Washington, DC - The U.S. is proposing Undersecretary of the U.S. Treasury, David Malpass, as its nominee for the World Bank presidency.
Malpass is a strong pick and meets the qualifications that the Board of Executive Directors of the World Bank put forward, which are quoted below:
- “a proven track record of leadership;
- experience of managing large organizations with international exposure, and a familiarity with the public sector;
- the ability to articulate a clear vision of the World Bank Group’s development mission;
- a firm commitment to and appreciation for multilateral cooperation; and,
- effective and diplomatic communication skills, impartiality and objectivity in the performance of the responsibilities of the position.”
Malpass meets these qualifications and there are a number of reasons why shareholders should support him.
First, Malpass has the management and leadership experience for the job. The Undersecretary of the U.S. Treasury is a big job in the American system of government, where he oversees hundreds of staff. Previously, he had a successful career on Wall Street even creating his own company, Encima Global, and served in senior leadership jobs in the Reagan and Bush ‘41 administrations. He has a clear vision of how countries create prosperity and in doing so, eliminate poverty.
Second, Malpass has a strong understanding of what the World Bank can do and believes in the World Bank’s mission.
Third, Malpass has a deep understanding of international affairs and the world. He speaks Spanish, French, and Russian and has served in high-level economic and foreign policy roles. Furthermore, he understands the power of markets and the role of governments. He understands that “America first” does not mean America alone. He believes in the potential of multilateral institutions.
Fourth, Malpass has been involved in public life — including politics — and that is a good thing.
Being active in public life should be seen as a positive for Malpass.
Fifth, although the capital increase was approved, the World Bank still needs to collect on the U.S. commitment. David Malpass’ relationships with the Trump administration and with Republicans and Democrats in the U.S. Congress will be important.
Sixth, David Malpass broadly supports the vision of the World Bank including its environmental priorities.
The World Bank is an important institution and is often underappreciated and misunderstood in Washington D.C. It’s clear that David Malpass understands what the World Bank is and what it can do.
Given that the U.S. has put forward a strong candidate, now would be the time for Japan, Europe, and other allied countries of the United States to come forward and support candidate Malpass.