A new report from the U.S. Government Accountability Office (GAO) lays bare what was painfully obvious to me when I represented the U.S. on the board of directors at the World Bank: the People’s Republic of China (PRC) and its state-owned enterprises win the biggest slice of procurement for economic development projects, securing almost 30 percent of all funds. The U.S., the bank’s largest shareholder thanks to generous taxpayer funding since the bank’s founding in 1944, is on the losing end of the ledger. Our firms garner less than 1 percent of all funds (and that includes large purchases of...