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September 6, 2019 the Honorable 1701 K STREET, N.W., SUITE 950 • WASHINGTON, D.C. 20006 • PHONE: 202.331.1616 • WWW.BRETTONWOODS.ORG September 6, 2019 The Honorable James E. Risch The Honorable Bob Menendez Chairman Ranking Member Committee on Foreign Relations Committee on Foreign Relations United States Senate United States Senate Dear Senator Risch and Senator Menendez: We write to ask that you support both the authorization and appropriations for the general capital increase (GCI) for the International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC) of the World Bank Group. As you know, the World Bank Group’s shareholders endorsed an ambitious package of measures for the capital increase in 2018. It includes internal reforms and a set of policy measures that greatly strengthens the institution’s ability to scale up resources and deliver on its mission of fighting global poverty. It was developed in response to an increasingly complex development landscape and to confront emerging challenges to the global economy which will require a coordinated and sustained effort. The Bank has also developed, for the first time, a comprehensive strategy to address fragility, conflict and violence in countries where assistance is needed the most. It is important that the United States supports this effort because it: • Promotes National Security Interests World Bank support to countries where poverty and disease can breed political instability and foster extremism is vital to U.S. national security interests. World Bank projects promote stability in weak states and help mitigate cross-border problems – such as the Ebola outbreak and refugee crises – which precipitates positive spillover effects on national, regional, and global security fostering a safer world for all Americans. • Advances U.S. Business Opportunities Abroad With downside risks still threatening the global economic outlook, World Bank assistance to developing and emerging economies also means preserving and advancing the interests of U.S. business and American workers of companies that trade and invest in these countries. • Sustains Global Leadership Support ensures the U.S.’ ability to influence and direct lending and activities at the World Bank that align with U.S. values and policy priorities – especially important in a global economy where China and Russia seek to scale up influence. World Bank internal reforms included in this package are U.S. policy priorities that will continue to push the institution to improve effectiveness, transparency and accountability. We would therefore urge Congress to continue its longstanding, bipartisan support for the World Bank Group and fully authorize and appropriate the general capital increase (GCI) package. Sincerely, Richard A. Debs James D. Wolfensohn Jim Kolbe Chair, International Council Co-Chair Co-Chair HONORARY CO-CHAIRS CHAIRS EMERITI ADVISORY COUNCIL CO-CHAIRS SECRETARY PRESIDENT GEORGE H.W. BUSH E. GERALD CORRIGAN MOHAMED EL-ERIAN JIM KOLBE JAMES C. ORR PRESIDENT JIMMY CARTER HENRY H. FOWLER RUTH PORAT JAMES D. WOLFENSOHN PRESIDENT GERALD R. FORD BILL FRENZEL WILLIAM R. RHODES EXECUTIVE DIRECTOR HENRY OWEN JEAN-CLAUDE TRICHET CHAIR, RANY S. RODGERS PAUL A. VOLCKER SIR DAVID WALKER INTERNATIONAL COUNCIL CHARLS E. WALKER RICHARD A. DEBS On behalf of the members of the Bretton Woods Committee, including our U.S. members: Nishith Acharya Daniel J. Arbess C. Fred Bergsten Equal Innovation Consulting Xerion Funds Peterson Institute for International Economics Timothy Adams Robert R. Aronsson Institute of International Finance Apollo Energy Systems, Inc Afsaneh Mashayekhi Beschloss Rock Creek Group Reena Aggarwal Norman R. Augustine McDonough School of Business, Review of the United States Human Jörg Bibow Georgetown University Space Flight Plans Committee Skidmore College Masood Ahmed Sara Aviel David Biltchik Center For Global Development Obama Administration Consultants International Group Robert Albertson James Bacchus Nancy M. Birdsall Sandler O'Neill & Partners, L.P. University of Central Florida Center for Global Development Madeleine Albright Raymond Baker James J. Blanchard Albright Stonebridge Group Global Financial Integrity DLA Piper Richard S. Aldrich Richard H. Baker Alan S. Blinder Private Export Funding Corporation Managed Funds Association Princeton University Buzz Aldrin James A. Baker, III W. Michael Blumenthal Starbuzz Enterprises Baker Botts LLP Jewish Museum of Berlin Donna Alexander Kevin F. Barnard Brian Bombassaro Advoxum Global Strategies Arnold & Porter LLP U.S. Senate Committee on Finance Sarah E. Alexander R. Michael Barth David L. Boren Private Capital Strategies Barth & Associates LLC Oklahoma University Diane Alleva Caceres Carol Beaumier James Boughton Market Access International, Inc.; Protiviti Centre for International Governance Georgia Institute of Technology Innovation David Beckmann Daniel Alpert Bread for the World Michael P. Boyle Westwood Capital, LLC Boyle Energy Services & Geoffrey Bell Technology, Inc. Cate Ambrose Geoffrey Bell & Company, Inc. Latin America Private Equity and Nicholas F. Brady Venture Capital Association Robert R. Bench Choptank Partners, Inc. WorldBoston Eric Anderson Myron Brilliant Planetary Resources, Inc. Mariano Bengoechea U.S. Chamber of Commerce Citigroup Daniel Andrich Pierre Brondeau Representative of German Industry Lucy Wilson Benson FMC Corporation and Trade U.S. Department of State Carole L. Brookins Martin Apple Kenneth E. Bentsen, Jr. Public Capital Advisors Council of Scientific Society Securities Industry and Financial Presidents Markets Association Seamus Brown Moore Capital Management Paul V. Applegarth Robert J. Berg Value Enhancement International Alliance for Peacebuilding Giancarlo Bruno Kenneth I. Chenault E. Gerald Corrigan World Economic Forum General Catalyst The Challenger Foundation Willem Hendrik Buiter Samuel F. Chevalier David A. Coulter Citigroup West Hill Warburg Pincus LLC Deborah Burand Julie Chon Sam Y. Cross New York University School of Moore Capital Management International Monetary Fund (Ret.) Law James Claire Nelson Cunningham Edward Burton Mizuho Securities McLarty Associates U.S.-Saudi Arabian Business Council Bill Clapp W. Bowman Cutter Seattle International Foundation Roosevelt Institute Landon Butler Integrity Initiatives International Robert L. Clarke David D. Cutting Bracewell LLP Cesare Calari Martin Dahinden Encourage Capital Kevin Cleaver Embassy Of Switzerland Kent Calder E. Patrick Coady Ray Dalio Johns Hopkins University School of Coady Diemar Partners Bridgewater Associates Inc. Advanced International Studies Warren Coats Michael T. Dan Carolyn Campbell International Monetary Fund (ret.) Blue Heron Capital Emerging Capital Partners Kenneth S. Cohen Stephen J. Dannhauser Lourdes Casanova MassMutual Financial Group Weil, Gotshal & Manges LLP S.C. Johnson School of Management, Cornell Univeristy Rodgin Cohen Onno de Beaufort Wijnholds Sullivan & Cromwell LLP Financial Consultant (independent) Kevin Casas-Zamora Peter D. 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