Background
Barber B. Conable, Jr. , was born in Warsaw, New York, United States on November 2, 1922.
(Shows how Congress operates and how tax policy is created...)
Shows how Congress operates and how tax policy is created. Takes a look at the ways and means committee, various federal acts related to the income tax, and current taxation representation. Based on the lectures of the author, a veteran member of Ways and Means, in 1985 at the University of Oklahoma. Annotation copyright Book News, Inc. Portland, Or.
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Barber B. Conable, Jr. , was born in Warsaw, New York, United States on November 2, 1922.
He received his Bachelor's degree from Cornell in 1942. He graduated with honors from Cornell's law school in 1948.
Conable joined the United States Marine Corps, serving out the end of World War II (1942 - 1946) and serving again during the Korean conflict (1950 - 1951), reaching the rank of colonel. Later he became a member of the New York State Bar in 1948. Conable practiced law first in Buffalo (until 1950), then Batavia (until 1964).
His career in the public sector began in the New York State Legislature (1963 - 1964), and from there he went on to become the 30th District representative to the U. S. House of Representatives, a post he successfully held for 20 years (1965 - 1985).
Yet his appointment to head the World Bank in 1986 was seen as somewhat of a surprise, since Conable had no banking experience, only slight management experience, and virtually all of his legislative experience related to domestic rather than international issues. The World Bank was created after World War II to channel funds for economic and social development projects from modern industrial nations to poor agricultural and newly industrializing nations in Latin America, Africa, and Asia. Because the United States provided the largest share of equity capital, the bank's president had traditionally been an American and its headquarters located in Washington, D. C.
Following the second oil shock of 1979 and the world-wide recession in the early 1980, however, developing countries could not find export markets for their products except at much lower prices. While export revenues declined, debt service payments rose owing to much higher interest rates, creating a financial squeeze. Unable to obtain dollars to repay the interest and principal on the $1 trillion debt, many countries in Latin America and Africa suspended payments, leading to the crisis. As a result, new loans dried-up, thereby reducing economic growth by preventing countries from importing capital equipment, spare parts, and other items needed to expand production. The World Bank acted slowly in seeking a solution. While the other member nations of the World Bank were in support, the U. S. Congress had its own fiscal deficits and resisted helping the bank, which was perceived to be over-staffed and inefficient. To rectify this perception, Conable's first task was reorganizing the bank's structure and personnel in 1987. This created internal conflict and a lowering of morale as 10 percent of the work force of 6, 500 professionals was retired or fired. Critics charged that Conable's handling of the restructuring was inept since he was an outsider and relied too heavily on the advice of those who stood to gain by internal politics. Conable led the bank toward a greater emphasis on market-oriented solutions to development over central planning, in keeping with the debt solution put forth by U. S. Treasury Secretary Nicholas Brady in 1989. The Brady Plan called for private commercial banks to write off some of their outstanding loans, thereby reducing the crippling indebtedness of poor countries. In return, the remaining private claims would be guaranteed, and a new infusion of loans from wealthier nations would occur through the auspices of the World Bank and the International Monetary Fund.
After retiring from Congress, Conable served on the boards of directors of the New York Stock Exchange and various corporations, in addition to being senior fellow at the conservative "think-tank" the American Enterprise Institute and distinguished professor at the University of Rochester. He also served as chairman of the Museum of the American Indian in New York City and on the boards of the Urban Institute, the Dole Foundation, and the Smith Richardson Foundation.
Citing his age and poor health, Conable announced his resignation from the World Bank effective September 1, 1991. At the end of his successful five-year term, he retired to his home in Alexander, New York. The Bush White House announced that his successor would be Lewis T. Preston (born 1926), a long-time executive with J. P. Morgan & Company.
(Shows how Congress operates and how tax policy is created...)
As the ranking Republican on the House Ways and Means Committee, Conable was respected as one of the most influential and knowledgeable legislators on tax issues, with important contributions to laws on trade (1974), capital gains (1977), and social security (1977).
In 1952, Conable married Charlotte Williams, his wife until his death.