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David Malpass

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David Malpass
13th President of the World Bank Group
In office
April 9, 2019 – June 1, 2023
Chief ExecutiveKristalina Georgieva
Anshula Kant
Preceded byKristalina Georgieva (acting)
Succeeded byAjay Banga
Under Secretary of the Treasury for International Affairs
In office
September 25, 2017 – April 9, 2019
PresidentDonald Trump
Preceded byD. Nathan Sheets
Succeeded byBrent McIntosh
Personal details
Born (1956-03-08) March 8, 1956 (age 68)
Petoskey, Michigan, U.S
Political partyRepublican
SpouseAdele Obermayer
Children4
RelativesHerman Obermayer (father-in-law)
EducationColorado College (BA)
University of Denver (MBA)

David Robert Malpass (born March 8, 1956[1]) is an American economic analyst and former government official who served as President of the World Bank Group from 2019 to 2023. He previously served as Under Secretary of the Treasury for International Affairs under Donald Trump, having served as an economic advisor to Trump during the 2016 U.S. presidential election; Deputy Assistant Treasury Secretary under Ronald Reagan; and Deputy Assistant Secretary of State under George H. W. Bush. He was chief international economist at Bear Stearns from 1993 to 2002, and chief economist from 2002 to the firm's collapse in 2008.

As of 2024, Malpass is Distinguished Fellow of International Finance at the Daniels School of Business at Purdue University.

Early life and education

Malpass was born in 1956 in Petoskey, Michigan.[1]

He earned a BA in physics at Colorado College in 1976,[1] and an MBA at the University of Denver in 1978.[1][2] In 1983 he was a mid-career fellow studying international economics at Georgetown University's School of Foreign Service.[1][3]

Career

Early career

From 1976 to 1981, Malpass worked in Portland, Oregon as a contract administrator for Esco Corporation, a computer systems consultant for Arthur Andersen, and controller/CFO for Consolidated Supply.[1]

Economist

From 1984 through 1993, in the Reagan and George H. W. Bush administrations, Malpass worked on an array of economic, budget, and foreign policy issues including the 1986 tax cut, NAFTA, and the Brady Plan for Latin American debt.[2] From 1984 to 1986 he was Senior Analyst for Taxes and Trade and International Economist of the Senate Budget Committee.[1] At the U.S. Treasury Department, he was Legislative Manager from 1986 to 1988, and Deputy Assistant Secretary of Developing Nations 1988 to 1989.[1] He was Republican staff director of the United States Congress Joint Economic Committee from 1989 to 1990.[1] At the U.S. State Department, he was Deputy Assistant Secretary of Latin America Economic Affairs from 1990 to 1993.[1]

Malpass was chief international economist at Bear Stearns from 1993 to 2002.[1] From 2002 to 2008, he was chief economist at the firm.[1]

In 2008, after Bear Stearns failed during the financial crisis, Malpass founded his own economics firm, Encima Global.[4] In 2010, he ran for the Republican nomination for United States Senate in that year's special election in New York;[5] he placed second in the three-way primary with 38% of the vote after former Congressman Joe DioGuardi's 42%.[6] In 2012, he wrote a chapter titled "Sound Money, Sound Policy" in The 4% Solution: Unleashing the Economic Growth America Needs, published by the George W. Bush Presidential Center.[7][8]

Malpass has written regularly for Forbes and has been a contributor to the op-ed section of The Wall Street Journal.[2][9] He is also a frequent television commentator.[10][11]

In August 2007, before the housing market collapse that triggered the financial crisis of 2007–2008, Malpass wrote in an op-ed for The Wall Street Journal that "Housing and debt markets are not that big a part of the U.S. economy, or of job creation ... the housing- and debt-market corrections will probably add to the length of the U.S. economic expansion."[12] In 2012 in the New York Times Economix blog, Bruce Bartlett cited Malpass's mid-2008 forecast of economic growth and his September 2012 forecast of recession as examples of partisan bias in economic forecasts.[13]

