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1701 K STREET, N.W., SUITE 950 WASHINGTON, D.C. 20006 PHONE: 202.331.1616 WWW.BRETTONWOODS.ORGSeptember 6, 2019The Honorable James E. RischChairmanCommittee on Foreign RelationsUnited States SenateThe Honorable Bob MenendezRanking MemberCommittee on Foreign RelationsUnited States SenateDear Senator Risch and Senator Menendez:We write to ask that you support both the authorization and appropriations for the general capitalincrease (GCI) for the International Bank for Reconstruction and Development (IBRD) and the InternationalFinance Corporation (IFC) of the World Bank Group.As you know, the World Bank Group’s shareholders endorsed an ambitious package of measures forthe capital increase in 2018. It includes internal reforms and a set of policy measures that greatly strengthens theinstitution’s ability to scale up resources and deliver on its mission of fighting global poverty. It was developedin response to an increasingly complex development landscape and to confront emerging challenges to the globaleconomy which will require a coordinated and sustained effort. The Bank has also developed, for the first time,a comprehensive strategy to address fragility, conflict and violence in countries where assistance is needed themost. It is important that the United States supports this effort because it: Promotes National Security InterestsWorld Bank support to countries where poverty and disease can breed political instability and fosterextremism is vital to U.S. national security interests. World Bank projects promote stability in weak statesand help mitigate cross-border problems – such as the Ebola outbreak and refugee crises – which precipitatespositive spillover effects on national, regional, and global security fostering a safer world for all Americans. Advances U.S. Business Opportunities AbroadWith downside risks still threatening the global economic outlook, World Bank assistance to developingand emerging economies also means preserving and advancing the interests of U.S. business and Americanworkers of companies that trade and invest in these countries. Sustains Global LeadershipSupport ensures the U.S.’ ability to influence and direct lending and activities at the World Bank that alignwith U.S. values and policy priorities – especially important in a global economy where China and Russiaseek to scale up influence. World Bank internal reforms included in this package are U.S. policy prioritiesthat will continue to push the institution to improve effectiveness, transparency and accountability.We would therefore urge Congress to continue its longstanding, bipartisan support for the World BankGroup and fully authorize and appropriate the general capital increase (GCI) package.Sincerely,Richard A. DebsChair, International CouncilJames D. WolfensohnCo-ChairJim KolbeCo-ChairHONORARY CO-CHAIRSCHAIRS EMERITIADVISORY COUNCILCO-CHAIRSSECRETARYPRESIDENT GEORGE H.W. BUSHPRESIDENT JIMMY CARTERPRESIDENT GERALD R. FORDE. GERALD CORRIGANHENRY H. FOWLERBILL FRENZELHENRY OWENPAUL A. VOLCKERCHARLS E. WALKERMOHAMED EL-ERIANRUTH PORATWILLIAM R. RHODESJEAN-CLAUDE TRICHETSIR DAVID WALKERJIM KOLBEJAMES D. WOLFENSOHNJAMES C. ORREXECUTIVE DIRECTORCHAIR,INTERNATIONAL COUNCILRICHARD A. DEBSRANY S. RODGERS

