David C. Mulford

Distinguished Visiting Fellow

Ambassador David Mulford is a distinguished visiting fellow at the Hoover Institution at Stanford University. In this role, Ambassador Mulford focuses on research, writing, and activities related to global economic integration, including the legal and political environments of trade agreements and their management. He concentrates his efforts on economic growth in the Indian subcontinent and the trend of receding globalization in developed economies.

Before joining the Hoover Institution, Ambassador Mulford served as the vice chairman international at Credit Suisse from 2009 to 2016. In this role, Ambassador Mulford worked with a range of clients across the integrated bank with a particular focus on governments, as well as corporate clients, across the globe.

Ambassador Mulford rejoined Credit Suisse in March 2009 after spending five years as the US ambassador to India. Ambassador Mulford came to India in early 2004, at a time when India-US relations were undergoing a dramatic shift and the strategic partnership between New Delhi and Washington was gaining momentum as the two sides began working closely together on an unprecedented range of issues. Ambassador Mulford was a major player for five years building a strong partnership between the United States and India, the world’s two largest multicultural democracies.

During his tenure, India and the United States achieved unprecedented economic cooperation and exponential expansion in business, health, finance, science, agriculture, education, and military cooperation. Ambassador Mulford negotiated the US-India Civil Nuclear Initiative from March 2005 through its final agreement as the United States–India Nuclear Cooperation Approval and Nonproliferation Enhancement Act in October 2008. Following the Mumbai terror attacks, Ambassador Mulford facilitated Washington’s offer to collaborate with New Delhi by way of information sharing, investigative collaboration, and cooperation, strengthening both countries’ pledge in the war against international terrorism. Ambassador Mulford was also the founder of the US-India CEO Forum.

Before being nominated as the US ambassador to India, Mulford served as chairman international and member of the Executive Board of Credit Suisse, based in London. From 1992 to 2003, Mulford was responsible for leading Credit Suisse’s worldwide, large-scale privatization business and other corporate and government advisory assignments.

Mulford was undersecretary and assistant secretary of the US Treasury for International Affairs from 1984 to 1992. He served as the senior international economic policy official at the Treasury under Secretaries Regan, Baker, and Brady. the highlights of Mulford’s responsibilities and accomplishments at the Treasury Department include US deputy for coordination of economic policies with other G-7 industrial nations; head of the administration’s yen/dollar negotiations with Japan; the administration’s senior adviser on financial assistance to Russia and other states of the former Soviet Union; leadership of the administration’s international debt strategy, and the development and implementation of the Baker / Brady Plans and President Bush’s Enterprise Initiative for the Americas.

Mulford also led both the US delegation to negotiate the establishment of the European Bank for Reconstruction and Development, as well as the G-7 negotiations to reduce Poland’s official bilateral debt in 1991.

Before his government service, Mulford was a managing director and head of International Finance at White, Weld & Co., with responsibility for coordinating efforts with Credit Suisse on international financial business from 1966 to 1974. He was then seconded to the Saudi Arabian Monetary Agency (SAMA), where he served as a senior investment adviser from 1974 to 1983. His responsibilities included managing the investment of Saudi oil revenues and developing a comprehensive investment program for SAMA. He also served as a special assistant to the secretary and deputy secretary of the Treasury as a White House Fellow during 1965 to 1966, in the first year of the White House Fellowship Program.

Mulford received a doctor of philosophy degree from Oxford University, an MA in political science from Boston University, and a BA in economics, cum laude, from Lawrence University in Appleton, Wisconsin. He did graduate studies at the University of Cape Town, South Africa, in 1960 and has published two books on Zambia. He received an honorary doctor of laws degree from Lawrence University, the Legion d’Honneur from the president of France, the Distinguished Alumni Award from Boston University, the Alexander Hamilton Award, the highest honor bestowed by the secretary of the Treasury for extraordinary service and benefit to the Treasury Department and the nation, the Order of May for Merit from the President of Argentina, and the Officer’s Cross of the Medal of Merit from the President of Poland.

Filter By:



Recent Commentary


Bretton Woods 1971–2021

by David C. Mulfordvia The International Economy
Tuesday, July 20, 2021

The birth of the new age of modern markets.

Blank Section (Placeholder)Blank Section (Placeholder)

Reasons to Be Thankful

by Daniel Heil featuring the work of Edward Paul Lazear, Russ Roberts, Stephen Haber, Milton Friedman, David C. Mulford, Russell A. Berman, Michael R. Auslin, General Jim Mattisvia Policy Insights | A Succinct Guide to Important Policy Questions
Tuesday, November 24, 2020

This will not be remembered as a year of progress. From the COVID-19 pandemic to geopolitical tensions, it may seem as if the world is going backwards. But we shouldn’t forget that people in the twenty-first century are wealthier and freer than at any other time in history. As we approach the holiday season, let’s explore the many reasons we should be thankful, even in 2020.


India’s Long Struggle With Socialism

by David C. Mulfordvia Socialism and Free Market Capitalism: The Human Prosperity Project
Thursday, September 17, 2020

This paper on India has been included in the Hoover Institution’s important project on Socialism and Free-Market Capitalism, The Human Prosperity Project, because India represents a unique case of socialism and democracy in conflict. Following India’s birth to freedom and independence in 1947, its democracy was dominated by socialist, planned-economy policies that failed for nearly seventy years to achieve the levels of growth its people desperately needed to rise out of poverty.

Blank Section (Placeholder)Analysis and CommentaryNational Security

President Trump’s State Visit To India

by David C. Mulfordvia Analysis
Thursday, February 6, 2020

President Trump’s state visit to India in late February is being hurriedly put together, reports the NY Times, because “Mr Trump is apparently eager to get out of the Washington cauldron and as far away from the impeachment debate as possible”.


David Mulford On India, China, And Economic Trends

interview with David C. Mulfordvia The Federalist
Monday, June 3, 2019

Hoover Institution fellow David Mulford weighs in on populism in Indian elections, major concerns over relations with China, Brexit, and his time as US Ambassador to India as it emerged as an economic power.

Blank Section (Placeholder)Analysis and Commentary

The U.S.-China Global Dance

by David C. Mulfordvia Defining Ideas
Friday, March 15, 2019

We need clear economic leadership to avert the next financial crisis.

Blank Section (Placeholder)Analysis and Commentary

America’s Exceptional Opportunity With India

by David C. Mulfordvia Defining Ideas
Thursday, May 31, 2018

The United States has much to gain from a rising and friendly power.

G7 image
Blank Section (Placeholder)Featured

A Global Reform That Helps America

by David C. Mulfordvia Defining Ideas
Tuesday, February 28, 2017

President Trump should take the initiative to revive and reconstruct the G-5 to face today's global realities.