During the Obama administration, Malpass frequently warned against quantitative easing, the preferred approach of the Federal Reserve during that time period; he said that it would inhibit growth.[14][15]

Trump advisor

On August 5, 2016 Malpass was announced as a senior economic advisor to Donald Trump's presidential campaign.[16][17][18] He appeared on television and radio to support Trump's message of faster growth through policy reforms.[19][20][21] Four of his pre-election Forbes columns discussed the need for political reform or upheaval.[22][23] His September 1, 2016 op-ed in The New York Times, "Why This Economy Needs Donald Trump", described potential faster growth through a policy upheaval covering economic policy, taxes, trade, and regulations.[24] After the election, Malpass headed the transition team's work on economic policy and the Treasury Department.[25][26][27]

Under Secretary of the Treasury

Malpass's official photo as Under Secretary

In March 2017, the White House announced Malpass as President Trump's nominee for Under Secretary of the Treasury for International Affairs.[28] Malpass was confirmed for the position by the United States Senate on August 3, 2017.[29]

Malpass took a critical position on China during his tenure.[30] In July 2018 he was described by Bloomberg News as "a champion of President Donald Trump's protectionist message".[31]

World Bank President

In February 2019, Trump announced Malpass as the nominee for President of the World Bank, succeeding Jim Yong Kim, who had announced in January 2019 that he would be stepping down three years prior to the end of his second five-year term.[32] Malpass was unanimously approved by the executive board on April 5, 2019,[33][34] and began his term on April 9.[35] During the start of his tenure, Malpass focused in his early public comments on the global economy and debt transparency.[36]

Malpass spent a year realigning the World Bank's staff to better meet client countries' real needs.[37][38] He also stabilized the institution, and reorganized the disarray that had been left by his predecessor, Kim.[39] By the end of 2022 he had nearly doubled the bank's lending from what it had been when he took over.[39] By the end of 2022 he had also doubled its climate financing,[39] and oversaw a growing portfolio of loans designed to help countries adapt to climate change and transition to renewable power.[40]

During his tenure, he led the World Bank in lending more than $150 billion in response to the COVID-19 pandemic, the Russian invasion of Ukraine, and rising food and energy prices.[41] He also helped low-income countries achieve debt sustainability through debt reduction, and pressured China to provide more debt relief for developing nations.[41]

In his first two years as World Bank president, he treaded carefully when discussing the causes of global warming.[36] After the inauguration of Joe Biden in early 2021, American policy shifted towards prioritizing efforts against climate change, and Malpass increasingly began working and speaking on climate policy.[36] In April 2021, the World Bank released a five-year Climate Change Action Plan that pledged 35% of World Bank financing to climate co-benefits and 50% of its climate financing to climate change adaptation, and pledged to fully align the World Bank's financing goals with the Paris Agreement by 2023.[36] The plan was praised, with some concern that 35% could be too low or that the plan did not halt all World Bank fossil fuel projects.[36]

On September 20, 2022, former U.S. Vice President and environmentalist Al Gore labelled Malpass a climate change denier and called for Biden to replace him during an event focusing on climate change hosted by The New York Times.[42] Appearing separately from Gore at the event, Malpass was asked three times by journalist David Gelles if he accepted the scientific consensus on climate change that "the man-made burning of fossil fuels is rapidly and dangerously warming the planet";[43] Malpass replied, "I'm not a scientist."[42] This answer prompted criticism from climate policy makers such as Rachel Kyte and Mark Carney, and calls for his resignation from the Rocky Mountain Institute and Christiana Figueres, among others.[42] On September 21, the United States Department of the Treasury issued a statement that it expected World Bank leadership to take a leading role on climate issues.[42] On September 22, Malpass said in both an internal memo to World Bank staff and on an interview with CNN International that he accepted the scientific consensus on human activity causing climate change and that he was not a "denier".[42]

In mid February 2023, Malpass announced his intention to end his term as president of the bank by the end of the bank's fiscal year in June 2023.[44]

