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White House

Trump taps World Bank critic David Malpass to lead it

Key Points
  • President Donald Trump says Treasury Department official David Malpass is his choice to lead the World Bank.
  • Malpass is a sharp critic of the 189-nation lending institution.
  • Other candidates will likely be nominated for the post by the bank's member countries. A final decision on a new president will be up to the bank's board.
David Malpass
Tom Williams | CQ-Roll Call Group | Getty Images

President Donald Trump says Treasury Department official David Malpass is his choice to lead the World Bank.

Trump introduced Malpass on Wednesday as the "right person to take on this incredibly important job." Malpass is a sharp critic of the 189-nation lending institution.

Malpass says he's honored by the nomination. He says a key goal will be to implement changes to the bank that he and Treasury Secretary Steven Mnuchin helped negotiate, and to ensure that women achieve full participation in developing economies.

Malpass would succeed Jim Yong Kim, who departed in January three years before his term was to end.

Other candidates will likely be nominated for the post by the bank's member countries. A final decision on a new president will be up to the bank's board.

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World Politics

Trump plans to choose Treasury's Malpass to lead World Bank

Reuters with CNBC
Key Points
  • U.S. President Donald Trump plans to pick Treasury Department official David Malpass to be the U.S. nominee to lead the World Bank, according to people familiar with the decision.
  • Malpass, the U.S. Treasury's top diplomat, would replace Jim Yong Kim in the role, after he stepped down on Feb 1.
  • The nomination of Malpass would put a Trump loyalist and a skeptic of multilateral institutions in line to lead the world's largest development lender.