{{Short description|American economist and government official (born 1985)}} {{Infobox officeholder | name = Geoffrey Okamoto | image = Geoffrey Okamoto.jpg | office = First Deputy Managing Director of the International Monetary Fund | president = Kristalina Georgieva | term_start = March 19, 2020 | term_end = January 21, 2022 | predecessor = David Lipton | successor = Gita Gopinath | office1 = Assistant Secretary of the Treasury for International Finance and Development | status1 = Acting | president1 = Donald Trump | term_start1 = July 2018 | term_end1 = March 19, 2020 | predecessor1 = Ramin Toloui | successor1 = Brent Neiman | birth_name = Geoffrey William Seiji Okamoto | birth_date = {{birth date and age|1985|1|18}} | birth_place = Torrance, California, U.S. | death_date = | death_place = | party = Republican | education = California State Polytechnic University, Pomona (BS)<br>Georgetown University (MPP) | caption = Official portrait, 2017 }} '''Geoffrey William Seiji Okamoto''' (born January 18, 1985) is an American economist and government official who served as first deputy managing director of the International Monetary Fund.<ref>{{cite web |title=Alumnus Geoffrey Okamoto Approved as IMF's No. 2 Official {{!}} PolyCentric |date=25 March 2020 |url=http://polycentric.cpp.edu/2020/03/alumnus-geoffrey-okamoto-approved-as-imf-no-2-official/}}</ref> Okamoto previously served as the acting assistant secretary for international finance and development in the United States Department of the Treasury. He was nominated for this position on January 1, 2019, by the White House and was never confirmed by the United States Congress.<ref>{{Cite web|url=https://www.congress.gov/nomination/116th-congress/23|title = PN23 - Nomination of Geoffrey William Seiji Okamoto for Department of the Treasury, 116th Congress (2019-2020)|date = 3 January 2020}}</ref> He previously served as acting assistant secretary for international markets and investment, for which he was also not confirmed.
Okamoto left the global lender in early 2022, and was replaced by Gita Gopinath.<ref>{{Cite news|last1=Shalal|first1=Andrea|last2=Lawder|first2=David|date=2021-12-02|title=IMF says chief economist Gopinath to replace Okamoto as No. 2 official|language=en|work=Reuters|url=https://www.reuters.com/business/imf-says-chief-economist-gopinath-replace-okamoto-no-2-official-2021-12-02/|access-date=2021-12-03}}</ref>
== Early life and education == Okamoto was born in Torrance, California, and raised in Irvine, California, where he attended Woodbridge High School. While in high school, he earned the rank of Eagle Scout.
He attended the California State Polytechnic University, Pomona and earned a Bachelor of Science in computer information systems in 2008.<ref>{{Cite web|url=http://polycentric.cpp.edu/2008/03/interning_at_the_top/|title=Interning At The Top {{!}} PolyCentric|website=polycentric.cpp.edu|date=2 March 2008 |access-date=2018-07-30}}</ref> He earned a Master of Public Policy from the McCourt School of Public Policy in 2011.<ref>{{Cite web|url=https://mccourt.georgetown.edu/alumni/alumni_board|title=Alumni Board|website=mccourt.georgetown.edu|access-date=2018-07-30|archive-date=2018-08-16|archive-url=https://web.archive.org/web/20180816194827/https://mccourt.georgetown.edu/alumni/alumni_board|url-status=dead}}</ref> Okamoto completed his graduate research on the effect bank reserve requirements have historically had on the pricing and availability of bank loans.<ref>{{Cite thesis|last=S.|first=Okamoto, Geoffrey W.|date=2011|title=The effect of bank reserve requirements on lending volume and interest rates faced by borrowers|publisher=Georgetown University|url=https://repository.library.georgetown.edu/handle/10822/553850|type=thesis}}</ref> While in graduate school, he studied at Corpus Christi College, Oxford.<ref>{{Cite web|url=https://issues.washingtoniancustommedia.com/publication/?i=437697&p=29&pp=1&view=issueViewer|title=McCourt School Policy Perspectives Fall 2017 Page 27|website=issues.washingtoniancustommedia.com|language=en-US|access-date=2020-02-07}}</ref>
In 2019, Georgetown University awarded Okamoto the 1820 Graduate Award for "outstanding leadership and service to the university."<ref>{{Cite web|url=https://alumni.georgetown.edu/alumni-association/alumni-awards/service-recognition-awards|title=Service Recognition Award Recipients|date=2015-08-05|website=Georgetown Alumni|language=en|access-date=2020-02-07}}</ref>
== Career ==
