World Bank seek to bridge gaps with U.S. lawmakers

The World Bank and U.S. lawmakers, concerned with how Americans' tax dollars are being spent, launched a new forum on Wednesday to improve cooperation between the poverty-fighting institution and Congress.

The new bipartisan Caucus for Congressional-World Bank Dialogue hopes to deepen, and in some cases launch discussions between the bank and the U.S. Congress on development, poverty and trade issues.

Under World Bank rules, the bank's head and senior officials are barred from testifying before congressional committees and discussions are restricted to closed-door meetings.

"With the world changing at a rapid pace, this new caucus makes sense," said Rep. Kevin Brady, a Texas Republican who is co-chair of the new caucus.

Rep. Betty McCollum, a Minnesota Democrat, said global challenges like climate change, rising food prices and energy security needed more attention by the World Bank and Congress.

"Our executive branch is calling upon Congress to invest in the World Bank -- over $1 billion a year. As an investor, we must ask questions and should share our views with the leadership of the bank," McCollum said.

The launch of the caucus comes as U.S. policymakers are discussing ways to overhaul foreign assistance under the next administration.

Congressional hearings have long focused on the effectiveness of the World Bank in reducing global poverty and delved into how much of the bank's money is wasted on corruption.

Recently, several legislators sought assurances from the World Bank that it was not lending to Iran, which Washington accuses of seeking to develop nuclear bombs.

"Now more than ever the United States needs to focus on its international relationships and its international strategies, and focus on multilateral institutions that make a real difference," said Phil English, a Pennsylvania Republican.

"What is important about this caucus is it will cultivate a dialogue with the World Bank which will be important not only for making sure U.S. tax dollars are used most effectively but also for coordinating Congress' strategy in dealing with global poverty and promoting capitalism worldwide in creating a rising tide that lifts all boats."

World Bank President Robert Zoellick said with many pressing issues in the U.S. Congress "it is not surprising sometimes that the World Bank has had only periodic attention."

Still, Zoellick said a more integrated world through globalization had brought with it new challenges that could no longer exclude the developing world, including emerging powers such as China and India, where the bank is most active. (Editing by Chris Wilson)
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