1701 K STREET, N.W., SUITE 950 • WASHINGTON, D.C. 20006 • PHONE: 202.331.1616 • WWW.BRETTONWOODS.ORG July 31, 2017 The Honorable Lindsey Graham The Honorable Patrick Leahy U.S. Senate U.S. Senate The Honorable Harold Rogers The Honorable Nita Lowey U.S. House of Representatives U.S. House of Representatives Dear Senator Graham, Senator Leahy, Representative Rogers, and Representative Lowey: We are writing in collective support of the authorization and appropriation for the International Development Association (IDA), the World Bank’s fund for the poorest. At a minimum, we request a 3-year authorization of $3.291 billion and appropriation of $1.097 billion for the first year, as per the President’s request. In December 2016, the United States pledged $3.871 billion for the 3-year IDA18 replenishment period. While the House Financial Services Committee has authorized the President’s requested amount, the House State Foreign Operations Appropriations Subcommittee has proposed only $658m for FY2018, a drastic 50% cut from the original U.S. pledge. IDA’s work critically supports U.S. national security. IDA leverages the power of the global community to assist countries where poverty and disease can breed political instability and foster extremism. Good governance, anti-corruption, disease prevention, and infrastructure investment projects promote stability in weak states, which precipitates positive spillover effects on regional and global security. IDA’s rapid response to the Ebola pandemic and the current famine in Sub-Saharan Africa and Yemen proves its capacity to both promote long-term stability and address immediate crises. IDA projects target major underlying drivers of conflict and extremism, fostering a safer world for all Americans. IDA funding champions U.S. global leadership. As the largest shareholder of the World Bank, the United States is the only country that possesses veto power, thus assuring a strong voice for U.S. economic, national security and diplomatic interests and priorities at the institution. Sustained U.S. international leadership proves critical at a time when China and Russia seek to scale up global economic influence. Maintaining the United States’ historical level of support for IDA will ensure and reinforce U.S. leadership on the global stage. IDA produces high development impact at low cost. Over 55 years of experience, global reach, cross-sector knowledge, and rigorous impact measurement solidify IDA as one of the world’s most effective platforms for development. Contributions from over 50 countries coupled with internal resources and funds leveraged through capital markets reduces aid fragmentation and opens new markets to American goods, such as Eastern Europe and Southeast Asia. IDA provides unparalleled 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 value for money: every $1 in IDA donor contributions generates about $3 in financing for the poorest states. We certainly recognize the fiscal pressures the Congress faces, but we urge you to authorize at least $3.291 billion over three years and appropriate $1.097b in FY2018 for IDA, as requested by the President. Sincerely, Jim Kolbe James D. Wolfensohn Randy S. Rodgers Co-Chair Co-Chair Executive Director On behalf of the members of the Bretton Woods Committee, including our U.S. members: Nishith Acharya Eric Anderson R. Michael Barth Calvert Foundation Planetary Resources, Inc. Barth & Associates LLC Renee Acosta Martin Apple David Beckmann Global Justice Center Council Of Scientific Society Bread For The World Presidents Tim Adams Geoffrey Bell Institute of International Finance Paul V. Applegarth Geoffrey Bell & Company, Inc. Value Enhancement International Reena Aggarwal Robert R. Bench Georgetown University Daniel Arbess WorldBoston Perella Weinberg Partners Robert Albertson Lucy Wilson Benson Sandler O'Neill & Partners, L.P. Robert R. Aronsson Apollo Energy Systems, Inc Kenneth E. Bentsen, Jr. Madeleine Albright Securities Industry and Financial Albright Stonebridge Group Norman R. Augustine Markets Association Review of the United States Human Buzz Aldrin Space Flight Plans Committee Robert J. Berg Starbuzz Enterprises Alliance for Peacebuilding James Bacchus Donna Alexander Greenberg Traurig LLP C. Fred Bergsten Advoxum Global Strategies Peterson Institute for International Raymond Baker Economics Sarah E. Alexander Global Financial Integrity Emerging Markets Private Equity Jörg Bibow Richard H. Baker Skidmore College Daniel Alpert Managed Funds Association Westwood Capital, LLC David Biltchik James Baker, III Consultants