=== Consulting === Okamoto began his career as a consultant for KPMG in 2008. He worked with clients in the financial services, asset management, technology, and healthcare sectors on matters related to regulatory compliance, risk management, and operational efficiency.<ref>{{Cite news|url=http://issues.washcustom.com/publication/?i=437697#%7B%22issue_id%22:437697,%22page%22:0%7D|title=McCourt School Policy Perspectives Fall 2017|access-date=2018-07-30}}</ref>
=== Congressional aide === While completing graduate studies at Georgetown University, Okamoto was hired by John Campbell in 2011 to serve as his advisor on financial services and other economic-related matters.<ref>{{Cite web|url=https://www.gpo.gov/fdsys/pkg/CDIR-2011-12-01/content-detail.html|title=Cong. Dir. 112th - Congressional Directory for the 112th Congress (2011-2012), December 2011.|website=www.gpo.gov|access-date=2018-07-30}}</ref> In 2013, he was appointed policy director for monetary policy and trade for the House Financial Services Committee.<ref>{{Cite web|url=https://www.gpo.gov/fdsys/pkg/CDIR-2014-02-18/content-detail.html|title=Cong. Dir. 113th - Congressional Directory for the 113th Congress (2013-2014), February 2014.|website=www.gpo.gov|access-date=2018-07-30}}</ref>
While policy director, he worked to force conditions on additional funds the Obama administration sought for the International Monetary Fund.<ref>{{Cite news|url=https://www.washingtonpost.com/business/economy/obama-tries-again-to-get-approval-on-imf-reform/2013/04/18/2e9ce4b4-a855-11e2-8302-3c7e0ea97057_story.html|title=Obama tries again to get approval of IMF reform|newspaper=The Washington Post|access-date=2018-07-30}}</ref> This included a restoration of key rules governing very large loans which had been removed to allow IMF lending to Greece.<ref>{{Cite news|url=https://www.economist.com/letters/2014/04/11/on-colombia-the-imf-robots-the-media-africa-jobs-streaming-northern-ireland|title=On Colombia, the IMF, robots, the media, Africa, jobs, streaming, Northern Ireland|newspaper=The Economist|access-date=2018-07-30}}</ref> Ultimately, the IMF amended its rules and Congress allowed the funding provision to pass.<ref>{{Cite news|url=https://www.imf.org/en/News/Articles/2015/09/28/04/53/sopol012916a|title=IMF Survey : IMF Reforms Policy for Exceptional Access Lending|work=IMF|access-date=2018-07-30}}</ref>
In 2014, he was hired by Pat Toomey to serve as his chief advisor for the Senate Banking Committee. When Republicans regained the majority in the Senate in 2016, Okamoto became the majority staff director for the Senate Banking Subcommittee on Financial Institutions.<ref>{{Cite web|url=https://www.politico.com/tipsheets/morning-money/2017/05/quarles-geography-issue-fixed-220122|title=Quarles geography issue fixed?|website=POLITICO|date=4 May 2017 |access-date=2018-07-30}}</ref>
=== U.S. Department of the Treasury === In November 2016, Okamoto was recruited onto the transition team for Donald Trump working on the Treasury Department's landing team, focussing on international economics and domestic finance. In 2017, the President appointed him deputy assistant secretary of the Treasury within the Office of International Affairs, with responsibilities over international financial institutions and sovereign debt matters.<ref>{{Cite web|url=https://www.politico.com/tipsheets/politicos-weekly-transition-blast/2017/05/weekly-blast-transition-newsletter-5-key-developments-out-of-white-house-raft-of-new-agency-personnel-senate-to-vote-on-fda-head-next-week-220165|title=5 key developments out of White House -- raft of new agency personnel -- Senate to vote on FDA head next week|website=POLITICO|date=5 May 2017 |access-date=2018-07-30}}</ref> He launched the Women Entrepreneurs Finance Initiative, a key priority Ivanka Trump, and currently serves as chairman of its Governing Committee.<ref>{{Cite news|url=https://www.wsj.com/articles/world-bank-launches-womens-fund-championed-by-ivanka-trump-1507849797|title=World Bank Launches Women's Fund Championed by Ivanka Trump|last=Talley|first=Josh Zumbrun and Ian|date=2017-10-12|work=Wall Street Journal|access-date=2018-07-30|issn=0099-9660}}</ref>
Upon the administration withdrawing its initial nominee for assistant secretary, Okamoto was elevated to serve, on an acting basis, as assistant secretary for international finance and development. Okamoto was responsible for several divisions with responsibilities for regional and bilateral economic engagement, international economic coordination through the G7 and G20, international monetary affairs, and executing U.S. participation in international financial institutions. He was never confirmed by the United States Congress.<ref>{{Cite web|url=https://www.congress.gov/nomination/116th-congress/23|title = PN23 - Nomination of Geoffrey William Seiji Okamoto for Department of the Treasury, 116th Congress (2019-2020)|date = 3 January 2020}}</ref>
