David Malpass
David Malpass | |
|---|---|
| Born | March 8, 1956 Petoskey, Michigan, U.S. |
| Occupation(s) | Economist, public official |
| Years active | 1976–present |
| Known for | President of the World Bank (2019–2023), Under Secretary of the Treasury for International Affairs (2017–2019) |
David Robert Malpass (born March 8, 1956) is an American economic expert and former public official who led the World Bank Group as its President from 2019 until 2023. Prior to this role, he served as the Under Secretary of the Treasury for International Affairs during the Donald Trump administration and acted as an economic advisor in the 2016 U.S. presidential campaign. His government service also includes positions such as Deputy Assistant Treasury Secretary under Ronald Reagan and Deputy Assistant Secretary of State during George H. W. Bush’s presidency. In the private sector, Malpass was Bear Stearns’ chief international economist from 1993 to 2002 and subsequently its chief economist until the firm’s collapse in 2008.
As of 2024, he holds the title of Distinguished Fellow of International Finance at Purdue University’s Daniels School of Business.
Early life and education
Born in 1956 in Petoskey, Michigan, Malpass completed his undergraduate studies in physics at Colorado College in 1976. He then earned an MBA from the University of Denver in 1978. In 1983, he was awarded a mid-career fellowship to study international economics at Georgetown University’s School of Foreign Service.
Early career
From 1976 through 1981, Malpass held various roles in Portland, Oregon, including contract administrator at Esco Corporation, computer systems consultant for Arthur Andersen, and controller/CFO at Consolidated Supply.
Economist
Between 1984 and 1993, Malpass worked within the administrations of Presidents Ronald Reagan and George H. W. Bush, focusing on economic policy, budgeting, and foreign affairs issues such as the 1986 tax reform, NAFTA, and the Brady Plan aimed at Latin American debt relief. His positions included Senior Analyst for Taxes and Trade and International Economist at the Senate Budget Committee (1984–1986), Legislative Manager at the U.S. Treasury Department (1986–1988), Deputy Assistant Secretary for Developing Nations (1988–1989), Republican staff director for the United States Congress Joint Economic Committee (1989–1990), and Deputy Assistant Secretary for Latin American Economic Affairs at the U.S. State Department (1990–1993).
Malpass joined Bear Stearns as chief international economist in 1993, advancing to chief economist by 2002 until the firm’s failure during the 2008 financial crisis. Following this event, he founded Encima Global. In the political arena, he sought the Republican nomination in the 2010 United States Senate special election in New York, finishing second with 38% of votes cast. Additionally, in 2012, he contributed a chapter entitled "Sound Money, Sound Policy" to The 4% Solution: Unleashing the Economic Growth America Needs, published by the George W. Bush Presidential Center.
Malpass has been a regular contributor to Forbes and penned opinion pieces for The Wall Street Journal. He is also frequently featured as a television commentator.
Notably, in August 2007—prior to the housing market crash that precipitated the financial crisis of 2007–2008—he authored an article in The Wall Street Journal arguing that housing and debt markets were not central to U.S. economic growth or employment, suggesting that market adjustments would prolong economic expansion. By 2012, some critiques pointed to his forecasts as examples of partisan influence on economic predictions.
During President Obama’s tenure, Malpass often voiced opposition to quantitative easing, contending that it would hamper economic growth.
Advisor to Trump
On August 5, 2016, Malpass was appointed as the senior economic advisor for Donald Trump 2016 presidential campaign. He actively engaged in television and radio appearances to promote Trump's proposals aimed at accelerating economic growth through policy changes. Leading up to the election, Malpass contributed multiple columns to Forbes advocating for political reform and disruption, including a September 1, 2016 op-ed in The New York Times titled "Why This Economy Needs Donald Trump," which detailed plans for boosting the economy by modifying policies related to taxation, trade, and regulation. Following Trump's victory, Malpass directed the economic policy efforts of the transition team as well as preparations involving the Treasury Department.
Under Secretary of the Treasury
In March 2017, the White House announced Malpass as President Trump's nominee for the role of Under Secretary of the Treasury for International Affairs. The United States Senate confirmed his appointment on August 3, 2017.
Throughout his service, Malpass adopted a firm position on China, with Bloomberg News in July 2018 describing him as "a proponent of President Donald Trump's protectionist economic policies."
President of the World Bank
In February 2019, President Trump nominated Malpass to succeed Jim Yong Kim as President of the World Bank, following Kim's early departure. The executive board unanimously confirmed Malpass on April 5, 2019, and he officially assumed office on April 9. At the outset of his leadership, he prioritized addressing global economic issues and enhancing debt transparency.
Malpass restructured World Bank personnel to improve service delivery to client nations, restored institutional stability, and reorganized operations that had been unsettled under his predecessor. By late 2022, he had nearly doubled both the bank’s lending capacity and climate-related financing initiatives, increasing support for climate adaptation and renewable energy projects.
Under his guidance, the World Bank extended over $150 billion in loans responding to crises such as the COVID-19 pandemic, the Russian invasion of Ukraine, and escalating food and energy costs. He also promoted debt sustainability for low-income countries while urging China to provide greater debt relief.
Initially reserved regarding climate change policies, Malpass shifted direction after President Joe Biden took office in 2021. The World Bank unveiled a five-year Climate Change Action Plan committing 35% of its financing to projects with climate co-benefits and pledging full compliance with the Paris Agreement by 2023. Although this plan was generally well received, it faced criticism over continued funding for fossil fuel ventures.
In September 2022, former U.S. Vice President Al Gore accused Malpass of being a climate change denier, sparking backlash from climate experts and calls for his resignation. Subsequently, Malpass publicly acknowledged acceptance of the scientific consensus on anthropogenic climate change in both internal communications and media interviews. The United States Department of the Treasury underscored its expectations for strong World Bank leadership on environmental matters.
In February 2023, Malpass declared his plan to step down from his position as World Bank president by June 2023.
Additional roles
In 2024, Malpass earned the title of Distinguished Fellow in International Finance at the Daniels School of Business at Purdue University and was appointed as the first Fellow of Global Business and Infrastructure at Purdue@DC.
He holds a position on the board of trustees for UBS Investment Trust. His past board memberships include the National Committee on United States–China Relations, the Council of the Americas, the Economic Club of New York, and the trustees board of the Manhattan Institute. Additionally, Malpass was a member of the board of directors for New Mountain Financial Corporation.
Personal background
Malpass lives in Washington, D.C., with his wife Adele and their four children. Adele Malpass, daughter of Herman Obermayer, led the Manhattan Republican Party as chairwoman from January 2015 until her departure in August 2017, a period that coincided with Malpass’s appointment to the Treasury Department during President Trump’s administration. By 2022, she served as president of The Daily Caller News Foundation, a nonprofit affiliated with the news outlet.
Malpass is proficient in Spanish, Russian, and French.