Trump announces David Malpass for U.S. candidate for World Bank

/ CBS News

President Trump announced Wednesday that David Malpass, currently an under secretary for international affairs at the Treasury Department, is his pick to run the World Bank.

If confirmed, Malpass would fill a spot opened by Jim Yong Kim, who announced his resignation last month. Mr. Trump called Malpass a "special" man, and expressed confidence in his ability to lead the organization that fights global poverty.

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.

Malpass has been critical of the World Bank in the past, so his approach to the institution is yet unclear.

"A host of organizations are creating mountains of debt without solving problems," Malpass said in a speech last year. "Huge organizations like the World Bank and the many multi-lateral development banks have created an environment where their own growth ends up being as important as their clients' growth."

Malpass is expected to go to China with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin for trade talks next week.

– CBS News Katiana Krawchenko and Kathryn Watson contributed to this report

First published on February 6, 2019

© 2019 CBS Interactive Inc. All Rights Reserved.

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