The Obama administration miscued in its response to China’s creation of an Asian development bank and should have played a bigger role, former U.S. Treasury Secretary Henry Paulson said.
“This wasn’t their finest hour,” Paulson said in an interview Tuesday in New York, while he gave the administration credit “for a number of things they’ve done very well.” Instead of refusing to join the Asian Infrastructure Investment Bank, the U.S. should have sought observer status to “argue for better standards” when the institution begins operating, Paulson said.
