Trump officially nominates Malpass to head World Bank
Undersecretary of Treasury has been critical of institution
WASHINGTON >> President Donald Trump on Wednesday nominated David Malpass, a top Treasury official and Wall Street veteran, to be the next president of the World Bank.
Malpass, currently the undersecretary for international affairs at the Treasury Department, has been a point person in the Trump administration’s trade negotiations with China and has overseen the government’s relationship with the World Bank.
He is also a longtime critic of the World Bank’s lending practices and its business model and has expressed concern about the power that multilateral institutions exert. His appointment, which must be approved by the World Bank’s board, could prove controversial given Malpass’ skepticism of the bank and concerns that the Trump administration could politicize the role and use it to curb China’s growing influence around the world.
Malpass tried to clarify his views toward the World
Bank on Wednesday afternoon, arguing that critics ignore his experience with
development issues and insisting that he believes in the mission of the organization. “As I look at it, I’ve been a constructive force for development and for developing countries,” Malpass told reporters during a briefing at the Treasury Department. “I think the bank is well positioned to be a positive contributor to that.”
The World Bank is collectively owned by nearly 200 countries, and its priorities include addressing global poverty, combating climate change and providing foreign aid. Much of its mission is at odds with the Trump administration’s priorities, prompting supporters of the bank’s role to question how effective a Trump-installed president would be in fulfilling the World Bank’s goals.
Malpass is being tapped to head the World Bank after its previous president, Jim Yong Kim, announced in January that he would resign from the post, nearly three years before his term expired.
Other countries have until March 14 to offer their own candidates for president and a World Bank official said at least one other country is expected to nominate someone. The head of the World Bank is traditionally selected by the United States, but the nomination must be approved by the bank’s board, which consists of officials from across the world.