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Major Battle Looming With Trump's Choice of Malpass for World Bank President

Major Battle Looming With Trump's Choice of Malpass for World Bank President
David Malpass (Alex Wong/Getty Images)

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Thursday, 07 February 2019 05:12 AM Current | Bio | Archive

President Trump’s nomination of David Malpass to be president of the World Bank is almost certain to set off a furious fight among the U.S. fellow shareholders on the board of the financial colossus.

“The unbroken history since 1947 of an American as World Bank President and a European as managing director of the International Monetary Fund could easily be broken if the president tries to name Malpass,” a scholar of the two international institutions predicted to Newsmax last month. 

The same scholar cited as reasons for the controversy surrounding this nomination the “paper trail” of articles and other criticisms of multinational organizations by Malpass, former chief economist for Bear Stearns and now undersecretary of the Treasury for International Affairs.

Malpass, 62, was formally named Monday by the president to succeed outgoing World Bank President Jim Kim (who tendered his resignation on January 7 with three years to go in his current five-year term).

Like Trump, Malpass has been a critic of multilateralism — that is three or more states acting in tandem on international matters.  Speaking at the Council on Foreign Relations in 2017, he declared “multilateralism has gone substantially too far — to the point where it is hurting U.S. and global growth.”

He has also criticized the bank’s lending criteria and what he considers the bloated bureaucracy of the World Bank staff. 

During his time in the Trump Administration, Malpass has been critical of the bank’s lending regulations.  While at Treasury, he even launched a movement to reduce the annual U.S. contributions to the World Bank. 

Kim's successor will be chosen by the 189 member-countries who are represented by a Board of Governors that meets once a year. On Monday morning, the Board issued a statement that it will immediately start the process for selecting the president, but listed no timelines for further details.

When Kim was elected in 2012, he became the first candidate for the bank presidency to be challenged — in his case by two opponents. 

Malpass will also have at least two challengers for the top job, World Bank sources told Newsmax. 

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

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President Trump's nomination Wednesday of David Malpass to be president of the World Bank is almost certain to set off a furious fight among the U.S. shareholders on the board of the financial colossus. "The unbroken history since 1947 of an American as World Bank...
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2019-12-07
Thursday, 07 February 2019 05:12 AM
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