President Donald Trump announced Treasury official David Malpass as his nominee to be the next president of the World Bank, in a White House ceremony Thursday.
“I’m certain there could be no better candidate to lead the World Bank than David,” Trump declared, noting Malpass’s long support of his candidacy and outspoken critique of the organization.
Malpass declared in 2017, “The World Bank’s biggest borrower is China. Well, China has plenty of resources, and it doesn’t make sense to have money borrowed in the United States, using the U.S. government guarantee, going into lending in China for a country that’s gotten other resources and access to capital markets.”
US Undersecretary for International Affairs David Malpass leaves a hotel in Beijing on January 7, 2019. – A US government delegation is in China for the first face-to-face talks since US President Donald Trump and his Chinese counterpart Xi Jinping agreed on a temporary truce in the trade war. (Photo by WANG ZHAO / AFP)
Malpass has served as Treasury’s Under Secretary for International Affairs since September 2017 and came to the administration with conservative credentials. The Caller was first to report Malpass’s consideration in early January.
The World Bank opening came with the surprise resignation of Jim Yong Kim, who was scheduled to remain at his post until 2022, on Monday. Kim did not provide any reason for his resignation, but his exit provides a new opportunity for the Trump administration change the direction of the World Bank.
Republican David R. Malpass announces his U.S. Senate candidacy in front of City Hall April 14, 2010 in New York City. (Photo by Mario Tama/Getty Images)
Steve Moore, a Heritage Foundation economist with close ties to the White House, extolled Malpass’s virtues to the Caller in January, saying his nomination “would be a dream come true.” (RELATED: World Bank: Record $30 Billion Leaving The US For Mexico)
He added, “The World Bank is the swamp of international bureaucrats who have all the wrong ideas and it needs to be completely cleaned out. David Malpass would be an ideal guy to do it.”