Ben S. Bernanke, Chairman, Federal Reserve Bank Ben S. Bernanke was appointed on Oct.

24 to become the chairman of the Federal Reserve Board. Prior to his nomination, he was the Chairman of the President's Council of conomic !dvisers "Federal Reserve Ban#, 2$$%&.'r. Bernan#e is a distin(uished economist, who has published various scholarl) materials in the area of monetar) polic) and macroeconomics. 'r. Bernan#e was born on 'ecember *+, *,%+, in !u(usta, -eor(ia. .e (raduated from .arvard /niversit) in*,0% with a B.!. in economics and earned a Ph.'. in economics from the 1assachusetts 2nstitute of 3echnolo() in*,0, "4ashin(ton Post, 2$$%&. Prior to his political appointments, 'r. Bernan#e was a Professor of !ffairs at Princeton /niversit) and 5tanford /niversit). Bernan#e is li#el) to e6perience pressure from the 4hite .ouse to endorse economic policies reflectin( the views of the current administration. .is critics sa), havin( been a senior economic adviser to the President, 7Bush has (otten to #now him, and feels in control8 "3ierne), 2$$%&. 'urin( his 5enate hearin(, 1r. Bernan#e refuted those criticisms and assured the committee that the Federal Reserve Board will remain independent from political pressure. !s re(ards the ob9ectives, 2 e6pect the ob9ectives and policies of the Fed to remain the same because the /nited 5tates econom) has en9o)ed favorable (rowth under the leadership of !lan -reenspan. 1r. Bernan#e is more li#el) to maintain continuit) with the policies and strate(ies put forward b) -reenspan. 2n choosin( his monetar) polic), 2 e6pect 1r. Berna#e to put much emphasis on containin( inflation rate and price stabilit). .owever, in achievin( this ob9ective, 1r. Bernan#e will differ from -reenspan on how to stabili:e inflation. 1r. Berna#e is a vivid supporter of inflation tar(etin(, of which the central ban# sets a numerical tar(et on inflation rate "4all 5treet ;ournal, 2$$%&. Bernan#e ar(ues that this method provides * conomics and Public

certaint) of monetar) polic) and it is important for lon(<term price stabilit). .e also contends that low and stable price inflation provides a favorable atmosphere for economic (rowth and 9ob creation "4ashin(ton Post, 2$$%&. 2 also e6pect 1r. Bernan#e to ta#e a ver) active role in maintainin( the stabilit) of /.5 financial s)stem. -iven his bac#(round, he has the e6pertise and interest in stabili:in( /.5. ban#in( s)stem which happens to pla) a ma9or role in (lobal financial mar#ets "Fed, 2$$%&. 3he Fed will pla) a more active role in supervisin( and re(ulatin( the international activities of /.5 ban#s and the activities of forei(n ban#s operatin( in the /.5. 2 also e6pect 1r. Bernan#e to be a stron( supporter for free trade and its benefits. 2n his recent interview, he ar(ued that trade provides enormous opportunities for /.5. companies and (enerates hi(h =value 9obs for !merican wor#ers "3he Re(ion, 2$$4&. Finall), 2 thin# the activit) level of the Federal Reserve board will be determined b) the (rowth rate of /.5 econom). 2f the econom) continues to (row stron(l), the activit) level of the Federal Reserve board will have no ma9or chan(es. .owever, if economic (rowth sta(nates or slows down, pressure will mount for the Fed to intervene in the mar#et thus increasin( its activit) level to a si(nificant percenta(e. Paul Wolfowitz, President, World Bank: Paul 4olfowit: was chosen b) President Bush to become the President of the 4orld on 1arch *>, 2$$% "4orld Ban#, 2$$%&. Before his appointment to the 4orld Ban#, 1r. 4olfowit: served as 'eput) 5ecretar) of 'efense responsible for polic) formulation and was also a #e) planner of the 2ra? war "4ashin(ton Post, 2$$%&. 1r. 4olfowit: has a Bachelor@s de(ree in 1athematics from Cornell /niversit) and a Ph.' in Political 5cience from the /niversit) of Chica(o "4orld Ban#, 2$$%&. 2n his lon( career as a (overnment official, he also served as a dean at Paul .. Ait:e 5chool of !dvanced 2nternational 5tudies of ;ohns .op#ins /niversit). .is lac# of e6pertise in international development or finance does not affect his reputation. .is service as

