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. Last Updated: 07/27/2016

World Bank Nominee

WASHINGTON () -- President Bill Clinton has recommended New York investment banker James Wolfensohn to become the next president of the World Bank, the White House announced.

Clinton on Saturday praised Wolfensohn, 61, as someone who "has had a long-standing, broad and active interest in the developing world." Wolfensohn would replace Lewis Preston, 68, who last month disclosed his wish to retire.