President Donald J. Trump announces that he nominated Mr. David Malpass as President of the World Bank. Jim Yong Kim is stepping down as World Bank president after six years in the post.
Who is David Malpass?
David Malpass of New York served as Senior Under Secretary of the Treasury for International Affairs. Mr. Malpass returned to the Treasury after an extensive career in government and international finance. He served as Deputy Assistant Secretary of the Treasury for Developing Nations in the Reagan Administration and Deputy Assistant Secretary of State in the George H. W. Bush Administration. Mr. Malpass was also a Senior Tax Analyst on the Senate Budget Committee during the preparations for the 1986 Tax Act and Republican Staff Director of Congress’s Joint Economic Committee. He was founder of Encima Global, an economic research firm. Mr. Malpass served as Senior Economic Advisor for President Trump’s campaign. He has appeared in the media as a commentator and columnist on issues focusing on growth policies, the Federal Reserve, tax reform, and international monetary policy. Mr. Malpass holds a BA from Colorado College and an MBA from University of Denver. Source: The White House
His posture toward China is a sharp break from the stance of Jim Yong Kim, who abruptly resigned as head of the bank in January to become vice chairman of investment firm Global Infrastructure Partners.
Malpass held senior posts at the Treasury and the State departments under Ronald Reagan and George H. W. Bush. He served as chief economist at Bear Stearns, an investment bank that collapsed during the global financial crisis.
His departure would leave open the international affairs post at Secretary Steven Mnuchin’s Treasury department, a key role within the administration on global economic matters. Malpass has been closely involved in talks with Beijing to resolve the trade war between the two countries.