17 July 2008 | Washington, DC
The World Bank Caucus aims to foster dialogue between the World Bank and members of the U.S. Congress on development, poverty and trade issues.
In an effort to increase ties between the U.S. Congress and the World Bank, World Bank President Robert Zoellick joined Rep. Betty McCollum (D-MN) and Rep. Kevin Brady (R-TX) along with a bipartisan group of Members of Congress in launching the Caucus for Congressional-World Bank Dialogue at an event on Capitol Hill, Wednesday, July 16.
With the Bank's President and senior officials barred from testifying before congressional committees and limited to only closed-door meetings, the purpose of the new Caucus, according to Reuters, would be to "deepen, and in some cases launch discussions between the Bank and the U.S. Congress on development, poverty and trade issues."
There are varying motives for increasing Congressional ties with the World Bank. Security concerns such as lending to Iran, which Washington accuses of developing nuclear weapons, have been raised recently by lawmakers, along with doubts about the effectiveness of the Bank in reducing poverty and allegations of wasting money on corruption. Rep. Phil English (R-PA) was quoted by Reuters as saying that the Caucus would aim to ensure that "U.S. tax dollars are used most effectively but also for coordinating Congress' strategy in dealing with global poverty and promoting capitalism worldwide in creating a rising tide that lifts all boats."
Rep. McCollum, along with Reps. Maxine Waters (D-CA) and Gwen Moore (D-WI) see the Caucus as a way for Congress to play a larger role in overseeing global development and focus on issues such as fighting poverty, rising food prices, and debt cancellation. At the launch, Rep. Moore criticized Bank privitization policies that had pushed people further into poverty as well as the heavy-handed nature of structural adjustment. Rep. Waters called on the World Bank to "expedite debt cancellation" specifically for Haiti and Liberia and "ensure that all of the world's poorest countries are freed from onerous debts."
Reps. McCollum and Brady will serve as Co-chairs. Founding Members of the caucus include Spencer Bachus (R-AL), Ander Crenshaw (R-FL), Joseph Crowley (D-NY), Gwen Moore (D-WI), Mike Pence (R-IN), Gregory Meeks (D-NY), Henry Waxman (D-CA), Philip English (R-PA), Maxine Waters (D-CA), Jerry Weller (R-IL) and Brad Sherman (D-CA).
Sources
U.S. lawmakers and World Bank seek to bridge gaps, By Leslie Wroughton, Reuters, July 16, 2008 (Reuters website)
U.S. Reps. Betty McCollum, Kevin Brady and World Bank President Robert B. Zoellick Launch Caucus for Congressional – World Bank Dialogue, July 16, 2008 (Website of Congresswoman Betty McCollum)