As the Obama administration has taken over, I have begun to wonder what role microfinance initiatives will take amongst the new leadership. On January 13 current Secretary of State Hillary Rodham Clinton included statements on microfinance in her speech at the Senate Confirmation Hearing.  Clinton declared:

Today more than two billion people worldwide live on less than $2 a day. They are facing rising food prices and widespread hunger. Calls for expanding civil and political rights in countries plagued by mass hunger and disease will fall on deaf ears unless democracy actually delivers material benefits that improve people’s lives while weeding out the corruption that too often stands in the way of progress.

Our foreign policy must reflect our deep commitment to the cause of making human rights a reality for millions of oppressed people around the world. Of particular concern to me is the plight of women and girls, who comprise the majority of the world’s unhealthy, unschooled, unfed, and unpaid. If half of the world’s population remains vulnerable to economic, political, legal, and social marginalization, our hope of advancing democracy and prosperity will remain in serious jeopardy. We still have a long way to go and the United States must remain an unambiguous and unequivocal voice in support of women’s rights in every country, every region, on every continent.

As a personal aside, I want to mention that President-elect Obama’s mother, Ann Dunham, was a pioneer in microfinance in Indonesia. In my own work on microfinance around the world – from Bangladesh to Chile to Vietnam to South Africa and many other countries — I’ve seen firsthand how small loans given to poor women to start small businesses can raise standards of living and transform local economies. President-elect Obama’s mother had planned to attend a microfinance forum at the Beijing women’s conference in 1995 that I participated in. Unfortunately, she was very ill and couldn’t travel and sadly passed away a few months later. But I think it’s fair to say that her work in international development, the care and concern she showed for women and for poor people around the world, mattered greatly to her son, and certainly has informed his views and his vision. We will be honored to carry on Ann Dunham’s work in the months and years ahead. (Hilary Clinton’s Statement at Senate Confirmation Hearing)

New Sec. State Hilary Clinton and former President Bill Clinton have long been involved in microfinance initiatives.  Bill Clinton wrote about such topics in his book Giving and both have actively encouraged the work of the Grameen Bank and Kiva (which naturally I am quite excited about since I am currently helping with the work for Kiva).

Aside from the Clintons, Nancy Barry, a close advisor to President Obama, was formerly the President of the Women’s World Banking for several years and holds close relations to the Obama family, as she worked with Ann Dunham, President Obama’s mother.

President Obama himself has traveled Kenya and visited micro-finance locations within the country (BBC News: Obama Draws Crowds on Slum Tour).

President Obama’s leadership holds experience and dedication to the field of microfinance.  The question is, what will become of it?  Where will the cause rank amongst the presidential agenda? I recently joined “Microfinance for Obama”, a part of President Obama and Vice-President Biden’s campaign page, with high expectations.  I’m the fifth member (not quite what I expected).