Additional posts

In 2024, Malpass became Distinguished Fellow of International Finance at the Daniels School of Business at Purdue University, and the inaugural Fellow of Global Business and Infrastructure at Purdue@DC.[45]

Malpass is on the board of trustees of UBS Investment Trust.[46]

He is a former member of the board of directors of the National Committee on United States–China Relations,[47] the Council of the Americas,[48] and the Economic Club of New York,[48] and a former member of the board of trustees of the Manhattan Institute.[45] He was also formerly a member of board of directors of the New Mountain Financial Corporation.[49]

Personal life

Malpass and his wife Adele live in Washington, D.C. and have four children.[50][51]

Adele Malpass is the daughter of Herman Obermayer.[52] She was appointed as the chairwoman of the Manhattan Republican Party in January 2015[53][54] and was elected to a two-year term in September 2015.[53] She resigned in August 2017 to move to Washington when Malpass was appointed to his role in the Treasury Department under President Trump.[55][56] As of 2022, she was the president of The Daily Caller News Foundation, a non-profit organization linked with the eponymous news organization.[42][57]

Malpass speaks Spanish, Russian, and French.[38][58]

References

  1. ^ a b c d e f g h i j k l "Nominations Of Eric D. Hargan, David Malpass, Andrew K. Maloney and Brent James McIntosh" (PDF). U.S. Senate Finance Committee. U.S. Government Publishing Office. June 7, 2017. Retrieved February 6, 2019.
  2. ^ a b c "David Malpass (author profile)". National Review. Retrieved September 1, 2016.
  3. ^ Malpass, David (November 15, 2019). "Greater Transparency for Broad-Based Growth". WorldBank.org. Retrieved November 15, 2024.
  4. ^ Montet, Virginie (February 6, 2019). "Trump taps a fierce critic to lead World Bank". Yahoo! News. AFP. Retrieved November 15, 2024.
  5. ^ Keating, Raymond J. (June 29, 2010). "David Malpass Runs for Senate". National Review. Archived from the original on July 1, 2010.
  6. ^ Hernández, Javier C. (September 15, 2010). "In Tight Republican Race, DioGuardi Is Chosen to Face Gillibrand". The New York Times. Retrieved November 16, 2024.
  7. ^ "The 4% Solution: Unleashing the Economic Growth America Needs". George W. Bush Presidential Center. July 2012. Retrieved November 16, 2024.
  8. ^ Malpass, David (2012). "Sound Money, Sound Policy". In The Bush Institute (ed.). The 4% Solution: Unleashing the Economic Growth America Needs. Crown Publishing. pp. 94–107. ISBN 9780307986146.
  9. ^ "David Malpass". Bruegel. Retrieved November 16, 2024.
  10. ^ "David Malpass '76 Selected as New Head of World Bank" (PDF). Colorado College Bulletin. Colorado College. Spring 2019. p. 42. Retrieved November 16, 2024.
  11. ^ "Profiles of CNBC star guests". CNBCfix.com. Retrieved November 16, 2024.
  12. ^ Weissmann, Jordan (January 5, 2017). "Trump Taps Bear Stearns Economist Who Said Not to Worry About Credit Crisis for Key Treasury Job". Slate. Retrieved February 2, 2017.
  13. ^ Bartlett, Bruce (October 9, 2012). "Partisan Bias and Economic Forecasts". Economix. The New York Times. Retrieved February 1, 2017.
  14. ^ Forbes, Steve (February 14, 2019). "Steve Forbes: David Malpass is excellent choice to lead and reform the World Bank". USA Today. Retrieved November 26, 2024.
  15. ^ Wearden, Graeme (November 15, 2010). "US economists campaign against QE2". The Guardian. Retrieved November 26, 2024.
  16. ^ Belvedere, Matthew J. (August 5, 2016). "Jobs strong, but too many Americans still left out, new Trump economic aide says". CNBC. Retrieved August 5, 2016.