ambassador to 2ndonesia, assistant secretar) of state for ast !sian and Pacific affairs will prove his e6pertise in developin( countries "4orld Ban#, 2$$%&. 1r. 4olfowit: bein( a senior architect of the 2ra? war will be pressured b) Bush administration to channel considerable amount of development aid to finance the reconstruction efforts of 2ra? "4ashin(ton Post, 2$$%&. 4olfowit:, a member of neo<con (roup and a stron(er supporter of liberal democrac) and free<mar#et economics will e6ert pressure for developin( countries to embrace such ideas to (et aid "5tephen .a)es, 2$$%&.2n order to please his base in 4ashin(ton, 1r. 4olfowit: will use the 4orld Ban#'s antipovert) aid to reward 4ashin(ton's friends and advance the Bush administration's ideolo(ical a(enda. 2 e6pect the ob9ectives of the ban# to remain the same but 1r. 4olfowit: will put more sector emphasis on the Ban#'s commitment to povert) reduction, (ood (overnance, education, health<especiall) the fi(ht of .2BC!2'5, and the environment "4orld Ban#, 2$$%&. 4olfowit: has e6pressed special interest in the ban#'s (oal of fi(htin( povert) in !frica and the rest of the world. 3he ban# under 4olfowit: is more li#el) to increase its activities in !frica, and !sia in the pro(rams to reduce povert) and .2BC!2'5. 3he ban# will also e6tend it pro(rams in 1iddle ast. 3he pro(rams in the 1iddle ast will focus on promotion of liberal democrac) and mar#et reform. ! close attention will be (iven to 2ra? where the /.5. (overnment is involved in national buildin( effort. 1r. 4olfowit:, is a stron( advocate of debt relief for 2ra? "4ashin(ton Post&. 2 e6pect the activit) level of the ban# to increase b) %D durin( 1r. 4olfowit: tenure. 3his can be attributed to his personal commitment to promote democrac), fi(ht corruption and povert) reduction in developin( countries. 3hese pro(rams re?uire e6tensive amount of financial and human resources to be full) implemented. 1r. 4olfit: promise to involve poor countries in the decision ma#in( process at the 4orld Ban# will lead to increased activities in loan determination at the Ban#.

Rodrigo de Rato, Managing Director, International Monetary Fund Rodri(o de Rato is the 1ana(in( 'irector of the 2nternational 1onetar) Fund. .e was selected on 1a) 4, 2$$4 to become the head of the 21F followin( the resi(nation of 1r. .orst EFhler "21F, 2$$%&. Prior to his appointment, 1r. Rodri(o held #e) economic post with the (overnment of 5pain. .e was 1inister of conom) and Bice President for conomic !ffairs for the -overnment of 5pain "21F, 2$$%&.1r. Rato earned a law de(ree from /niversidad Complutense in 1adrid, and an 1B! from the /niversit) of California at Ber#ele). 1r. Rato, formerl) a member of the uropean /nion@s conomic and Finance 1inister is li#el) to be lobbied b) the ./ to champion their cause. 2 e6pect the ob9ectives of the 21F to remain the same in the )ear 2$$> but with prospects of chan(e in assessin( the ris#s facin( the (lobal econom) and financial mar#ets "21F, 2$$%&. 2 e6pect the 21F to be active in formulatin( specific steps to increase (lobal economic surveillance and to stren(then its activities in emer(in( mar#ets "21F, 2$$%&. 3his will enable the fund to monitor financial and economic activities within nations in order to maintain (lobal economic stabilit). 2 also thin# the fund will stren(then its support to low incomin( countries in their effort to reduce povert) and achievin( the 1illennium 'evelopment -oals "21F, 2$$%&. 3he fund will be ver) active in assistin( poor countries formulate policies and desi(n stron( instititution that are capable of upliftin( members out of povert). 2 also e6pect the fund to pla) an active role in financin( members with temporar) balance of pa)ment problems "21F, 2$$%&. !lthou(h the (lobal economic outloo# loo#s better man) low income countries needs assistance to implement polic) pro(rams. 21F@s technical assistance to member countries will increase si(nificantl) in the area macroeconomic and financial polic) formulation. !s most countries e6perience economic (rowth, there will be an increased need for trainin(.

2 also e6pect a stron( presence of the fund in emer(in( mar#et of astern urope, !sia and countries in Gatin !merica, !frica and the 1iddle ast. 2 thin# the activit) level of 21F will increase b) % D in the 2$$> and is e6pected to increase because of the new challen(es facin( the (lobal econom). !reas that are li#el) to stimulate 21F activit) level are its responsibilit) of providin( (uidance on mar#et and polic) development and ensurin( (lobal fiscal transparenc). Luis Al erto Moreno, !resident of t"e Inter#A$erican De%elo!$ent Bank: Guis !lberto 1oreno was elected to become president of the 2nter<!merican 'evelopment on October *, 2$$%. 2'B is the lar(est re(ional development ban# in the world providin( financin( for economic and social development pro9ects in Gatin !merica and the Caribbean "2'B, 2$$%&.Prior to his appointment, 1r. 1oreno had served as Colombia@s ambassador to the /nited 5tates and was also a minister of !dministration and conomic development from *,,2<*,,4 "2'B, 2$$%&. 1r. 1oreno has a B.!. s in Business conomics from Florida !tlantic /niversit) and an 1B! from 3hunderbird /niversit) "2'B, 2$$%&. 2 e6pect the ban#@s ob9ective of supportin( economic and social development to remain the same. .owever, 2 e6pect the campai(n to promote social e?uit) and povert) reduction to increase si(nificantl). 1r. 1oreno is li#el) to face pressure from member countries see#in( infrastructure development loans "4ashin(ton Post, 2$$%&.

