Bush signs legislation urging World Bank reforms

Bush signs legislation urging World Bank reforms
Tue Nov 15, 2005 8:45 PM ET

WASHINGTON (Reuters) - Legislation to encourage greater transparency and accountability in the World Bank and other international lending institutions has been signed into law by President George W. Bush.

The reforms were contained in an amendment to the 2006 foreign operations appropriation bill proposed by Indiana Republican Sen. Richard Lugar, chairman of the Senate Foreign Relations Committee. Bush signed the bill on Monday, Lugar said.

The reforms resulted from an investigation into multilateral development bank corruption launched by Lugar in 2003.

The reforms seek to encourage disclosure of personal financial holdings by bank employees; to improve the quality and oversight of development bank loans; and to ensure independent audits of bank projects.
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Poor baby...