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November 21, 2016

The Honorable Jacob J. Lew Secretary of the Treasury U.S. Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, DC 20220

Dear Secretary Lew,

We are writing in collective support of a strong replenishment of the International Development Association (IDA), the World Bank’s fund for the poorest. IDA is unique in that it is able to respond to the complex challenges facing the world’s 77 poorest countries like no other international development institution.

IDA works – for the poor. We support IDA, because it delivers results. From 2010-2016, IDA funding helped to provide nearly half a billion people with access to essential health services, immunize more than 250 million children, and recruit and train about 7.5 million teachers. During the Ebola crisis, IDA committed $1.2 billion for response and recovery efforts, helping to establish 138 Ebola care units, distribute nearly 20,000 tons of food, and provide food, water and basic supplies to more than 700,000 people in quarantined communities. From gender equality to the creation of jobs that provide opportunities for refugees and their host communities, IDA provides innovative, long-term solutions.

IDA works – for the United States. IDA directly supports key U.S. development priorities. As an un-earmarked fund, IDA has the flexibility to address global challenges–such as conflict and fragility– for the global common good. Addressing these issues through multilateral channels where donor funds are pooled and leveraged is in the interest of the U.S. IDA’s triple-A rating allows it to raise billions of additional dollars in the capital markets for its clients, and offers donors even greater value for money. For each dollar donors contribute, IDA will provide the poorest countries with $3 in financing.

As the Treasury Department prepares its IDA18 pledge, we recognize the fiscal pressures the Department faces. Yet, we urge you to maintain the same level of funding the U.S. made for IDA17 in the IDA18 replenishment–$3.9 billion. Many donors take the U.S. pledge into account when determining their own investment, so any decrease in the U.S. commitment would likely have a downward multiplier effect, and could potentially send a negative signal to the rating agencies about the level of U.S. support for IDA.

Thank you for your continued support and leadership of IDA. We look forward to sharing such a message with others in the months ahead to help ensure the United States follows through on our commitment to IDA.

Sincerely,

Randy S. Rodgers James D. Wolfensohn Jim Kolbe

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 James Bacchus W. Michael Blumenthal Calvert Foundation Greenberg Traurig LLP Jewish Museum of Berlin

Renee Acosta Raymond Baker David L. Boren Global Justice Center Global Financial Integrity Oklahoma University

Tim Adams Richard H. Baker James Boughton Institute of International Finance Managed Funds Association Centre for International Governance Innovation Reena Aggarwal James Baker, III Georgetown University Baker Botts LLP Colin Bradford The Brookings Institution Robert Albertson Kevin F. Barnard Sandler O'Neill & Partners, L.P. Arnold & Porter LLP Nicholas F. Brady Darby Overseas Investments Madeleine Albright R. Michael Barth Albright Stonebridge Group Barth & Associates LLC Joseph C. Brandt ContourGlobal Buzz Aldrin David Beckmann Starbuzz Enterprises Bread For The World Myron Brilliant U.S. Chamber of Commerce Donna Alexander Geoffrey Bell Advoxum Global Strategies Geoffrey Bell & Company, Inc. Harry G. Broadman Johns Hopkins University SAIS Sarah E. Alexander Robert R. Bench Emerging Markets Private Equity WorldBoston Pierre Brondeau FMC Corporation Daniel Alpert Lucy Wilson Benson Westwood Capital, LLC Carole L. Brookins Kenneth E. Bentsen, Jr. Public Capital Advisors Cate Ambrose Securities Industry and Financial Latin America Private Equity and Markets Association Harold Brown Venture Capital Association Center for Strategic and Robert J. Berg International Studies Eric Anderson Alliance for Peacebuilding Planetary Resources, Inc. Giancarlo Bruno C. Fred Bergsten World Economic Forum Martin Apple Peterson Institute for International Council Of Scientific Society Economics Ralph C. Bryant Presidents The Brookings Institution Jörg Bibow Paul V. Applegarth Skidmore College Zbigniew Brzezinski Value Enhancement International Center for Strategic and David Biltchik International Studies Daniel Arbess Consultants International Group Perella Weinberg Partners Deborah Burand Nancy M. Birdsall New York University Robert R. Aronsson Center for Global Development Apollo Energy Systems, Inc James B. Burnham James J. Blanchard Duquesne University (ret.) Norman R. Augustine DLA Piper Review of the United States Human Edward Burton Space Flight Plans Committee Alan S. Blinder U.S.-Saudi Arabian Business Princeton University Council

