Obama to put his imprint on World Bank

President Obama will have the opportunity to handpick a new global economic leader this summer when Robert Zoellick resigns as president of the World Bank.

Zoellick, who served under President George W. Bush before being selected to head the organization, informed the global financial institution Wednesday morning that he did not plan to extend his stay beyond his five-year term at the bank. He will step down at the end of June.

By tradition, the White House exerts considerable influence in tapping the director of the global entity. That means Obama will play a leading role in picking the next leader of an agency tasked with helping steer the global economy through a tumultuous time.

Treasury Secretary Timothy Geithner said in a statement that the United States will pick a candidate with “the experience and requisite qualities to take this institution forward” in the “coming weeks.”

“It is very important that we continue to have strong, effective leadership of this important institution,” he said.

Press reports have indicated that former Treasury Secretary Lawrence Summers and current Secretary of State Hillary Rodham Clinton could be candidates for the World Bank job, though the White House has so far been silent on the matter.

Clinton denied her interest in the position through her spokesperson, according to Reuters.

“She has said this is not happening. Her view has not changed,” the spokesperson said.

White House press secretary Jay Carney dodged multiple questions Wednesday on Zoellick’s departure and whom the president might be eyeing as a potential successor.

“There’s been a lot of speculation in the press about this and other jobs, and I’m not going to confirm any of them,” Carney told reporters.

The World Bank’s leader is technically chosen by the board, but the United States is the largest contributor to the institution and has considerable sway. Under longstanding convention, the director of the International Monetary Fund has traditionally been a European, while the World Bank’s top spot has been reserved for an American.

There has been a recent push, however, to include other nations in consideration for the positions. IMF head Christine Lagarde, the former French finance minister, was challenged for the position last year by Mexican central banker Augustin Carstens.

Lagarde praised Zoellick on Wednesday, saying he has served the international community with “great distinction.”

“Bob will be leaving the Bank with a record of achievement of which he can be very proud,” she said in a statement.

The World Bank, alongside the IMF, has played a key role in helping steer the global economy through the financial crisis, as well as the ongoing European debt crisis.

“I’m very pleased that when the world needed the bank to step up, our shareholders responded with expanded resources and support for key reforms that made us quicker, more effective and more open,” Zoellick said in a statement. “The bank is now strong, healthy and well-positioned for new challenges, and so it is a natural time for me to move on and support new leadership.”

Under Bush, Zoellick served first as U.S. trade representative, and then as deputy secretary of State. 

— This story has been updated.

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