On behalf of the members of the Bretton Woods Committee, including our U.S. members:Nishith AcharyaEqual Innovation ConsultingDaniel J. ArbessXerion FundsTimothy AdamsInstitute of International FinanceRobert R. AronssonApollo Energy Systems, IncReena AggarwalMcDonough School of Business,Georgetown UniversityNorman R. AugustineReview of the United States HumanSpace Flight Plans CommitteeJörg BibowSkidmore CollegeMasood AhmedCenter For Global DevelopmentSara AvielObama AdministrationDavid BiltchikConsultants International GroupRobert AlbertsonSandler O'Neill & Partners, L.P.James BacchusUniversity of Central FloridaNancy M. BirdsallCenter for Global DevelopmentMadeleine AlbrightAlbright Stonebridge GroupRaymond BakerGlobal Financial IntegrityJames J. BlanchardDLA PiperRichard S. AldrichPrivate Export Funding CorporationRichard H. BakerManaged Funds AssociationAlan S. BlinderPrinceton UniversityBuzz AldrinStarbuzz EnterprisesJames A. Baker, IIIBaker Botts LLPW. Michael BlumenthalJewish Museum of BerlinDonna AlexanderAdvoxum Global StrategiesKevin F. BarnardArnold & Porter LLPBrian BombassaroU.S. Senate Committee on FinanceSarah E. AlexanderPrivate Capital StrategiesR. Michael BarthBarth & Associates LLCDavid L. BorenOklahoma UniversityDiane Alleva CaceresMarket Access International, Inc.;Georgia Institute of TechnologyCarol BeaumierProtivitiJames BoughtonCentre for International GovernanceInnovationDaniel AlpertWestwood Capital, LLCCate AmbroseLatin America Private Equity andVenture Capital AssociationEric AndersonPlanetary Resources, Inc.David BeckmannBread for the WorldGeoffrey BellGeoffrey Bell & Company, Inc.Robert R. BenchWorldBostonMariano BengoecheaCitigroupDaniel AndrichRepresentative of German Industryand TradeLucy Wilson BensonU.S. Department of StateMartin AppleCouncil of Scientific SocietyPresidentsKenneth E. Bentsen, Jr.Securities Industry and FinancialMarkets AssociationPaul V. ApplegarthValue Enhancement InternationalRobert J. BergAlliance for PeacebuildingC. Fred BergstenPeterson Institute for InternationalEconomicsAfsaneh Mashayekhi BeschlossRock Creek GroupMichael P. BoyleBoyle Energy Services &Technology, Inc.Nicholas F. BradyChoptank Partners, Inc.Myron BrilliantU.S. Chamber of CommercePierre BrondeauFMC CorporationCarole L. BrookinsPublic Capital AdvisorsSeamus BrownMoore Capital Management

Giancarlo BrunoWorld Economic ForumKenneth I. ChenaultGeneral CatalystE. Gerald CorriganThe Challenger FoundationWillem Hendrik BuiterCitigroupSamuel F. ChevalierWest HillDavid A. CoulterWarburg Pincus LLCDeborah BurandNew York University School ofLawJulie ChonMoore Capital ManagementSam Y. CrossInternational Monetary Fund (Ret.)James ClaireMizuho SecuritiesNelson CunninghamMcLarty AssociatesBill ClappSeattle International FoundationW. Bowman CutterRoosevelt InstituteRobert L. ClarkeBracewell LLPDavid D. CuttingEdward BurtonU.S.