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Mauricio Claver-Carone

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Mauricio Claver-Carone
Hispanic man in a black suit and red tie with an American flag in the background.
President of the Inter-American Development Bank
In office
October 1, 2020 – September 26, 2022
Preceded byLuis Alberto Moreno
Succeeded byReina Mejía (Acting)
Personal details
Born1975 (age 48–49)
Miami, Florida, U.S.
Political partyRepublican
EducationRollins College (BA)
Catholic University (JD)
Georgetown University (LLM)

Mauricio Claver-Carone (born 1975)[1] is an American private-equity investor, former Treasury Department and National Security Council official, lawyer, and lobbyist, who was the president of the Inter-American Development Bank from October 2020[2] until September 26, 2022.[3][4]

Early life and education

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Claver-Carone was born in Miami, Florida, to parents of Cuban and Spanish descent.

He earned his Bachelor of Arts degree from Rollins College, Juris Doctor from The Catholic University of America and Master of Laws in International and Comparative Law from Georgetown University Law Center.

Career

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Private Equity

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Mauricio Claver-Carone is the Managing Partner of the Latin America Real Assets (LARA) Opportunities Fund. . Founded in 2023, the LARA Fund is the first and only U.S.-based private equity fund focused on industrial assets, digital infrastructure, and transitional energy opportunities in the higher-growth, lower-risk middle markets of Latin America and the Caribbean.

Inter-American Development Bank

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In June 2020, the U.S. Department of the Treasury announced its intention to nominate Claver-Carone for the president of the Inter-American Development Bank (IDB),[5] the principal source of long-term financing for economic, social and institutional development in Latin America and the Caribbean.

His nomination generated a mixed reaction among the Bank’s member countries, as the institution’s presidency was historically reserved for a citizen of one of its borrowing member countries.[6]

He was elected by the IDB’s Board of Directors on September 12, 2020, for a five-year term beginning on October 1, 2020.[7] Thirty of the Bank's 48 governors voted for him (67% of total shareholding), including 23 out of the 28 regional governors.[8][9]

On September 26, 2022, Claver-Carone was removed from the presidency with a vote by the governors;[3][4] after an ethics investigation alleged that he had an affair with a subordinate. Claver-Carone accused the investigation, which had concluded that "there is no direct evidence of an existing relationship between Mr. Claver-Carone and [his staffer]," of being "arbitrary and ad hoc" and as an effort of the Biden administration to "smear his reputation."[10]

Despite the controversy, under Claver-Carone's presidency, the IDB successfully optimized its balance sheet to deliver record-breaking financing of $23.4 billion while implementing unprecedented cost savings;[11] more than doubled its net income from 2020-2022;[12] built a private sector coalition to achieve record-breaking co-financing and mobilization;[13] had the biggest single-year gains ever in transparency indicators and stakeholder satisfaction surveys;[14] named the most women to positions of decision-making power ever in the history of the Bank; ensured small countries were represented in the most senior ranks for the first time; earned long-lost bipartisan support from U.S. Congressional leaders;[15] and ended the Bank's deals with China over the last decade.[16]

Government positions and IMF role

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From 2017 to 2018, Claver-Carone was Senior Advisor for International Affairs at the U.S. Department of the Treasury, where he was a principal policy advisor to the Secretary of the Treasury and to the Under Secretary for International Affairs on geopolitical, national security and economic issues.

He then served as acting U.S. Executive Director at the International Monetary Fund, representing the United States on the Executive Board.[17] He played an important role in lending arrangements for Argentina, Barbados and Ecuador, and revolving credit lines for Colombia and Mexico.

In September 2018, Claver-Carone was appointed Special Assistant to U.S. President Donald Trump and Senior Director for Western Hemisphere Affairs at the National Security Council.[18] In 2019, he was promoted to become a Deputy Assistant to the President. In this role, Claver-Carone is credited for creating the U.S. government's maximum-pressure campaign against the Maduro regime[19] in Venezuela and for conceptualizing the "América Crece" economic growth strategy and frameworks.[20] He was also selected by President Trump to represent the United States in inauguration delegations to Brazil,[21] Panama[22] and Uruguay.[23]

Claver-Carone also helped design the Better Utilization of Investments Leading to Development (BUILD) Act of 2018, which created the U.S. International Development Finance Corporation.[24]

He also spearheaded the first White House-led Western Hemisphere Strategic Framework for U.S. inter-agency policy guidance and development since 2004.

Early career

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Claver-Carone began his career as an attorney-advisor for the U.S. Department of the Treasury’s Office of the Comptroller, where he provided counsel on banking laws, capital requirements and securitizations.[25] He was also a Clinical Assistant Professor at The Catholic University of America’s School of Law, an adjunct professor at The George Washington University’s National Law Center and a research fellow at Georgetown University’s Law Center for the Americas.

Cuba policy

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Before joining the U.S. government, Claver-Carone was executive director of Cuba Democracy Advocates, a lobbying organization for human rights, free markets and the rule of law in Cuba.[26]

Other

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Claver-Carone has provided congressional testimony before the Committees on Agriculture, Foreign Affairs, the Judiciary and Natural Resources of the United States House of Representatives.

He has written for HuffPost,[27] The Wall Street Journal[28] and The New York Times, among other publications. He has also published in academic journals, including the Georgetown Journal of International Law and the Yale Journal of International Affairs.

Poder Magazine recognized him as one of 20 entrepreneurs, executives, leaders and artists under 40 who are shaping the future of the U.S. and the world.

