Thursday, December 27, 2007

December 27, 1945:

Creation of the World Bank

Though an international organization, the World Bank presidency is in effect controlled by another presidency -- that of the United States. The president of the United States nominates someone for the World Bank position (these days the World Bank Group, consisting of five organizations), who is then confirmed by the bank's board of governors.

Harry Truman nominated three men for the position, including the first, Eugene Meyer, financier and owner of the Washington Post. John Kennedy nominated one. LBJ also nominated one, former Defense Secretary Robert McNamara, who stayed at the position until the presidency of Ronald Reagan, who nominated McNamara's two successors. George HW Bush and Bill Clinton nominated one person each, and George W. Bush has nominated two. Presidents Eisenhower, Nixon, Ford and Carter didn't have the opportunity to make any new nominations.

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