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World Bank Group Timeline

February 28, 1947

John J. McCloy becomes World Bank President

After another lengthy search for World Bank president, John J. McCloy is named the new leader of the institution. McCloy brings his own team with him to the Bank, including Robert L. Garner as vice president and Eugene R. Black as the new U.S. executive director. McCloy, a lawyer by training but banker by profession, moves quickly to approve the Bank’s first loans, market its initial bond offering, and establish defined roles by Bank senior management and its Board of Directors.

Resource Gallery

President McCloy after a swim

November or December 1948
President McCloy (far right) with U.S. Executive Director Eugene Black (middle) following a swim during a trip to Central America (1893774; Credit: The World Bank).

John J. McCloy (1895-1989)

Undated McCloy served as U.S. Assistant Secretary of War during World War II before being named World Bank President (172185; Credit: The World Bank).

Address by President McCloy

April 18, 1947
The address to the American Society of Charter Life Underwriters, given just two and a half weeks after he became president, is the first time that McCloy has "ever spoken in public in the role of banker" (30254684).

Interview with Daniel Crena de Longh

Interview date: Aug. 1, 1961
The McCloy presidency is discussed on pages 27-35.

President John J. McCloy

2nd World Bank President: 1947
1949

Press release -- Election of John J. McCoy as World Bank President

Feb. 28, 1947
The press release includes a thorough biography of the man who will become the World Bank's second president (1868291).

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