Claver-Carone hosted the bilingual foreign-policy show From Washington al Mundo on Sirius-XM Radio.[29] He also co-founded a data-software start-up company.

References

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  1. ^ Llano, Pablo de (November 22, 2016). "Trump signs up vocal Cuba critic Mauricio Claver-Carone". El País. Miami. Archived from the original on September 19, 2020. Retrieved September 26, 2022.
  2. ^ "IDB President Claver-Carone Highlights Job Creation, Capital Increase in Debut Speech | IADB". www.iadb.org. Retrieved October 8, 2020.
  3. ^ a b Stott, Michael (September 26, 2022). "Inter-American Development Bank votes to oust Donald Trump-era president". Financial Times. Retrieved September 26, 2022.
  4. ^ a b Garrison, Cassandra; Shalal, Andrea (September 26, 2022). "Exclusive: IDB governors vote to remove bank president Claver-Carone after ethics investigation". Reuters. Archived from the original on September 26, 2022. Retrieved September 26, 2022.
  5. ^ "United States Announces Nominee for Presidency of the Inter-American Development Bank Group | U.S. Department of the Treasury". home.treasury.gov. Retrieved November 5, 2020.
  6. ^ "Trump administration nominates American to head Inter-American Development Bank, breaking with tradition". The Washington Post.
  7. ^ "Mauricio J. Claver-Carone Elected IDB President | IADB". www.iadb.org. Retrieved November 5, 2020.
  8. ^ Shalal, Andrea; Garrison, Cassandra (September 12, 2020). "Trump nominee elected to head Latin American development bank". Reuters. Retrieved September 12, 2020.
  9. ^ Rodriguez, Sabrina (September 12, 2020). "Trump's pick elected to run Latin American development bank". Politico. Retrieved September 16, 2020.
  10. ^ "Opinion | The Biden Administration Smears My Reputation". Wall Street Journal. September 29, 2022. Retrieved April 11, 2023.
  11. ^ "IDB Sets Record $23.4 Billion in 2021 Financing & Mobilization, Surpassing Prior Estimate | IADB". www.iadb.org. Retrieved April 11, 2023.
  12. ^ "IDB Annual Report 2022 Financial Statements". Archived from the original on July 19, 2023.
  13. ^ "IDB President, CEOs Launch Historic Partnership for Latin American and Caribbean Recovery | IADB". www.iadb.org. Retrieved April 11, 2023.
  14. ^ "IDB Among Leaders in 2022 Aid Transparency Index | IADB". www.iadb.org. Retrieved April 11, 2023.
  15. ^ "Menendez, Rubio, Kaine, Cassidy and Cardin Introduce IDB General Capital Increase Act | United States Senate Committee on Foreign Relations". www.foreign.senate.gov. March 4, 2021. Retrieved April 11, 2023.
  16. ^ O’Grady, Mary Anastasia (July 31, 2022). "Opinion | How China Took Latin America". Wall Street Journal. Retrieved April 11, 2023.
  17. ^ "International Monetary Fund Annual Report 2018: Building a Shared Future". IMF Organization Chart. International Monetary Fund. October 2, 2018. ISBN 978-1-4843-7345-3.
  18. ^ Lippman, Daniel (October 13, 2020). "Trump taps new Western Hemisphere chief". Politico. Retrieved November 5, 2020.
  19. ^ Talley, Jessica Donati, Vivian Salama and Ian (January 30, 2019). "U.S. Push to Oust Venezuela's Maduro Marks First Shot in Plan to Reshape Latin America". Wall Street Journal. ISSN 0099-9660. Retrieved October 29, 2020.{{cite news}}: CS1 maint: multiple names: authors list (link)
  20. ^ Guatemela, elPeriodico de (October 16, 2019). "América Crece, la nueva propuesta de desarrollo de EE. UU. para Centroamérica". elPeriodico (in Spanish). Retrieved October 29, 2020.
  21. ^ "President Trump Announces Presidential Delegation to the Federative Republic of Brazil to Attend the Inauguration of His Excellency Jair Bolsonaro". whitehouse.gov. Retrieved October 29, 2020 – via National Archives.
  22. ^ "President Donald J. Trump Announces Presidential Delegation to Attend the Inauguration of His Excellency Laurentino Cortizo of Panama". whitehouse.gov. Retrieved October 29, 2020 – via National Archives.
  23. ^ "President Trump Announces Presidential Delegation to the Oriental Republic of Uruguay to Attend the Inauguration of Dr. Luis Lacalle Pou". whitehouse.gov. Retrieved October 29, 2020 – via National Archives.
  24. ^ "United States Announces Nominee for Presidency of the Inter-American Development Bank Group | U.S. Department of the Treasury". home.treasury.gov. Retrieved November 5, 2020.
  25. ^ "Mauricio Claver-Carone" (PDF).
  26. ^ "Mauricio Claver-Carone | HuffPost". www.huffpost.com. Retrieved November 5, 2020.
  27. ^ "Mauricio Claver-Carone". The Huffington Post. Retrieved August 18, 2015.
  28. ^ Claver-Carone, Mauricio (June 23, 2015). "When Helping 'the Cuban People' Means Bankrolling the Castros". The Wall Street Journal. Retrieved August 18, 2015.
  29. ^ "Cristina Radio - Empowering Hispanic Radio! - From Washington Al Mundo". August 14, 2015. Archived from the original on August 14, 2015. Retrieved November 5, 2020.
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Diplomatic posts
Preceded by President of the Inter-American Development Bank
2020–2022 		Succeeded by
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