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World Banker Revealed
On Wednesday morning at 11:05 in the Roosevelt Room, President Bush will announce his selection of Robert Zoellick, a former deputy secretary of state, as his pick to replace Paul Wolfowitz as president of the World Bank.
A senior administration official confirmed the selection late Tuesday night.
Bush will emphasize Zoellick’s experience in international trade (he also has served as the U.S. Trade Representative) and diplomacy. Look for Bush to say Zoellick is uniquely prepared to take on the new challenge at the head of the financial institution that fights world poverty.
“We have received positive reaction from other countries,” the senior administration official said.
The Wolfowitz resignation is effective June 30. He resigned under international pressure caused by findings that he broke bank rules by arranging a pay raise for his girlfriend Shaha Riza, a bank employee.
The appointment is subject to approval of the bank’s 24-member board. The bank’s directors, with no mention of Zoellick, said in a Tuesday evening statement that the next president must have a proven record of leadership, experience managing large international organizations, a commitment to development, an appreciation of “multilateral cooperation” and “political objectivity and independence.”
The directors also noted that any of its members can nominate a potential president.
Zoellick left the State Department last year and now is an executive with Goldman Sachs, a Wall Street powerhouse.
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