Welcome to Global Playbook coming to you from Washington, D.C., where the city is basking in near-perfect fall weather and the financial types are trying their best to pretend that it’s business as usual — despite the fact that the world’s most consequential election is just two weeks away. I’m Suzanne Lynch, reporting from the IMF-World Bank annual fall meetings, where thousands of bankers, finance ministers and civil society groups have assembled for their biannual gathering. WHO’S IN TOWN: IMF Managing Director Kristalina Georgieva; World Bank President Ajay Banga; Ukrainian Finance Minister Serhiy Marchenko; Prime Minister of Barbados Mia Mottley; Indian Finance Minister Nirmala Sitharaman; Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan; European Central Bank President Christine Lagarde; U.K. Chancellor Rachel Reeves ; U.S. Treasury Secretary Janet Yellen; Governor of Bank of Japan Kazuo Ueda; French Finance Minister Antoine Armand. As usual, most of the fun is on the sidelines. G20 finance ministers will meet tonight for dinner at the IMF ahead of their meeting Thursday. Think tanks around the city are also choc-a-bloc as they take advantage of the glut of high-level political figures in town this week to fill speaking slots. Several embassies are hosting parties to introduce their ministers to policymakers, though with both Houses of Congress in recess, the networking opportunities are a little lighter than usual. HAPPY BIRTHDAY BRETTON WOODS TURNS 80: It’s 80 years since the IMF and the early iteration of the World Bank were founded in the New Hampshire town of Bretton Woods, giving a new name to the emerging international financial system forged in the twilight of World War II. The anniversary this year means that the usual calls for reform of the financial system to reflect a very different global economy will blare louder than ever this week in Washington. Fighting fit: In an interview with Global Playbook, Jay Shambaugh , treasury undersecretary for international affairs, put the sunny side out. “If the IMF didn’t exist, you would create something very similar to the IMF to replace it,” he said, noting that it allows the U.S. to “have input into how things are transpiring around the world.” “We’re the largest economy in the world but we’re not an island,” he said, adding that the international financial institutions “keep the global economy on an even keel.” Someone needs to tell Trump: Suffice it to say, this is not the view in Trump-land, with former President Donald Trump expressing deep skepticism about the two financial institutions during his presidency, and appointing a prominent critic of the World Bank, David Malpass , as president to shake things up. Project 2025, the conservative policy plan crafted by the Heritage Foundation (from which the Trump campaign has been frantically disassociating itself in the run-up to election day) wants the U.S. to withdraw from both institutions. Trump-proofing: Shambaugh is diplomatic about what a Trump victory next month might mean for the U.S.’s future relationship with the IMF and World Bank, but his message is clear. “I can't speak to what any administration might do, but I would say that it is so clearly the interest of the United States to maintain a strong role in these institutions that whoever is in charge in the United States should always do so.” Nothing to see here: He also points to the big picture. “We’ve seen many political transitions in the United States in one direction or another for all 80 years of the Bretton Woods institutions; the United States has maintained a crucial role at them across the board because they're so important.” Other senior figures have been at pains to calm nerves about the implications of a Trump presidency at the last big international financial gathering before America goes to the polls in two weeks’ time. Current World Bank chief Ajay Banga, a Biden appointee, pointed out that Trump actually authorized a capital increase in the IBRD (International Bank for Reconstruction and Development) when he was in office. "At the end of the day, he understands the value, if you can put it in the terms that make sense for what he's trying to get done, for his administration's policies,” he said last week ahead of the meetings. U.S. Treasury Secretary Janet Yellen left no one in doubt that the Biden administration is in full election mode at her press conference with Banga Tuesday, though technically keeping within the rules of the Hatch Act, which prohibits federal officials from electioneering. Without naming Trump specifically, she declared that the Biden administration from day one had rejected isolationism that “made America and the world worse off.” “America’s strong economic performance is leading the way as a key engine of