  17. ^ Pramuk, Jacob (August 5, 2016). "Trump unveils economic policy team, includes John Paulson". CNBC. Retrieved November 17, 2024.
  18. ^ Cohen, Patricia (August 5, 2016). "Trump's Economic Team: Bankers and Billionaires (and All Men)". The New York Times. Retrieved November 17, 2024.
  19. ^ "Donald Trump Economic Advisor: Election Offers Clear Economic Choice". Squawk Box. CNBC. October 6, 2016.
  20. ^ "All Change at the Trump Camp Continues". BBC World Service. August 23, 2016. Retrieved November 17, 2024.
  21. ^ "Bloomberg Best: From Our Bureaus Worldwide - Aug. 9 (Audio)". Bloomberg Radio. August 9, 2016. Retrieved November 17, 2024.
  22. ^ Malpass, David (April 26, 2017). "Upheaval To Reinvent U.S. Politics". Forbes. Retrieved December 17, 2016.
  23. ^ "David Malpass (author profile)". Forbes. Retrieved December 17, 2016.
  24. ^ Malpass, David (September 1, 2016). "Why This Economy Needs Donald Trump". The New York Times. Retrieved December 17, 2016.
  25. ^ Lipton, Eric (November 11, 2016). "Trump Campaigned Against Lobbyists, but Now They're on His Transition Team". The New York Times. Archived from the original on February 2, 2017. Retrieved February 28, 2017.
  26. ^ Timiraos, Nick (November 20, 2016). "What Will Donald Trump Do on Economic Policy? Here's a Top Adviser's View". The Wall Street Journal. Retrieved November 17, 2024.
  27. ^ Naylor, Brian (November 16, 2016). "From Lobbyists To Loyalists, See Who's On Donald Trump's Transition Team". NPR. Retrieved April 22, 2019.
  28. ^ Beech, Eric (March 14, 2017). "Trump to nominate Goldman Sachs' Donovan as deputy Treasury secretary". Reuters. Retrieved March 31, 2017.
  29. ^ "PN103 — David Malpass — Department of the Treasury". Congress.gov. August 3, 2017. Retrieved September 8, 2018.
  30. ^ "Top US Treasury Official Slams China's 'Non-Market Behavior'". CNBC. Reuters. February 21, 2018. Retrieved September 8, 2018.
  31. ^ Mohsin, Saleha (July 12, 2018). "Treasury Struggles to Keep Staff in Unit at Heart of Trade War". Bloomberg News. Retrieved September 8, 2018.
  32. ^ Zarroli, Jim (February 6, 2019). "Trump Nominates Outspoken Critic David Malpass To Head World Bank". NPR. Retrieved February 6, 2019.
  33. ^ Hsu, Tiffany (April 5, 2019). "David Malpass, Trump's Pick to Lead World Bank, Is Approved". The New York Times. Retrieved April 6, 2019.
  34. ^ Zumbrun, Josh (April 5, 2019). "Trump Nominee Malpass Selected as Next World Bank President". The Wall Street Journal. Retrieved April 5, 2019.
  35. ^ Lawder, David (April 9, 2019). "New World Bank boss vows to keep climate goals, evolve China relationship". Reuters. Retrieved April 15, 2019.
  36. ^ a b c d e Rappeport, Alan (April 9, 2021). "Out of Trump's Shadow, World Bank President Embraces Climate Fight". The New York Times. Retrieved September 24, 2022.
  37. ^ Miniter, Richard (June 1, 2023). "David Malpass, The Man Who Turned Around The World Bank". Forbes. Zenger News. Retrieved November 22, 2024.
  38. ^ a b Miniter, Richard (July 17, 2020). "World Bank Staff Have a New Goal: Boost Incomes in Their Assigned Countries". Newsweek. Retrieved November 26, 2024.
  39. ^ a b c "The World Bank's embattled chief steps down". The Economist. February 16, 2023. Retrieved November 22, 2024.
  40. ^ Gelles, David (February 15, 2023). "World Bank President, Dogged by Climate Questions, Will Step Down Early". The New York Times. Retrieved November 22, 2024.
  41. ^ a b Martin, Eric (February 15, 2023). "World Bank Chief Malpass to Leave, Creating Biden Opening". Bloomberg News. Retrieved November 22, 2024.
