Conable OKd as New Head of World Bank
The board of directors of the World Bank on Thursday unanimously approved President Reagan’s selection of Barber Conable, a former New York Republican congressman, as the next president of the 149-nation organization.
Conable, 63, will succeed A.W. Clausen, whose term expires June 30. Formal approval of Conable by the board had been expected.
Although there is no requirement that the bank president be an American, the bank board has traditionally looked to the United States to fill the slot.
The job pays a tax-free $150,000 a year.
Conable was named after an extensive search by the Reagan Administration and after the President’s first choice for the job, Federal Reserve Board Chairman Paul A. Volcker, turned it down.
Conable represented the Rochester, N.Y., area in Congress for 20 years before retiring in 1985. He served as the senior Republican on the tax-writing House Ways and Means Committee and was generally regarded as an expert in financial matters.