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Trump nominates Treasury’s Malpass to lead World Bank

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U.S. President Donald Trump said on Wednesday that the World Bank Group should be led by U.S. Treasury official David Malpass, a Trump loyalist and critic of multilateral institutions who has vowed to pursue “pro-growth” reforms at the global lender.

Trump’s nomination of Malpass, the Treasury Department’s top diplomat, is subject to a vote by the World Bank’s executive board and could draw challengers from some of the bank’s 188 other shareholding countries.

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The United States, the lender’s largest shareholder with 16 percent of its voting power, has traditionally chosen the bank’s president, but departing president Jim Yong Kim faced challengers from Colombia and Nigeria in 2012.

The nomination of Malpass, who beat out other potential candidates, including former PepsiCo chief executive officer Indra Nooyi and U.S. Overseas Private Investment Corp President Ray Washburne, signals that the Trump administration wants a firmer grip on the global development lender.

“He has fought to ensure financing is focused on the places and projects that truly need assistance, including people living in extreme poverty,” Trump said in announcing his choice at the White House with Malpass by his side.

Malpass, Treasury undersecretary for international affairs, has criticized the World Bank and other multilateral institutions for growing larger, more “intrusive” and “entrenched,” and targeted the bank for its continued lending to China, a country he sees as too wealthy for such aid.

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A senior Trump administration official said Malpass would honor the bank’s standards and obligations, including its initiatives to combat climate change. But the official said Malpass would be a “pro-growth reformer” who would implement strategies to better improve economic growth and living standards in the poorest countries.

If approved, Malpass would replace Kim, a physician and former university president who stepped down on Feb. 1, more than three years before his term ended.

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Kim, who joined private equity fund Global Infrastructure Partners, differed with the Trump administration over climate change and development resources.

Reporting by David Lawder and Jeff Mason; Writing by David Lawder; Editing by Tim Ahmann and Jeffrey Benkoe

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… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

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2020 Election

‘Part of me wanted to leave’: Lone attendee of Steve King town hall turns out to be a ‘hungover’ Democrat

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Rep. Steve King (R-IA) is being told to resign by members of his own party who are tired of his overt racism. While many Republicans might exhibit racist tendencies and make apologies for the president's racism, King says things out loud the GOP would just assume he keep quiet on. The true test, however, comes from King's own district and whether or not they're willing to reelect him in November.

The key revelation came at a recent townhall King held, where the only person who attended was a hungover Democrat. The Iowa Starting Line reported the pathetic event, where it seemed more members of the press were willing to show up than actual constituents.

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‘I’m the one who calls the shots’: Trump rails against Fox News for giving him ‘his worst polls’

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President Donald Trump explained why Fox News has drawn his ire and that they need to realize he's the one in control of them.

In a conversation on the tarmac in Morristown, New Jersey on his way back to Washington, Trump said that Fox News has not been good to him lately.

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Trump explains why he wants to buy Greenland to reporters: ‘It’s a large real estate deal — a lot can be done’

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President Donald Trump reaffirmed his desire to buy Greenland in discussion with reporters Sunday.

The president was returning to Washington, D.C. when he stopped at the airport in Morristown, New Jersey. New York Times reporter Maggie Haberman asked the president about his desire to buy the country from Denmark.

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