  42. ^ a b c d e f Gelles, David; Rappeport, Alan (September 22, 2022). "World Bank Leader, Accused of Climate Denial, Offers a New Response". The New York Times. ISSN 0362-4331. Retrieved September 24, 2022.
  43. ^ "No Room for Climate Denial at the World Bank". Evergreen Action. October 3, 2022. Retrieved November 20, 2024.
  44. ^ "David Malpass: World Bank leader who was called climate denier quits". BBC News. February 15, 2023. Retrieved February 16, 2023.
  45. ^ a b Schultz, Derek (November 7, 2023). "Former World Bank president to join Purdue University and its Daniels School of Business". Purdue University. Retrieved November 23, 2024.
  46. ^ "Supplement to the Statement of Additional Information (the "SAI"), dated December 29, 2022". sec.gov. UBS Investment Trust. August 9, 2023. Retrieved November 22, 2024.
  47. ^ "Board of Directors". National Committee on United States–China Relations. Archived from the original on September 29, 2007.
  48. ^ a b "David Malpass named World Bank President". Business Standard. Press Trust of India. April 5, 2019. Retrieved November 23, 2024.
  49. ^ "David R. Malpass". New Mountain Finance Corporation. Archived from the original on October 12, 2012. Retrieved January 10, 2013.
  50. ^ Hays, Charlotte (November 13, 2023). "Adele Malpass". Independent Women's Forum. Retrieved November 23, 2024.
  51. ^ "David R. Malpass". live.worldbank.org. May 26, 2023. Retrieved November 23, 2024.
  52. ^ Barnes, Bart (January 30, 2013). "Betty Nan Obermayer, former president of Temple Rodef Shalom, dies at 81". The Washington Post. Retrieved November 23, 2024.
  53. ^ a b "Statement from Manhattan GOP Chairwoman Adele Malpass on Her Election". Manhattan Republican Party. September 29, 2015. Archived from the original on July 29, 2020. I am honored to have been elected last evening to serve as the New York County Republican Chairwoman for the next two years. Since my appointment in January by New York State GOP Chairman, Ed Cox, I have ...
  54. ^ Goodwin, Michael (May 12, 2015). "Courageous GOPer has eye on corruption". New York Post. Retrieved April 22, 2019. Adele Malpass, who deserves the red badge of courage for agreeing to lead the Manhattan Republican Party, offers a way for the GOP to distinguish itself in Albany.
  55. ^ Reisman, Nick (August 2, 2017). "Leadership Fight For Manhattan GOP". New York State of Politics, Capital Tonight. Spectrum News Capital Region. Archived from the original on April 22, 2019. Retrieved April 22, 2019. Republicans in Manhattan have a leadership race unfolding after the resignation of Chairwoman Adele Malpass, pitting the daughter of a top donor against a former candidate for city comptroller. A source familiar with the situation said Malpass resigned this week as her husband David is set to take a post in the Trump administration's Treasury Department.
  56. ^ Vilensky, Mike (August 27, 2017). "Supermarket Heiress Believes Manhattan GOP Can Be Victorious Again". The Wall Street Journal. Retrieved April 22, 2019.
  57. ^ "Staff Biographies". Daily Caller News Foundation. Retrieved November 23, 2024.
  58. ^ Runde, Daniel F. (February 5, 2019). "Time for the world to get behind David Malpass for World Bank president". The Hill. Retrieved November 27, 2024.
Political offices
Preceded by Under Secretary of the Treasury for International Affairs
2017–2019 		Succeeded by
Diplomatic posts
Preceded by President of the World Bank Group
2019–2023 		Succeeded by
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