Okamoto represented the United States on the board of the World Bank's Global Environment Facility.<ref>{{Cite web|url=https://www.thegef.org/sites/default/files/council-meeting-documents/EN_GEF.C.54_Joint_Summary_of_the_Chairs_0.pdf|title=GEF Council Meeting Summary of the Chairs|last=|first=|date=|website=|access-date=}}</ref> He has been active in assisting governments with economic reform, including Argentina, Haiti, Jordan, Latvia,<ref>{{Cite web|url=http://www.baltic-course.com/eng2/finances/?doc=153825|title=Latvian financial sector still facing major changes - Reirs|last=курс|first=The Baltic Course-Балтийский|website=The Baltic Course {{!}} Baltic States news & analytics|access-date=2020-02-07}}</ref> Somalia,<ref>{{Cite web|url=https://www.garoweonline.com/en/news/somalia/somalia-pm-holds-talks-with-top-us-officials-in-washington|title=Somalia PM holds talks with top US officials in Washington|website=Garowe Online|language=en-US|access-date=2020-02-07}}</ref> and Ukraine.<ref>{{Cite web|url=https://en.interfax.com.ua/news/general/613823.html|title=NBU independence important for Ukraine's financial stability, investment attractiveness|website=Interfax-Ukraine|language=en|access-date=2020-02-07}}</ref>
Okamoto also held concurrent appointments by President Trump to be Acting Governor of the European Bank for Reconstruction and Development, the African Development Bank, and the African Development Fund.<ref>{{Cite news|url=https://trumpwhitehouse.archives.gov/presidential-actions/president-donald-j-trump-announces-key-additions-administration-33/|work=whitehouse.gov|title=President Donald J. Trump Announces Key Additions to his Administration|via=National Archives|access-date=2018-07-30}}</ref>
<gallery widths="200px" heights="140px"> File:Secretary Pompeo Delivers Remarks at the Millennium Challenge Corporation Board Meeting (49194973013).jpg|Okamoto (center), in his capacity as acting Assistant Secretary for International Finance and Development, at a board meeting of the Millennium Challenge Corporation in 2019 </gallery>
=== IMF === IMF Managing Director Kristalina Georgieva nominated Okamoto to serve as her Deputy on March 12, 2020. Ms. Georgieva came to know Mr. Okamoto during his time at Treasury through his engagement with the IMF and World Bank. In her endorsement, Ms. Georgieva cited Okamoto's role to help bolster and preserve the IMF's lending envelope during the previous two IMF resource reviews.<ref>{{cite web |date=March 12, 2020 |title=IMF Managing Director Kristalina Georgieva Proposes the Appointment of Geoffrey Okamoto as First Deputy Managing Director |url=https://www.imf.org/en/News/Articles/2020/03/12/pr2086-imf-md-proposes-appointment-of-geoffrey-okamoto-as-first-deputy-managing-director |website=International Monetary Fund}}</ref>
At the IMF, Okamoto has called for debt relief for poorer countries suffering the economic harm resulting from the COVID-19 pandemic.<ref>{{cite web |last1=Peru |first1=Gabriele Steinhauser in Johannesburg, Saeed Shah in Islamabad, Pakistan, and Ryan Dube in Lima |title=As U.S. Economy Roars Back, Life in Many Poor Countries Gets Worse |url=https://www.wsj.com/articles/as-u-s-economy-roars-back-life-in-many-poor-countries-gets-worse-11617874201 |website=Wall Street Journal |date=8 April 2021}}</ref><ref>{{cite web |title=IMF Reserves No Substitute for Debt Restructuring, Official Says |url=https://www.bloomberg.com/news/articles/2021-04-09/imf-reserves-no-substitute-for-debt-restructuring-official-says |website=Bloomberg.com |language=en |date=9 April 2021}}</ref>
On April 12, 2021, Okamoto set a goal of distributing a $650 billion allocation of Special Drawing Rights monetary reserves to member countries by the summer of 2021.<ref>{{cite web |last1=Lawder |first1=David |title=IMF aims to distribute SDR reserves this summer, Okamoto says |url=https://www.reuters.com/article/us-imf-worldbank-resources/imf-aims-to-distribute-sdr-reserves-this-summer-okamoto-says-idUSKBN2BZ1Y3 |website=Reuters |language=en |date=12 April 2021}}</ref>
== References == {{reflist}}
==External references== * [https://web.archive.org/web/20041130063507/http://theoka.net/ TheOka(DOT)Net]
{{authority control}}
{{DEFAULTSORT:Okamoto, Geoffrey}} Category:1985 births Category:21st-century American economists Category:American people of Japanese descent Category:California State Polytechnic University, Pomona, alumni Category:Economists from California Category:Georgetown University alumni Category:Living people Category:People from Irvine, California Category:People from Torrance, California Category:First Trump administration personnel Category:United States assistant secretaries of the treasury