President Biden Announces Key Nominee

WASHINGTON – Today, President Joe Biden announced his intent to nominate the following individual to serve in his Administration:

• Irving W. Bailey II, Nominee to be a Member on the Development Finance Corporation Board of Directors

By statute, the International Development Finance Corporation Board of Directors includes four members recommended to the President from Senate and House leadership. Bailey is the nominee recommended by the Senate Minority Leader.

Irving W. Bailey II, Nominee to be a Member on the Development Finance Corporation Board of Directors

Irving W. Bailey II has served as a Member of the Board of Directors of the United States International Development Finance Corporation since 2019. After a 35-year career in the financial services industry, Bailey joined Chrysalis Ventures as a managing director in 2001. He was formerly Chairman and CEO of Providian Corporation, an insurance and diversified financial services company. During the time he was CEO, he also served as Chairman of the American Council of Life Insurance. Earlier in his career, he managed the investment portfolios of several insurance companies. Following the sale of Providian to Aegon, NV, Bailey became Vice Chairman of Aegon as well as Chairman of its Risk Committee. He is also a former director of a number of public and private companies including Hospira, Inc. and Computer Sciences Corporation.

Recently, Bailey retired as Trustee and Chair of the Risk Committee of Save the Children. In 2001, he and his wife Cathy founded Operation Open Arms to provide foster care to children in Louisville, Kentucky whose parents were incarcerated. He is a graduate of the University of a Colorado, where he was a member of Phi Beta Kappa. He received his MBA with distinction from the Stern School of Business at New York University.

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