Trump nominates critic of global institutions to lead World Bank

Trump nominates critic of global institutions to lead World Bank

US President Donald Trump has named senior Treasury Department official David Malpass to lead the World Bank.

The nomination must be ratified by the bank's board, but since the U.S.is the largest shareholder, it has long named its president, senior administration officials explained in a conference call with reporters Wednesday.

During his announcement from the White House on Wednesday, the president told of his longtime relationship with Malpass.

Malpass highlighted the work of the Treasury under the Trump administration to negotiate a "major capital increase and reform package for the World Bank".

"America is the largest contributor of the World Bank, giving it over $1 billion every year", the president said, pointing to oversight to ensure US dollars are spent "effectively and wisely, serve American interests, and defend American values". He recognized first daughter Ivanka Trump for her work on women's economic empowerment: "I look forward to continuing our work together on her women's global development prosperity initiative".

Malpass, 62, is now serving as Under Secretary of the Treasury for International Affairs.

"For many, many years, for decades, the World Bank and the International Monetary Fund were the only games in town, basically led by the United States", Velshi continued, adding that while international development may not "a big priority" for the White House, it certainly is for China.

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Malpass has called the banks "entrenched" and "intrusive" and described their lending practices "corrupt".

An American has led the World Bank since its start in the 1940s, when it was created to help rebuild Europe in the aftermath of World War II.

It is not clear if other countries will propose alternatives to challenge Mr Malpass.

Nominations for World Bank president will continue to be accepted by its board through March 14, with a selection scheduled to take place before the next meetings from April 12-14 in Washington, DC.

He will also oversee implementation of reforms the U.S. pushed past year, which coupled an increase in money for the bank with changes aimed at reducing lending to China.

However, they said the administration did want to see changes to make it more effective.

If approved, Malpass would replace Kim, a physician and former university president who resigned more than three years before his term ended to join private equity fund Global Infrastructure Partners.

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