Here's the mayor's letter announcing the appointment of millionaire financier Austin Beutner as the city's economic czar with the goal of developing new strategies for job creation. You can read more here.
Dear Angelenos,
It’s no secret that the challenges facing our economy right now are unlike anything we’ve seen in a generation. On a daily basis, you read headlines about the thousands of jobs lost, the falling wages, declining home values, and rising foreclosure rates. The traditional economic development model - one that we have relied on for decades - simply isn't working anymore in Los Angeles and the foundation for our progress and prosperity - a steady job, a living wage, a home - keeps crumbling. And in order to rebuild it, we will need to implement a new strategy for job creation.
That is why today, I announced the appointment of Austin Beutner as First Deputy Mayor and Chief Executive for Economic and Business Policy. With the rare combination of public and private sector experience, he will be able to refocus our economic development and job creation efforts. It is a monumental task, but it is of the utmost importance and I am confident that Austin is up for the challenge. He has a real vision for to change the economic climate in Los Angeles and he has the know-how and wherewithal to make this vision a reality.
You can read more about Austin and even ask him a question here.
With Austin at the helm, we will leverage every resource, tool, and asset at the city’s disposal to create jobs and get our economy moving in the right direction. He will work to create new markets for emerging industries such as high tech, bio-tech, and clean technology and he will focus on increase our local preference incentives for Los Angeles businesses to ensure that LA tax dollars are being spent right here in Los Angeles.
A son of a school teacher and manufacturing engineer, Austin began his career in the private sector. At the age of 29, he became the youngest partner in this history of The Blackstone Group, one of the world’s leading investment firms. In 1994, he moved into the public sector, working at the US Department of State in Russia following the collapse of the Soviet Union. There he led a team that helped the Russian people in their transition to a market economy. He is also the co-founder of the investment banking firm Evercore Partners, where he created a world-class financial services firm.
I’m confident that Austin will set L.A. on-course toward progress and prosperity long into the future.
Use this form we've set up to share your ideas and feedback on how we can make Los Angeles a more business friendly city. Please forward this link to any friends or family who may want to express their ideas on our economic future or have a question abour out job creation policies.
Sincerely,
Mayor Villaraigosa
