Clinton's to run the World Bank?

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Hillary Clinton 'wants to quit to run World Bank'

Hillary Clinton has been in discussions with the White House about stepping down from her job as Secretary of State to become head of the World Bank, according to reports.


Hillary Clinton: Could she be interested in becoming head of the World Bank? Photo: AFP/Getty Images

By Toby Harnden, Washington

10:24PM BST 09 Jun 2011


Mrs Clinton, the former First Lady, Senator for New York and rival to President Barack Obama in the 2008 Democratic primary race, is said to be eager to become the first female president of the World Bank should the post become vacant next year.

"Hillary Clinton wants the job," a source close to Mrs Clinton told Reuters, which broke the news of the possible move.

Robert Zoellick, a former Bush administration official, is believed to be ready to step down as president at the end of his term in the middle of next year.

Mrs Clinton has made clear she does not want to remain US Secretary of State, a gruelling job demanding months of world travel each year, beyond Mr Obama's first term.

Another source told Reuters that Mr Obama supported her taking the helm at the World Bank, which is traditionally led by an American.

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Once formally nominated for the post by Mr Obama, Mrs Clinton's appointment would require approval by the 187 member countries of the World Bank.

Philippe Reines, a spokesman for Mrs Clinton, issued a strong denial, releasing a statement saying: "Secretary Clinton has not had any conversations with the president, the White House or anyone about moving to the World Bank. She has expressed absolutely no interest in the job. She would not take it if offered."

Jay Carney, the White House press secretary, also denied that Mrs Clinton was interested in the role.

Taking over the World Bank could be seen as an end to Mrs Clinton's domestic political ambitions.

If she served out a five-year term, that would take her beyond the 2016 election, when she would be 69.

On the other hand, if she stepped down early from the World Bank she could enter the 2016 race for the White House with historically unparalleled experience in foreign policy, economic policy, on Capitol Hill and as First Lady.

Discussions about the next president of the World Bank would be a natural part of talks about who should replace Dominique Strauss-Kahn as head of the International Monetary Fund. The Frenchman resigned after being accused of sexually assaulting a hotel maid in New York.

The head of the IMF has always been a European and the World Bank presidency has always been held by an American, though this is now being challenged by some countries with emerging economies. The Obama administration is expected to back Christine Lagarde, the French Minister, for the IMF.

As Secretary of State, Mrs Clinton has been outspoken on global development issues, particularly the need to improve the economic circumstances of females in developing countries.

The World Bank provides billions of dollars in development funds to the poorest countries and is also at the centre of issues such as climate change, post-conflict reconstruction and transitions to democracy.

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The next World Bank president: Bill Clinton?

Former US president Bill Clinton could be the transformative leader to replace Robert Zoellick as head of the World Bank



Bill Clinton is being talked about as the next president of the World Bank. Photograph: Ethan Miller/Getty

The World Bank desperately needs to revive its fortunes after years of lacklustre leadership and shrinking role – which is precisely why former US president Bill Clinton is among the names being touted as its next head to replace Robert Zoellick.

Lael Brainard, under-secretary for international affairs at the US Treasury, has been responsible for drawing up the White House's shortlist of candidates to replace Zoellick.

Alongside names such as Larry Summers and Tim Geithner, speculation in Washington has been rampant if unsourced that Bill Clinton's name is in the frame, and the constant rumours that Hillary Clinton was interested in the job – repeatedly denied by her – were in fact a misunderstanding over which Clinton was a candidate.

Hillary Clinton's role as US secretary of state would be a bar to Bill taking the top job at the Bank – but Hillary's decision to step down after the US presidential election later this year removes that obstacle.

But another obstacle to Bill Clinton – or any of the other American candidates – is the US's pledge to open up the top job to candidates that don't hold a US passport, including a commitment made at the G20.

Since the IMF and the World Bank were established, the pair of multilateral finance institutions have had their leadership carved up between the Europeans in the IMF and America in the World Bank. And for years activists have been trying to overturn that situation, especially in the case of the Bank because of its wider role in the developing world.

But the current voting structures favour the status quo, with the Europeans and Americans able to impose their own candidate if things got ugly, while the US alone can effectively veto a candidate it didn't approve.

President Obama could take the bold decision to open the Bank presidency to a non-US citizen. But it remains too tempting to use that power to reward a political ally, especially for a desirable post that doesn't require a battle with Congress for confirmation.

Obama has also come under fire from the Republican presidential contenders for "apologising for America" – in Mitt Romney's words – and for lacking leadership. Appointing a non-American to a job previously seen as a US satrapy by the US Congress could give substance to those attacks.

With an election looming Obama may take the easy option, along with some window dressing of including one or two names of well qualified candidates from the developing world such as Nigeria's minister of finance Ngozi Okonjo-Iweala.

The attraction of a Bill Clinton candidacy is that his reputation makes him acceptable to Americans and many non-American critics alike, preserving the US government's commitment to an open appointment process while keeping the post in US hands.

The only major question mark over Bill Clinton would be his health – if the 65-year-old is unwilling to undergo medical tests and the potential humiliation if he is rejected on grounds of fitness.

One close observer of the Bank said that Bill Clinton "has the stature" to be a transformative president, "able to change the Bank and the courage to take it in new directions," by overhauling its management structure.

And there is one possible candidate said to be interested in the job who would be a ground-breaking non-American choice while still placating US critics: Tony Blair. The former British prime minister has privately expressed interest but how seriously remains an open question. Blair's candidacy would not be embraced by the current British government. But if the White House was open to it then No 10's opinion would hardly sway them.

[American Patriot]

Oh... ok.

Alright, I give in to Michael and the rest.

There IS an Illuminati.....

[Malsua]

What banking experience does HIllary Clinton have? Holy crap, only a cabal of old white men in robes and wigs could do something this stupid.

[American Patriot]

What banking experience does HIllary Clinton have? Holy crap, only a cabal of old white men in robes and wigs could do something this stupid.

Well, she's a woman, she ran a household with a lot of servants, and one ugly kid and a letch for a husband.

She had "more experience" at the White House than John McCain (8 years of course as First Lady!) LMAO.

Let me see. She is a lawyer who hasn't been disbarred yet, like her husband.

She's never been impeached (like her husband).

She's a bitch.... (like her husband).

Let me see.

Yeah, you're right, no banking experience there at all.

[Ryan Ruck]

What banking experience does HIllary Clinton have? Holy crap, only a cabal of old white men in robes and wigs could do something this stupid.

Apparently a lot. Maybe with that type of skill she can end all the world's debt!

[Malsua]

Well, maybe she can turn 100 million into a few trillion without asking for it from US taxpayers. Somehow I doubt it.

[American Patriot]

I doubt that very much. LOL

[Malsua]

Maybe she'll just ship out boxes of bearer bonds worth 6 trillion. Oh wait, the Italians just caught on to that gag.

[Ryan Ruck]

So I heard... Supposedly this guy was picked up with them.

[Malsua]

Too bad that's not a picture from an alternate universe where he's a member of the crips, complete with teardrops and neck tattoos.