our construction brands, the way we train, the type of work theyre doing is much different. I visited one of our Training Centers a couple of weeks ago and they are actually starting to do some virtual Type Training where you put on the headset, youre able to relate going through some operations, open up a cabinet. Check in the connections and if you do something wrong, youre just going to be an explosion, and its going to tell you that something wrong so were continuing to change the way the way we do it so we get really, more like i said in reality of what theyre going to have when theyre out in the field. Also on our other branches, even manufacturing and others, its a different skill set in the future manufacturing as well. Because of the continuing of expansion of robotics and other changes. These workers need to have a different training and the different stills get to be able to adjust to those types of jobs. We work very closely with our employers and all of our branches and developing, were constantly changing and innovating what we do to meet the needs of the future as technology has changed. We Work Together with them and making sure that their employees, our members are getting the proper training because we prepared to come in the future. And i i know youre representing three quarters of 1 million workers across the country i like to stay on this workforce and skills of the future issue and open it up for the panel to chime in. Everyone up here is engaged with workforces that are doing very different things, probably different than they were 2 to 3 years ago so any other thoughts on what this future of work look like and how our commission might really think about leveraging what in to be a demographic advantage. We just trademarked at my university the phrase universal learner and universal learning and we did that in opposition to the concept of universal income. And taking not on a political basis but an economic basis tthe notion that somehow were going to give up on the ability of people to perform for high compensation levels or increasing compensation levels in the economy of the future and were going to tax those that are making more resources and then move those taxes to people who are no longer able to perform in the economy. We might as well give up if we move in that direction so the notion that we have is how we create an opportunity across all organizations, across a persons entire life to be engaged in the opportunity for universal learning all state of life, all aspects, everything. That will require all of our institutions to rethink themselves. It will require corporations to rethink themselves, the government, schools, universities, everybody the notion of moving Human Capital to be asimportant as Financial Capital , as important as natural capital, and rising, raising its status and rethinking the whole thing is what we need to do. That will require all of us rto rethink everything. Two aspects. One, that dialogue also fits with all the research thats being done on aging and things like that. We did a lot of work with people in this people are never going to stop working so theres also an intellectual societal demand keeps learning and working and people are going to live in the mid80s to 90s. They thdont want to stop at 50. Don talked about retirement as a second career so to match the education process or whatever the exact term that you use against that, thats something the commission needs to be thinking about which is how do you and reinvent careers. The second thing i think the way we should judge success in terms of innovation and competitiveness, the world is not necessarily only the Median Income and the top incomes and all the stuff like that area is really, we at the United States should have the best starting jobs. They should be the best jobs in the world. There should be a standard of living the world and these area that means everybody elses crazy and they should be growing and doing it and that might be completely different than the jobs that were available in our company 20 years ago are starting weight for our employees next quarter is 40,000 a year for everybody. Even kids working in the summer of the amount of work, the productivity they have to have, they all work hard. Youve got to pay for that takes innovation and a process so we have to remember that the goal is not to produce the people who end up on top because thats going to take care of it. The goal is to bring everybodys standard ofliving to be the envy of the world and we lost as a core goal. Let me build on two points and were not talking about hypothetical or theoretical area to give up statistic which i think will crystallize it for the first time in the. History of humanity today. There more people over the age of 65 mand under the age of five. Its never happened before. The global population, if you had a fiveyearold whether its your c