global growth," she told attendees at a standing room only press conference in the World Bank’s atrium area. Taming Beijing: Shambaugh also defended the Biden’s administration stance on China, which has seen the U.S. intensify the Trump administration’s hawkish stance, including slapping tariffs of 100 percent on electric vehicles as well as smaller tariffs on solar cells and manufacturing products. Arguing that China has been redirecting money toward manufacturing and using subsidies and non-market practices in some sectors, he said that “our concern has been that’s leading to over-capacity ... that can have big spillovers.” America alone? Is he concerned that Europe, which is deeply divided on the issue , is refusing to go far enough? Brussels recently agreed much lower tariffs on Chinese electric vehicles than the U.S. imposed. The EU’s move was “an important step” he said, adding that other countries are mirroring the US position. “To be clear, it’s not just the U.S. and Europe — there's a huge range of countries, emerging market countries, other advanced economies who are taking trade actions in response to what they see as direct spillovers from Chinese overcapacity,” he said. “And so it's something that I think as more and more countries do it, it becomes clear to the Chinese side that this is something they need to recognize, that their model needs to be adjusted." TAX THE RICH! CIVIL SOCIETY CALL: While the corporate world and central bankers are out in force this week, there’s a healthy smattering of civil society groups in town calling for a reform of the financial architecture and more equitable and responsible distribution of wealth. Wealth tax in focus: A coalition of groups including Oxfam, Tax Justice Network Africa, Club of Rome, and the Independent Commission for the Reform of International Corporate Taxation (ICRICT) held an event Tuesday on “Taxing the Super-Rich,” the latest effort to ramp up support for a wealth tax. Playbook interview: Indian economist Jayati Ghosh, who along with Joseph Stiglitz, co-chairs the ICRICT, said the issue has shot up the agenda in recent years. “There is a new momentum,” she said, citing this year’s first ever declaration by the G20 to cooperate on taxing the super-rich agreed in Rio under the Brazilian presidency of the G20 (though how to actually follow through is another matter). Baby steps: Ghosh, who is a professor at the University of Massachusetts at Amherst, said one of the big breakthroughs of recent years was the 2016 agreement on Automatic Exchange of Information, which increased transparency. “Now there is much more information, at least when it comes to financial assets, of who's got money where, which is a crucial first step,” she said. Details: Ghosh advocates a 2 percent tax on the uber-rich. “It could be a dividend tax, it could be a wealth tax, it could be some kind of income tax, but it should be at least 2 percent of your wealth,” she said. “This is not a big deal; it’s like a stock market fluctuation that can happen in a year.” Crossing the Rubicon: But for many countries — not least the country where this week’s IMF-World Bank meetings are taking place — it is a big deal ideologically. Ghosh refutes this, pointing to recent polls which show broad support in America for taxing the wealthy more. (President Biden has also endorsed the idea.) Scaremongering: She also claimed the debate has been skewed. “We’re talking about the super-wealthy; the billionaires and centi-millionaires. It would affect very few people. It doesn’t mean if you have a house worth a million dollars that you’re going to get taxed.” Next steps: But despite political progress at G20 level, a row is brewing over who should take charge of the proposed global approach. The recent landmark global agreement on tax — which led to a minimum corporate tax rate of 15 percent — was agreed at the OECD. But many campaigners and organizations, including ICRICT, favor a U.N. process. The reason? More non-Western countries are represented there; in contrast, the Paris-based OECD is seen as the rich nations’ club. SEEN AND HEARD SPOOKS FOR HIRE: While most of the finance peeps are meeting in faceless meeting rooms and conference halls within the labyrinthine IMF and World Bank buildings in downtown D.C., the fintech crowd are shaking it up a little. Day 2 of DC Fintech Week takes place at the International Spy Museum today — who said the world of fintech and crypto was shady? ON THE ROPES: Kenya’s finance minister, John Mbadi, and Central Bank Governor Kamau Thugge are in town this week for meetings with IMF officials, including the fund’s first Deputy Managing Director Gita Gopinath as the country remains in dire financial straits after deadly protests this summer. The demonstrations, which led to