-Saudi Arabian BusinessCouncilLandon ButlerIntegrity Initiatives InternationalCesare CalariEncourage CapitalKevin CleaverMartin DahindenEmbassy Of SwitzerlandE. Patrick CoadyCoady Diemar PartnersRay DalioBridgewater Associates Inc.Warren CoatsInternational Monetary Fund (ret.)Michael T. DanBlue Heron CapitalKenneth S. CohenMassMutual Financial GroupStephen J. DannhauserWeil, Gotshal & Manges LLPRodgin CohenSullivan & Cromwell LLPOnno de Beaufort WijnholdsFinancial Consultant (independent)Kevin Casas-ZamoraPeter D. Bell Rule of Law Program,Inter American DialogueWilliam CohenThe Cohen GroupWhitney DebevoiseArnold & Porter Kaye Scholer LLPGilbert F. CasellasOmnitru Technologies, LLCJulius E. ColesMorehouse CollegeRichard A. DebsMorgan StanleyStephen D. CashinPan African Capital Group, LLCJay CollinsCitigroupDavid A. DeeseBoston CollegeGerald S. J. CassidyCassidy & AssociatesMark M. CollinsBrown Advisory and TrustCompanyRaj M. DesaiGeorgetown UniversityKent CalderJohns Hopkins University School ofAdvanced International StudiesCarolyn CampbellEmerging Capital PartnersLourdes CasanovaS.C. Johnson School ofManagement, Cornell UniveristyGuillaume CastelThe Advisory Board CompanyDomingo CavalloGlobalSourcePartnersMichael M. ChamberlinEmerging Markets TradersAssociationJoyce ChangJ.P. Morgan Chase & Co.Kevin ChenHorizon FinancialJohn ConroyBaker & McKenzieJill M. ConsidineLCH, LLCLawrence S. CooleyManagement Systems InternationalRichard N. CooperCenter for International Affairs,Harvard UniversityRoss DeVolMilken InstituteThelma DiazIndependent ConsultantRobert L. DilenschneiderThe Dilenschneider GroupJames DimonJ.P. Morgan Chase & Co.Paula DobrianskyHarvard University Belfer Centerfor Science and International Affairs

Patrick F. DolanAcadia Fund, LPDiana FarrellJ.P. Morgan Chase & Co.Joan M. FrostThe Dillon FundDonald F. DonahueMiranda Partners, LLCPatrick FayMizuho Securities USA LLCMartin FrostPolsinelli, Shalton, Flanigan,SuelthausJohn DonaldsonThe World Bank Group (ret.)Michael FazioMarCorp FinancialPeter DonaldsonMartin FeldsteinHarvard UniversityCraig S. DonohueThe Options Clearing CorporationCal DooleyAmerican Chemistry CouncilWilliam DrozdiakMcLarty AssociatesWilliam DudleyPrinceton UniversityJohn C. DuganCitigroupRobert H. Edwards, Jr.ENGIE InsightKhaled El GhorabNational Bank of Egypt - New YorkBranMohamed El-ErianAllianzDouglas J. ElliottOliver WymanNiall FergusonHarvard UniversityMichael FeroliJ.P. Morgan Chase & Co.Jonathan FiechterPricewaterhouseCoopers LLPDennis FlanneryDelaney for President 2020Bill FrymoyerMotor & Equipment ManufacturersAssociationWilliam A. FurmanThe Greenbrier CompaniesKevin P. GallagherGlobal Development Policy Center Boston UniversityChristopher B. GalvinHarrison Street Real Estate CapitalLLCStewart GamageUniversity of Virginia FoundationRichard FontaineCenter for a New AmericanSecurityStephen GanyardAvascent InternationalGail D. FoslerThe GailFosler Group LLCRichard N. GardnerColumbia UniversityHenri FoudaWellington ManagementHenry Louis GatesW.E.B. Du Bois Institute forAfrican and African AmericanResearchRichard FrankDarby OverseasInvestments/Franklin TempletonMatthew D. GelfandRockefeller Capital ManagementTony FrattoHamilton Place StrategiesDavid B. GillJendayi E. FrazerCouncil on Foreign RelationsMark GillenBretton Woods CommitteeWarren E. EmblidgeMcCullagh InternationalDaniel FreifeldCallaway Capital Management LLCDessa GlasserFinancial Risk GroupJohn EnglerBusiness RoundtableJacob FrenkelJ.P. Morgan Chase & Co.Howard GlickenThe Americas GroupErin EnnisDell TechnologiesBart FriedmanCahill Gordon & Reindel LLPDaniel GoldmanSyntax AnalyticsRobert FagensonNational Holdings CorporationZack FriedmanMina GroupJeffrey A. GoldsteinHellman & FriedmanMarina FanningManagement Systems InternationalKate FriedrichThomas ReutersHarvey GolubMiller BuckfireAnthony ElsonJohns Hopkins SAIS & DukeCenter for InternationalDevelopment