Landon Butler James Claire David A. Coulter Landon Butler & Co. Mizuho Securities Warburg Pincus LLC

Cesare Calari Bill Clapp Sam Y. Cross Wolfensohn & Company LLC Seattle International Foundation International Monetary Fund (Ret.)

Kent Calder Robert L. Clarke Alexander B. Cummings Johns Hopkins University School of Bracewell LLP Advanced International Studies Jason Cummins James Clawson Brevan Howard Carolyn Campbell University of Virginia Emerging Capital Partners Nelson Cunningham Kevin Cleaver McLarty Associates Frank C. Carlucci Carlyle Group E. Patrick Coady W. Bowman Cutter Coady Diemar Partners Roosevelt Institute Jimmy Carter The Carter Center Warren Coats David D. Cutting IMF (ret.) Lourdes Casanova J. Dewey Daane S.C. Johnson School of Kenneth S. Cohen Owen Graduate School of Management, Cornell Univeristy MassMutual Financial Group Management

Kevin Casas-Zamora Rodgin Cohen Ray Dalio Inter American Dialogue Sullivan & Cromwell LLP Bridgewater Associates Inc.

Gilbert F. Casellas William Cohen Michael T. Dan Omnitru Technologies, LLC The Cohen Group Blue Heron Capital

Stephen D. Cashin Jean-Marc Coicaud Stephen J. Dannhauser Pan African Capital Group Rutgers University Weil, Gotshal & Manges LLP

Gerald S. J. Cassidy Julius E. Coles Onno de Beaufort Wijnholds Cassidy & Associates Andrew Young Center for Global Financial Consultant (independent) Leadership, Morehouse College Guillaume Castel Whitney Debevoise The Advisory Board Company Jay Collins Arnold & Porter Citigroup Michael M. Chamberlin Richard A. Debs Emerging Markets Traders Mark M. Collins Morgan Stanley Association Brown Advisory and Trust Company David Deese Sandra Charles Boston College C&O Resources, Inc John Conroy Baker & McKenzie Raj M. Desai Kenneth I. Chenault Georgetown University American Express Bank Jill M. Considine LCHClearnet Ross DeVol Edward J. Chesky Milken Institute State Dept/USAID (ret.) Lawrence S. Cooley Management Systems International Rimmer deVries Samuel F. Chevalier West Hill Richard N. Cooper Thelma Diaz Harvard University Independent Consultant Julie Chon Perry Capital E. Gerald Corrigan Robert L. Dilenschneider The Challenger Foundation The Dilenschneider Group Aysha Chowdhry RiceHadleyGates LLC

James Dimon Marina Fanning Martin Frost J.P. Morgan Chase & Co. Management Systems International Polsinelli, Shalton, Flanigan, (ret.) Suelthaus Patricia Mary Dinneen EMPEA Thomas L. Farmer Bill Frymoyer International Consultants Group, Stewart and Stewart Patrick F. Dolan Inc. Acadia Fund, LP William A. Furman Diana Farrell The Greenbrier Companies Donald F. Donahue J.P. Morgan Chase & Co. Miranda Partners, LLC Kevin Gallagher Patrick Fay Boston University John Donaldson Mizuho Securities USA, Inc. The World Bank Group (ret.) Christopher B. Galvin Martin Feldstein Harrison Street Real Estate Capital Peter Donaldson Harvard University LLC

