Whereas, the World Bank controls more investment capital and, together with its sister institution, the International Monetary Fund, has more policy influence in the world economy than any other institution, and for the past fifty years the World Bank has accumulated more and more influence over the economic policies of less developed countries; and

    Whereas, the World Bank uses its leverage over less developed countries to actively promote policies that favor the narrow profit interests of transnational corporations, such as low wages, proliferation of sweatshops, repressive labor policies, and weak environmental regulation, at the expense of interests of the majority to improve living standards; and

    Whereas, the World Bank has promoted a narrowly defined export-led growth model that has widened the gap between the rich and poor globally and within countries; and

    Whereas, the World Bank promotes policies that destroy the environment by pushing countries to expand their exports so they will earn more hard currency to make payments on foreign debts, and this has led countries to overexploit their natural resources, cutting down forests, heavily using chemicals to produce export crops, and overfishing coastal and international waters; and

    Whereas, the World Bank's project lending is often environmentally destructive, and violates the rights of indigenous peoples; and

    Whereas, the World Bank's policies have worsened the position of women, because structural adjustment programs require cuts in government social services, with the increased burden and hardship of caring for the family falling mainly on women, and because the overwhelming majority of World Bank money goes into the hands of men; and

    Whereas, by keeping the governments of low-income countries dependent on new infusions of capital from high-income countries, the World Bank has reinforced an "external allegiance" of these governments, making them more accountable to World Bank managers than to their own people; and with policymaking in the hands of unelected bureaucrats, there is no real chance of either meaningful development or democracy taking place in many of these countries; and

    Whereas, the World Bank operates in a secretive fashion and is accountable neither to the taxpayers who fund it nor to the citizens of debtor countries who are subjected to World Bank policies;

    Therefore, this institution resolves, from this date hence, not to purchase bonds issued by the International Bank for Reconstruction and Development (the World Bank) nor to invest money in any investment fund which holds World Bank bonds.