U.S. nominee to lead World Bank is a champion of reforms

David Malpass, a senior Treasury Department official, is President Trump’s nominee to become the next president of the World Bank and continue a push to concentrate its work on helping the poorest of the poor.

Malpass, 62, an international economist, has already played an important role in successful U.S. efforts to press reforms at the global financial institution.

The president, at the White House on February 7, praised Malpass as a strong advocate for accountability who “has fought to ensure financing is focused on the places and projects that truly need assistance, including people living in extreme poverty.”

Malpass is currently the under secretary for international affairs at Treasury. He served two other U.S. presidents at Treasury and the State Department and directed Congress’ Joint Economic Committee.

In the past he’s criticized the World Bank for continuing to make large loans to China even as its economy grew to be the world’s second largest.

Malpass thanked Trump for negotiating “a major capital increase and reform package for the World Bank.” He added, “There’s a great opportunity now to implement these constructive reforms that will lead to faster growth and greater prosperity.”

He noted that “a key goal will be to ensure that women achieve full participation in developing economies.” The president announced Malpass’ nomination on the same day he signed an executive memorandum establishing the Women’s Global Development and Prosperity Initiative.

Spearheaded by presidential daughter and adviser Ivanka Trump, the initiative will provide a coordinated U.S. government approach to help 50 million women in developing countries realize their economic potential by 2025.

If selected by the bank’s board of directors, Malpass would succeed Jim Yong Kim, who stepped down two years into his second five-year term. The board is soliciting nominations and will decide in the spring.