Lawrence GoodmanCenter for Financial StabilityKenneth W. HansenNorton Rose FulbrightTakatoshi ItoColumbia University, CJEBElizabeth GoryunovaUniveristy of Southern MaineLarry D. HaysMultilateral Institution CreditAdvisorsNancy JacklinInternational Monetary Fund (ret.)Peter M. GottsegenInsitute of International EducationThomas GrahamLightbridgeJacqueline GrapinThe European InstituteMicah S. GreenSteptoe & Johnson LLPMaurice GreenbergThe Starr FoundationVartan GregorianCarnegie Corporation of New YorkKenneth A. GuentherCertegy Inc.Eric GuichardHomestrings InvestmentManagementMauro F. GuillenWharton SchoolAnil K. GuptaUniversity Of MarylandKenneth L. GutwilligFinancial Decisions, Inc.John G. HeimannFinancial Stability InstituteJohn HeintzFinancial Services ForumC. Randall HenningAmerican UniversityCarla A. HillsHills & Company InternationalConsultantsWilliam JannaceFordham Law SchoolCharles R. JohnstonCitigroupVernon E. JordanAkin Gump Strauss Hauer & FeldLLPMiles KahlerAmerican UniversityPaul HinksSymbion PowerJames A. KaitzAssociation for FinancialProfessionals, Inc.Donald HoffmanEXCEL Services CorporationGautam S. KajiCentennial GroupGeorge HoguetChesham Investments LLCJames KamihachiKCW Partners, LLCRobert HolleymanC&M InternationalJoan Alice KatenPace University/SUNY PurchaseCollegeMatina S. HornerBlackRockGene HuangAbbott LaboratoriesHenry KaufmanHenry Kaufman & Company, Inc.Thomas H. KeanTHK Consulting, LLCKent HughesWoodrow Wilson InternationalCenter for ScholarsFrank KeatingHoland & KnightConstance HunterKPMG LLPGeorge A. KellnerKellner CapitalOdo G. HabeckAqua Levee GroupCornelius K. HurleyBoston University Center forFinance Law and PolicyHugh C. KellyKPMGLyric Hughes HaleDavid Hale Global EconomicsRichard HurowitzOctavian Group Holdings, LLCLee H. HamiltonThe Center on Congess at IndianaUniversityBobby R. InmanRandall D. GuynnDavis Polk & Wardell, LLPFrancois HaasBanque de FranceJeffrey S. HammerPrinceton UniversityWilliam M. IsaacFTI ConsultingYves-Andre IstelRothschild Inc.Nemir A. KirdarInvestcorp Bank BSCCrispian KirkOIC InternationalDuane KissickGlobal Community ServiceFoundation

Henry A. KissingerKissinger AssociatesRick LazioJones Walker LLPSusan LundMcKinsey Global InstituteLarry A. KlanePivot Investment Partners LLCRichard LeachWorld Food Program USAMeg LundsagerWilson CenterGary KleimanKleiman International ConsultantsMiles Cary LeaheyDecision EconomicsDesmond Mac IntyreStandish Mellon Asset ManagementDonald L. KohnThe Brookings InstitutionChristopher S. LeeMilken InstituteAmanda MacArthurPYXERA GlobalJim KolbeConsultantNancy LeeCenter for Global DevelopmentFiona MacaulayMaking Cents InternationalMurat KopruluThe American Immigrant SocietyDanny LeipzigerGeorge Washington UniversityMaya MacGuineasCommittee for a ResponsibleFederal BudgetDino KosCLS Bank InternationalGayle LemmonCouncil on Foreign RelationsMahesh KotechaStructured Credit InternationalCorporationMichael LevettCenter for Strategic andInternational StudiesJohn KoudounisCalamos InvestmentsLeonard Maleson LevieAmerican Industrial AcquisitionCorporationSallie L. KrawcheckEllevateMichael H. KrimmingerCleary Gottlieb Steen & HamiltonLLPRandall S. KrosznerUniversity Of Chicago, BoothSchool of BusinessCharito