2009. Feldstein said in March 2008 he believed the United States was in a recession and it could be a severe one. As a member of the board of AIG Financial Products, Feldstein was one of those who had oversight of the division of the international insurer that contributed to the company's crisis in September 2008. In May 2009, Feldstein announced he would step down as a director of AIG. He served as a board member for Eli Lilly and Company. He also previously served on the boards of several other public companies including JPMorgan and TRW. On February 6, 2009, Feldstein was announced as one of U.S. President Obama's advisors on the President's Economic Recovery Advisory Board. He served as a member on the President's Economic Recovery Advisory Board from 2009-2011. Latter positions He was a consultant to the U.S. Department of Defense. He served on the board of directors of the Council on Foreign Relations, the Trilateral Commission, the Group of 30 and the National Committee on United States-China Relations. Feldstein was invited to participate in the Bilderberg Group annual conferences in 1996, 1998, 1999, 2001, 2002, 2003, 2005-2008 and 2010 through 2015. He is also a member of the JP Morgan Chase International Council, a member of the Academic Advisory Council of the American Enterprise Institute, and a member of the British Academy. In 2011 he was included in the 50 Most Influential People in Global Finance ranking of Bloomberg Markets Magazine. In 2017, Feldstein joined a small group of "Republican elder statesmen" proposing that conservatives embrace carbon taxes, with all revenue rebated with lump-sum dividends, as a policy to deal with global climate change. The group also included James A. Baker III, N. Gregory Mankiw, Henry M. Paulson Jr., and George P. Shultz. Significant interests and publications Domestic saving and international capital flows Published in 1980, this article made a significant contribution to international economics. Feldstein along with Charles Horioka contributed to the overall understanding of the international capital market by revealing the essence of the flow of capital in the world capital market. By examining the relationship between domestic investment and domestic savings of 21 OECD countries, Feldstein and Horioka provide statistical estimates revealing that almost all incremental savings of a country will remain in that country despite greater investment opportunities abroad. Puzzled by the unexpected direct relationship between domestic savings and investment, Feldstein and