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1 1 (August 9, 2019)

handle is hein.crs/govbasl0001 and id is 1 raw text is: A Congressional ____ * ~Research Service ~Informing the tegtslstive debate since 1914 A New Director for the International Monetary Fund August 9, 2019 On July 16, Christine Lagarde announced that she was resigning as International Monetary Fund (IMF) Managing Director following her nomination to succeed Mario Draghi as president of the European Central Bank. She is expected to take up the new post in November. Until a new permanent director is chosen, David Lipton, the IMF's First Deputy Managing Director, will serve as Acting Managing Director. Ms. Lagarde's tenure at the IMF coincided with arguably the most challenging global economic landscape in recent decades. Assuming office in the middle of the global financial crisis and amidst the high-profile scandal involving her predecessor, Ms. Lagarde steered the Fund through several contentious European loan programs, secured congressional passage of a long-stalled IMF capital increase, and according to Mark Sobel, former U.S. representative to the Fund, reinvigorated IMF surveillance, boosting the policy relevance of the IMF's research and analysis. The leadership race has renewed a longstanding debate on leadership selection for the top management positions at the major multilateral organizations. Since the Fund was funded after World War II, an informal agreement between the United States and Europe has ensured that traditionally the president of the World Bank has been an American and the managing director of the IMF has been a European. This agreement reflects the political and economic balance of power at the end of World War II. At the time, the United States believed that the World Bank should be headed by an American since World Bank lending would be dependent on American financial markets. Of the eleven IMF Managing Directors to date, five have been French, including the most recent two: Christine Lagarde (2011-2019) and Dominique Strauss-Kahn (2004-2007). The selection of the new managing director would take place immediately after this year's appointment of U.S.-nominee David Malpass as World Bank president. Congressional Research Service https://crsreports.congress.gov IN11155 CRS INSIGHT Prepared for Members and Committees of Congress

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