KruvantCreative Associates International,Inc.Kenneth I. LevinsonWashington International TradeAssociationJacob J. LewLindsey Goldberg LLCRichard LindseyWindham Capital ManagementJohn LipskyJohns Hopkins University SAISKatrin KuhlmannNew Markets LabJames M. ListerKorea Economic Institute ofAmericaAdnan KummerJohns Hopkins UniversityRobert LitanThe Brookings InstitutionVladimir KvintDavid LoevingerThe TCW Group, IncJohn J. LaFalceHoganWillig Attorneys at LawKurt M. LandgrafEducational Testing ServicesJohanna LaskerBNP Paribas Asset ManagementPeter MackZenith RestorationStephen MalphrusFederal Reserve Board (ret.)Iqbal G. MamdaniFirst Asian InvestmentsJames M. ManyikaMcKinsey Global InstituteDonald B. MarronLightyear Capital, LLCCarl MastersGoodWorks InternationalJessica Tuchman MathewsCarnegie Endowment forInternational PeaceIvan MatteiDebevoise & PlimptonBarbara C. MatthewsBCM International RegulatoryAnalytics LLC; Atlantic CouncilWilliam E. MayerPark Avenue Equity PartnersBrian LongeEmpyrean SolutionsRichard McCormackCenter for Strategic andInternational StudiesVivian L. Lowery-DerryckThe Bridges InstituteDavid H. McCormickBridgewater Associates

Robert H. McCormickNew York State BankingDepartmentJames MorrisonOverseas Private InvestmentCorporationRobert C. McFarlaneIP3 InternationalJohn MortonAligned IntermediaryMatthew F. McHughFTI ConsultingCarol Moseley BraunCMB One LLCNgozi Okonjo-IwealaGlobal Alliance for Vaccines andImmunizationsBrent J. McIntoshU.S. Department of the TreasuryDambisa MoyoBarclays BankMichael E. O'NeillCitigroupThomas F. McLartyMcLarty AssociatesTomasz MroczkowskiAmerican UniversityJames OrrThe Bretton Woods CommitteeBruce McNamerThe Community Foundation,National Capital RegionDavid MulfordHoover Institute, StanfordUniversityLeon E. PanettaThe Panetta Institute for PublicPolicyThomas D. McNeeseHouston Committee on ForeignRelationsLester MunsonBGR GroupMilan PanicAlberto MusalemMark MedishThe Messina Group InternationalLeslie MegyeriLaw Office of L.L. MegyeriEdward C. MeyerNoblisStephen MyrowBeacon Policy Advisors LLCMoises NaimCarnegie Endowment forInternational PeaceBarbara A. O'BoyleTransurbanSandie O'ConnorJ.P. Morgan Chase & Co. (ret.)Dimitri B. PapadimitriouThe Levy Economics InstituteGary PerlinDouglas PetersonS&P GlobalRobert G. PickelRutherford PoatsPace Global, A Siemens BusinessAshish MidhaDeloitteGhiyath NakshbendiAmerican University; SangamoreGroupHelen V. MilnerPrinceton UniversityThomas J. NeffSpencer Stuart U.S.Eric MindichEton Park Capital ManagementJohn NegroponteMcLarty AssociatesCobb MixterHakluytRichard H. NeimanLending ClubHenry MooneyHarvard University Mason FellowsGregory NiblettManagement & TrainingCorporationDaniel M. PriceRock Creek Global Advisors LLCJohn Norton MooreUniversity of Virginia School ofLawRobert NicholsAmerican Bankers AssociationAzita RajiU.S. Department of StatePeter MoriciUniversity of MarylandBarbara NovickBlackRockEric RauchwayUniversity of California, DavisScott MorrisCenter for Global DevelopmentJens NystedtEmso Asset ManagementFrancis C. RecordMK TechnologyRuth PoratAlphabet, Inc.Arturo C. PorzecanskiAmerican UniversityColin PowellRichard E. PowersVenable LLP