International Group Cate Ambrose Baker Botts LLP Latin America Private Equity and Nancy M. Birdsall Venture Capital Association Kevin F. Barnard Center for Global Development Arnold & Porter LLP James J. Blanchard Cesare Calari Bill Clapp DLA Piper Wolfensohn & Company LLC Seattle International Foundation Alan S. Blinder Kent Calder Robert L. Clarke Princeton University Johns Hopkins University School of Bracewell LLP Advanced International Studies W. Michael Blumenthal James Clawson Jewish Museum of Berlin Carolyn Campbell University of Virginia Emerging Capital Partners David L. Boren Kevin Cleaver Oklahoma University Frank C. Carlucci Carlyle Group E. Patrick Coady James Boughton Coady Diemar Partners Centre for International Governance Jimmy Carter Innovation The Carter Center Warren Coats IMF (ret.) Colin Bradford Lourdes Casanova The Brookings Institution S.C. Johnson School of Kenneth S. Cohen Management, Cornell Univeristy MassMutual Financial Group Nicholas F. Brady Darby Overseas Investments Kevin Casas-Zamora Rodgin Cohen Inter American Dialogue Sullivan & Cromwell LLP Joseph C. Brandt ContourGlobal Gilbert F. Casellas William Cohen Omnitru Technologies, LLC The Cohen Group Myron Brilliant U.S. Chamber of Commerce Stephen D. Cashin Jean-Marc Coicaud Pan African Capital Group Rutgers University Harry G. Broadman Johns Hopkins University SAIS Gerald S. J. Cassidy Julius E. Coles Cassidy & Associates Andrew Young Center for Global Pierre Brondeau Leadership, Morehouse College FMC Corporation Guillaume Castel The Advisory Board Company Jay Collins Carole L. Brookins Citigroup Public Capital Advisors Michael M. Chamberlin Emerging Markets Traders Mark M. Collins Harold Brown Association Brown Advisory and Trust Center for Strategic and Company International Studies Sandra Charles C&O Resources, Inc John Conroy Giancarlo Bruno Baker & McKenzie World Economic Forum Kenneth I. Chenault American Express Bank Jill M. Considine Ralph C. Bryant LCHClearnet The Brookings Institution Edward J. Chesky State Dept/USAID (ret.) Lawrence S. Cooley Deborah Burand Management Systems International New York University Samuel F. Chevalier West Hill Richard N. Cooper James B. Burnham Harvard University Duquesne University (ret.) Julie Chon Perry Capital E. Gerald Corrigan Edward Burton The Challenger Foundation U.S.-Saudi Arabian Business Aysha Chowdhry Council RiceHadleyGates LLC David A. Coulter Warburg Pincus LLC Landon Butler James Claire Landon Butler & Co. Mizuho Securities Sam Y. Cross Patricia Mary Dinneen Thomas L. Farmer International Monetary Fund (Ret.) EMPEA International Consultants Group, Inc. Alexander B. Cummings Patrick F. Dolan Acadia Fund, LP Diana Farrell Jason Cummins J.P. Morgan Chase & Co. Brevan Howard Donald F. Donahue Miranda Partners, LLC Patrick Fay Nelson Cunningham Mizuho Securities USA, Inc. McLarty Associates John Donaldson The World Bank Group (ret.) Martin Feldstein W. Bowman Cutter Harvard University Roosevelt Institute Peter Donaldson Niall Ferguson David D. Cutting Craig S. Donohue Harvard University The Options Clearing Corporation J. Dewey Daane Michael Feroli Owen Graduate School of Cal Dooley J.P. Morgan Chase & Co. Management American Chemistry Council Stanley Fischer Ray Dalio William Drozdiak Board of Governors of the Federal Bridgewater Associates Inc. McLarty Associates Reserve System Michael T. Dan John Dugan Dennis Flannery Blue Heron Capital Covington & Burling LLP Citigroup Stephen J. Dannhauser Robert H. Edwards, Jr. Gail Fosler Weil, Gotshal & Manges LLP Kilpatrick Townsend & Stockton The GailFosler Group LLC LLP Onno de Beaufort Wijnholds Richard Frank Financial Consultant (independent) Khaled El Ghorab Darby Overseas National Bank of Egypt - New York Investments/Franklin Templeton Whitney Debevoise Branch Arnold & Porter Tony Fratto Mohamed El-Erian Hamilton Place Strategies Richard A. Debs Allianz Morgan Stanley Jendayi E. Frazer Anthony Elson Columbia University David Deese Johns Hopkins SAIS & Duke Boston College Center for International Daniel Freifeld Development Callaway Capital Management LLC Raj M. Desai Georgetown University Warren E. Emblidge Jacob Frenkel McCullagh International J.P. Morgan Chase & Co. Ross DeVol Milken Institute Joseph Engelhard Bart Friedman Metlife Cahill Gordon & Reindel LLP Rimmer deVries John Engler Zack Friedman Thelma Diaz Business Roundtable Mina Group Independent Consultant Robert Fagenson Joan M. Frost Robert L. Dilenschneider National Holdings Corporation The Dillon Fund The Dilenschneider Group Marina Fanning Martin Frost James Dimon Management