Craig S. Donohue Niall Ferguson Stewart Gamage The Options Clearing Corporation Harvard University University of Virginia Foundation

Cal Dooley Michael Feroli Stephen Ganyard American Chemistry Council J.P. Morgan Chase & Co. Avascent International

William Drozdiak Stanley Fischer Richard N. Gardner McLarty Associates Board of Governors of the Federal Columbia University Reserve System John Dugan Henry Louis Gates Covington & Burling LLP Dennis Flannery W.E.B. Du Bois Institute for Citigroup African and African American Robert H. Edwards, Jr. Research Kilpatrick Townsend & Stockton Gail Fosler LLP The GailFosler Group LLC Matthew Gelfand Rockefeller & Co. Khaled El Ghorab Richard Frank National Bank of Egypt - New York Darby Overseas David B. Gill Branch Investments/Franklin Templeton Mark Gillen Mohamed El-Erian Tony Fratto Allianz Hamilton Place Strategies Dessa Glasser J.P. Morgan Chase & Co. Anthony Elson Jendayi E. Frazer Johns Hopkins SAIS & Duke Columbia University Aaron Goach, Esq. Center for International Global Criterion Solutions Development Daniel Freifeld Callaway Capital Management LLC Daniel Goldman Warren E. Emblidge Syntax Analytics McCullagh International Jacob Frenkel J.P. Morgan Chase & Co. Jeffrey A. Goldstein Joseph Engelhard Hellman & Friedman Metlife Bart Friedman Cahill Gordon & Reindel LLP Harvey Golub John Engler Hudsonfield Business Roundtable Zack Friedman Mina Group Lawrence Goodman Robert Fagenson Center for Financial Stability National Holdings Corporation Joan M. Frost The Dillon Fund Elizabeth Goryunova World Trade Association of Utah

Peter M. Gottsegen John G. Heimann William Jannace Institute of International Education Financial Stability Institute Fordham Law School

Thomas Graham John Heintz L. Oakley Johnson Lightbridge Financial Services Forum Albright Stonebridge Group

Jacqueline Grapin C. Randall Henning Charles R. Johnston The European Institute American University Citigroup

Micah S. Green Carla A. Hills Vernon Jordan Steptoe & Johnson LLP Hills & Company International Akin Gump Strauss Hauer & Feld Consultants LLP Maurice Greenberg The Starr Foundation Paul Hinks Miles Kahler Symbion Power American University Vartan Gregorian Carnegie Corporation of New York John Hoey James A. Kaitz Beneficial Capital Corporation Association for Financial Lawrence K. Grossman Professionals, Inc. Digital Promise Project Donald Hoffman EXCEL Services Corporation Gautam Kaji Kenneth A. Guenther Centennial Group Certegy Inc George Hoguet State Street Global Advisors James Kamihachi Eric Guichard KCW Partners, LLC Gravitas Capital Advisors Robert Holleyman Office of the United States Trade Allison Katen Mauro Guillen Representative HSBC Securities Wharton School Matina S. Horner Joan Alice Katen Anil K. Gupta BlackRock Pace University University Of Maryland Gene Huang Henry Kaufman Kenneth Gutwillig Abbott Laboratories Henry Kaufman & Company, Inc. Financial Decisions, Inc. Kent H. Hughes Thomas H. Kean Randall D. Guynn Woodrow Wilson International THK Consulting, LLC Davis Polk & Wardell, LLP Center for Scholars Frank Keating Odo G. Habeck Cornelius K. Hurley Holand & Knight Aqua Levee Group Boston University Center for Finance Law and Policy Colm Kelleher John Halder Morgan Stanley J Halder Consulting Lee A. Iacocca Iacocca Foundation George A. Kellner Lee H. Hamilton Kellner Capital Indiana University Bobby R. Inman Hugh C. Kelly Jeffrey S. Hammer William M. Isaac Princeton University FTI Consulting Nemir A. Kirdar Investcorp International, Inc. Kenneth W. Hansen Yves-Andre Istel Chadbou