Peter G. Peterson Foundation

The Peter G. Peterson Foundation is a U.S. nonprofit organization established in 2008 by Peter G. Peterson, the former U.S. Secretary of Commerce in the Nixon Administration and co-founder of The Blackstone Group, a prominent financial services company.

History

The foundation was created with an initial endowment of $1 billion, committed by Peterson after the Blackstone Group's initial public offering (IPO) in 2007. The foundation's mission is to raise awareness of America's long-term fiscal challenges and promote solutions to ensure a sustainable economic future for the country[1][2].

In 2010, the foundation launched a series of annual events in Washington, D.C., aimed at drawing attention to long-term fiscal issues in the United States. Former Comptroller General David M. Walker was the foundation's first president and CEO before stepping down in 2010 to establish the Comeback America Initiative[1].

Activities

Solutions Initiative

In January 2011, the foundation launched the $1.2 million Solutions Initiative, a grant program that supported six major policy organizations: the American Enterprise Institute, Bipartisan Policy Center, Center for American Progress, Economic Policy Institute, The Heritage Foundation, and Roosevelt Institute Campus Network. Each organization received a grant to develop comprehensive plans for long-term fiscal sustainability, reflecting various perspectives and solutions[1].

"I.O.U.S.A." Documentary

The foundation acquired the rights to the documentary "I.O.U.S.A.," which examines the history and issues surrounding America's growing national debt[1].

OweNo Campaign

In 2010, the foundation launched a $6 million campaign called "OweNo," featuring satirical ads to raise awareness about the U.S. debt[1].

Republican Primary Debate Sponsorship

In 2011, the foundation was the official broadcast sponsor of a Bloomberg/Washington Post presidential debate focused on economic and fiscal issues[1].

Leadership and Structure

Michael A. Peterson, Peter G. Peterson's son, serves as the foundation's Chairman and CEO. The organization operates as a nonpartisan entity, engaging in grant-making, partnerships, and research to foster a broader understanding of fiscal challenges and support bipartisan solutions[2][4].

Partner Organizations

The Peter G. Peterson Foundation is part of Peterson Philanthropies, a network that includes the Peterson Center on Healthcare and the Peterson Solutions Fund. These organizations work together to strengthen the economic and democratic foundations of the United States[2].

Mission

The foundation focuses on increasing public awareness of fiscal challenges such as federal deficits, entitlement programs, healthcare, and tax policy. It supports the development of policy solutions to these issues by collaborating with leading experts, officials, and the public[3].