dozens of deaths, reflected growing frustration at the conditions attached to the IMF’s $3.6 billion financing program for the country. Awkward: “Kenya is not IMF’s lab rat” was one of the more polite signs seen on Nairobi’s streets this summer as public anger burst onto the streets. The chaos prompted a delay to the latest $600 million tranche that had been due; it's up for discussion at the IMF executive board meeting on Oct. 30. BAPTISM OF FIRE: Britain’s Rachel Reeves received a boost ahead of her first appearance at the IMF-World Bank meetings as chancellor and next week’s budget, as the IMF raised its forecast for U.K. economic growth on Tuesday. But her governing Labour Party has been plunged into political controversy after Trump filed a complaint with the Federal Election Commission over the news that over 100 party officials are helping to campaign for Kamala Harris ahead of the November election. RUNNERS AND RIDERS TRANSITION TIME: With the U.S. election just two weeks away, contenders for top jobs in the next administration are already jostling for influence. POLITICO has a must-read primer on who’s in the frame as election day draws near, including for the coveted job of treasury secretary. The Harris Orbit: Among those in contention for treasury secretary in a Democratic administration are Wally Adeyemo, currently No. 2 in the Treasury; Lael Brainard , the director of the National Economic Council; Commerce Secretary Gina Raimondo; Senator Michael Bennet; longtime Harris confidant Brian Nelson; Blair Effron, financier and Democratic donor. On Trump's dance-card: The possible contenders for treasury secretary if Trump wins the White House include billionaire financier John Paulson; hedge fund manager Scott Bessent; Robert Lighthizer, trade secretary during the Trump administration; Larry Kudlow, director of Trump’s National Economic Council; Cantor Fitzgerald boss and Trump transition co-Chair Howard Lutnik. Lutnik’s problem: As Rachael Bade and Jasper Goodman report this morning, Lutnik is facing accusations that he’s mixing his business interests with his role in a potential Trump administration — most seriously, raising matters affecting his firm at Capitol Hill meetings. The concerns were described by two people close to Trump, Rachel and Jasper report. Read the full story here. DIMON’S FLIP-FLOP: Meanwhile, having caused a stir at Davos in January by praising some of Trump’s policies, JP Morgan CEO Jamie Dimon seems to be changing his tune. The New York Times reports that Dimon has made it clear privately that he supports Harris and would consider a role in her administration — a strategy otherwise known as keeping your options open. AGENDA — Release of the IMF Fiscal Monitor, Meeting Halls A&B, 9 a.m. — WHD Caribbean Ministerial Meeting, IMF HQ2, Conference Hall 2, 7:30 a.m. — CSPF: “The Role of Development Finance Institutions in Advancing Vaccine Manufacturing in Africa,” World Bank Building I, room 2 -220, 8:30 a.m. — MENAP (Middle East and North Africa) Ministers and Governors Meeting with the IMF managing director, IMF HQ2, 9:30 a.m. — “Bretton Woods at 80: Priorities for the Next Decade,” Center for Global Development and ICRIER, 2055 L Street NW, Washington. Speakers include Spanish Finance Minister Carlos Cuerpo; Indian Finance Minister Nirmala Sitharaman and former U.S. Treasury Secretary Larry Summers. — Civil Society Policy Forum “Transparency is Not Enough: Empowering Domestic Oversight of Public Debt,” IMF HQ2, Conference Hall 2, 9 a.m. — Atlantic Council “Europe’s Economic Challenges: A Conversation with Christine Lagarde,” 10 a.m. — The Agri-Food System as an Engine of Sustainable Growth and Job Creation, World Bank Atrium, 10 a.m. Speakers include: Ajay Banga , president, World Bank Group; Egyptian Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat; Ndidi Okonkwo Nwuneli, president and CEO, ONE Campaign; Mabouba Diagne, minister for agriculture, Senegal. — Global Sovereign Debt Roundtable; IMF IMF Board Room HQ1, 11:30 a.m. — DC FinTech Week, 9 a.m. - 6.30 p.m., International Spy Museum. Highlights include sessions with Commodity Futures Trading Commission Chairman Rostin Behnam; Stripe co-founder John Collison; Consumer Financial Protection Bureau Director Rohit Chopra; New York Department of Financial Services Superintendent Adrienne Harris. — Where is Japan on Inflation and Monetary Policy? Governor of the Bank of Japan Kazuo Ueda, with IMF's Director of the Asia and Pacific Department Krishna Srinivasan, IMF HQ1, Cedar Hall, 3 p.m. — Reshaping Egypt’s fiscal policy with Finance Minister Ahmed Kouchouk, Atlantic Council HQ, 4:30 p.m. — ASEAN Roundtable with the IMF managing director, IMF Board Room, 3:30 p.m. Thanks to Adam Behsudi and Zach Warmbrodt and editor Sanya Khetani-Shah. | 