Douglas A. RedikerInternational Capital StrategiesT. Timothy Ryan, Jr.Santander Holdings USA, IncRalph M. SegallSegall Bryant & HamillPeter A. ReilingThe Aspen InstitutePaul RybergAfrican Coalition for TradeStefan M. SeligWilliam K. ReillyTPGMatthew SaalWPA Inc.William R. RhodesWilliam R. Rhodes GlobalAdvisors, LLCMotoatsu SakuraiJapan SocietyThomas SelmanFINRACharles O. SethnessJoseph L. RiceClayton, Dubilier & RiceAuguste E. RimpelBoston Global PartnersS. Melvin RinesRines AssociatesRobert S. RisoleoSullivan & Cromwell LLPJerry RizzieriMizuho Securities USA LLCPeter M. RobinsonU.S. Council for InternationalBusinessJames D. Robinson, IIIJ. D. Robinson, Inc.Kenneth RogoffHarvard UniversityFelix G. RohatynLazard LtdHilton L. RootGeorge Mason UniversityWilliam G. SalterCitigroupBarbara C. SamuelsSamuels AssociatesLuis San Vicente PortesMontclair State UniversityJean-Louis SarbibDevelopment GatewayRolf SartoriusSocial ImpactKeith SavardMilken InstituteRegina SchleigerMedley Global AdvisorsKai SchmitzWorld BankAdam L. SchneiderOliver WymanJill SchukerJAS InternationalBernard L. SchwartzBLS Investments LLCEugene H. RotbergNouriel RoubiniRoubini Macro Associates LLCWilliam D. RuckelshausMadrona Venture GroupM. Roy SchwarzChina Medical BoardHal S. ScottHarvard University School of LawDaniel RundeCenter for Strategic andInternational StudiesDavid R. ScottonUnited Nations Association of theUnited States of America, NationalCaptial AreaThomas A. RussoAmerican International Group (ret.)Brent ScowcroftThe Scowcroft GroupAsif M. ShaikhPaxTerra IncorporatedAlexander ShakowWorld Bank (ret.)Joanna Girardin ShapiroBank of New York MellonPaul SheardS&P GlobalNathan SheetsPGIM Fixed IncomeFaryar ShirzadGoldman Sachs Group, Inc.George P. ShultzStanford UniversityRobert V. SicinaThe American UniversityJohn SimonTotal Impact CapitalAllen SinaiDecision Economics, Inc.Manisha SinghU.S. Department of StateGordon Dee SmithStrategic Insight GroupMary Oakes SmithIraqi Women's FellowshipFoundationMichael P. SmithNew York Bankers AssociationMark SobelOfficial Monetary and FinancialInstitutions Forum

Dorothy Meadow SobolForeign Policy Institute, JohnsHopkins SAISJonathan SokobinFINRATimothy G. SolbergWashington University, OlinBusiness SchoolGeorge SorosSoros Fund ManagementPaul SpeltzGlobal Strategic AssociatesSolveig B. SpielmannInternational Business-GovernmentCounsellors, Inc.Richard SpillenkothenSantander USA/Federal ReserveJ. Andrew SpindlerFinancial Services Volunteer CorpsRuth StanatSIS International ResearchJeremy C. SteinHarvard UniversityLee B. StephensBNY MellonTsutomu TakemuraNomura Holding America Inc.Shinya WakoMizuho BankPeter Taksoe-JensenEmbassy of DenmarkJohn L. WalkerSimpson Thacher & Bartlett LLPStrobe TalbottThe Brookings InstitutionJoseph WambiaGligor TashkovichAlphaSource Capital SecuritiesLLCJohn B. TaylorStanford UniversityJoshua B. WarrenBlackRockRuth WedgwoodJohns Hopkins UniversityFrank WeilAbacus & Associates, Inc.Jay TimmonsNational Association ofManufacturersRonald WeinerPerelson Weiner LLPUmayya ToukanPembroke ConsultDaniel L. WeissPricewaterhouseCoopers LLPJames TozziCenter for Regulatory EffectivenessOlin L. WethingtonWethington International LLCHung TranInstitute of International FinanceDeirdre WhitePYXERA GlobalDominik TreeckOliver WymanMarina WhitmanUniversity of MichiganSolomon D. TrujilloTrujillo Group LLCMeredith WhitneyMeredith Whitney Advisory GroupLLCErnest SternThe Rohatyn GroupEdwin M. TrumanPeterson Institu