In March 2005 , Wolfowitz was nominated to be president of the World Bank by US President George W. Bush . Criticism of his nomination appeared in the media . Nobel Laureate in Economics and former chief economist for the World Bank Joseph Stiglitz said : " ' The World Bank will once again become a hate figure . This could bring street protests and violence across the developing world . ' " In a speech at the U.N. Economic and Social Council , economist Jeffrey Sachs also opposed Wolfowitz : " It 's time for other candidates to come forward that have experience in development . This is a position on which hundreds of millions of people depend for their lives ... Let 's have a proper leadership of professionalism . " In the US , there was some praise for the nomination . An editorial in '' The Wall Street Journal '' stated : Mr. Wolfowitz is willing to speak the truth to power ... he saw earlier than most , and spoke publicly about , the need for dictators to plan democratic transitions . It is the world 's dictators who are the chief causes of world poverty . If anyone can stand up to the Robert Mugabes of the world , it must be the man who stood up to Saddam Hussein.He was confirmed and became president on June 1 , 2005 . He soon attended the 31st G8 summit to discuss issues of global climate change and the economic development in Africa . When this meeting was interrupted by the July 7 , 2005 London bombings , Wolfowitz was present with other world leaders at the press conference given by British Prime Minister Tony Blair
31st G8 summit
31st G8 summit
Paul Wolfowitz