1oreno@s priorit) at the ban# will be to build a stron( private sector in the re(ion and increase Ban# participation in infrastructure finance "2'B, 2$$%& .e will also pla) a more active role in empowerin( poor citi:ens throu(h povert) reduction pro(rams. 2'B will continue to activel) support polic) reforms aimed at (eneratin( emplo)ment opportunities "2'B, 2$$%&. 1oreno is also e6pected to increase the financial capacit) of 5ocial ntrepreneurship Pro(ram "2'B, 2$$%&. 3his facilit) e6tends loans and technical assistance to private or(ani:ations and local (overnments that promote business opportunities to the mar(inali:ed population.

3he Ban# under 1oreno will pla) an important role in inte(ratin( member countries economies and supportin( free trade initiative in the !mericas "2'B, 2$$%&. 3he Ban# is e6pected to increase its infrastructure finance in Gatin !merica and Caribbean countries. !part from financin( developmental pro9ects, the Ban# will support member countries initiatives of mar#et of liberali:ation and reform and macroeconomic stabilit) "2'B, 2$$%&. Finall), 2 thin# the ban#@s activities will increase b) about %D due to stron( si(ns of economic and political stabilit) in the re(ion. 2 also thin# the re(ion has e6pressed a continued economic (rowth this )ear and the increase in the price of commodit) price will continue to fuel (rowth in the re(ion. A$ assador &o"n &' Danilo%ic", ()*, Millenniu$ ("allenge (or!oration : ;ohn ;. 'anilovich assumed the responsibilit) of the Chief 6ecutive Officer for the

1illennium Challen(e Corporation on Aovember 0, 2$$%. Prior to this appointment, 'anilovichs was a /nited 5tates !mbassador to Bra:il and Costa Rica "1CC, 2$$%&. .e has a B.!. in Political 5cience from 5tanford /niversit), and a master's de(ree in 2nternational Relations from the /niversit) of 5outhern California. 3he 1illennium Challen(e Corporation is a development assistance pro(ram with a *.% billion bud(et to help countries that practice the rule of law, spends a considerable portion of its bud(et in social pro(rams and encoura(e economic freedom "1CC, 2$$%&. 2 e6pected ambassador 'anilovich, to be under pressure to promote President Bush a(enda of e6tendin( democrac) and freedom worldwide. 2n the effort to achieve this a(enda beneficiar) countries will be forced to embrace liberal democrac) and free< mar#et economics in order to (et assistance "5tephen .a)es, 2$$%&.2n order to please his base in 4ashin(ton, 'anilovich will use 1CC to reward 4ashin(ton's friends and advance the Bush administration's ideolo(ical a(enda.

>

2 e6pect the ob9ectives of 1CC to remain the same but 1r. 'anilovich will put more sector emphasis on countries that embrace sound political, economic and social policies that are favorable to private capital inflow and increased trade "1CC, 2$$%&. 1CC is also e6pected to channel considerable amount of development assistance to Reduce Povert) worldwide. 1CC will tar(et investment pro9ects in the area of a(riculture, education, private sector development, and capacit) buildin( "1CC, 2$$%&. !mbassador 'anilovich has e6pressed special interest in promotin( sustainable development and increased trade in developin( countries 3he 1CC is more li#el) to increase its activities in astern urope and the Bal#an, Gatin !merica, 1iddle ast, !frica, and !sia in the pro(rams to reduce povert) throu(h private sector development. .owever, most pro(rams will focus on promotion of liberal democrac) and mar#et reform. 2n the near future, special consideration will be (iven countries li#e !f(hanistan and 2ra? where the /.5. (overnment is involved in national buildin( effort. "4ashin(ton Post, 2$$%&. 2 e6pect the activit) level of 1CC to reduce b) %D durin( 1r. 'anilovich tenure. 3his can be attributed to /.5 con(ress fati(ue in allocation of international aid. 3hese pro(rams re?uire e6tensive amount of financial and human resources to be full) implemented.

Online 5ourcesH
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