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Illustration: Sarah Grillo/Axios

The presidency of the World Bank — the most powerful job in international development — is up for grabs, in the wake of the surprise resignation of Jim Yong Kim.

Why it matters: Kim's departure puts the Trump administration in a tough position. It can nominate an internationally acceptable globalist to the job or face rejection as the world selects a non-American to head the bank for the first time in its history.

Less than a year ago, Kim said he was "completely committed to my job at the World Bank Group" after reportedly being approached to be president of Harvard. That was then. No one knows why Kim quit so suddenly (although rumors are swirling), but the vacuum caused by his departure is likely to create an international diplomatic whirlpool that could prove very tough for Trump to navigate.

  • The president of the World Bank is elected by all the bank's member states, according (it says here) to an "open, merit-based and transparent" process. So far, American men have always prevailed in that process, in accordance with the gentlemen's agreement under which the head of the IMF is always European and the head of the World Bank is always American. Essentially, the Europeans and Americans scratch each others' banks, and everybody else merely spectates.
  • With Trump in the White House, the Europeans have never been less inclined to scratch the Americans' back. If Trump were to nominate a well-qualified candidate like Indra Nooyi, then they would probably go along with the nomination, just because cooperative game theory has worked well for them to date.
  • On the other hand, there's no way Europeans would vote for a unilateralist Bannonite (John Bolton, say), and there's even less chance they would vote for Ivanka Trump, who helped launch the new World Bank women's entrepreneurship fund. Were Trump to nominate someone unacceptable to the Europeans, then the field would be wide open for other qualified candidates to seize the day. Former World Bank managing directors Ngozi Okonjo-Iweala and Sri Mulyani Indrawati would both make excellent presidents.

The ball is now in Treasury Secretary Steven Mnuchin's court. He has three options.

  1. Start having quiet conversations with his European counterparts about mutually acceptable American candidates, and nominate someone he knows will receive an easy confirmation.
  2. Nominate an American populist who will almost certainly fail to win the bank presidency, allowing Trump to rail even more against the globalist elite.
  3. Do nothing, and allow the very qualified Kristalina Georgieva, Kim's interim replacement, to stay in the role indefinitely. She's Bulgarian and is entirely acceptable to the Europeans.

Go deeper

Virginia energy giant quietly boosts McAuliffe

Former Virginia Gov. Terry McAuliffe speaks during a campaign rally on Oct. 15 in Henrico, Virginia. Photo: Win McNamee/Getty Images

Virginia Democrat Terry McAuliffe has sworn off money from the Richmond company Dominion Energy. But the utility has found more subtle ways to back McAuliffe's gubernatorial bid, records show.

Driving the news: Dominion's political action committee has donated $200,000 to a murky political group called Accountability Virginia PAC, a group with ties to prominent Democrats that's been running ads attacking Republican candidate Glenn Youngkin from the right.

3 hours ago - Technology

Race and technology in America

Illustration: Annelise Capossela/Axios

The technology industry is famously determined to change the world — but its efforts to diversify its workforce and remove bias from its products haven't changed nearly enough.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.