The US President Donald Trump pushed David Malpass for taking the leadership of the World Bank, a vicious critic of the development banker, reviled by the US President as ineffective, as well as wasteful.
Through the nominations for the top positions do not open at the bank but according to an unwritten rule, as the single largest shareholder, Washington has the right to choose the winner.
A 62 years old Treasury official, David Malpass who is also the in charge of the international affairs, does not skip the words. According to the opinion in the congressional testimony in 2017, of the senior Treasury official, the organizations like World Bank, “spend a lot of money” but are “not very efficient”. He also told, “ They are often corrupt in their lending practices and they don’t get the benefit to the actual people in the countries”.
The senior Treasury official, David Malpass is enough congenial but also rigid with a direct manner bounding on erosive.
By the middle of the last year, around 20 career staff had quit from the Malpass office, some of them inflamed at his management criteria, as per the media reports.
The senior Treasury Official completed his studies with a degree in physics, as well as economics at the University of George Washington in the capital of US. he was then serving in the position of several Treasury Department under former Republican President Ronald Reagan and George H.W. Bush.
Then he started a lengthy period at Bear Stearns, an investment bank which subsided at the beginning of the 2008 financial crisis- including six chief economists.
After collapsing the bank in 2008, he established his own financial firm, Encima Global. His policy positions and financial predictions have distinctly mixed results. In 2007, on the eve of the financial crisis, David Malpass incurred a Wall Street Journal and assured readers not to be panicked because “housing and debt markets are not that big a part of the US economy ”.In 2010, as the Federal Reserve was injecting cash into markets, he signed onto a letter to the Chairman of the Federal Reserve, Ben Bernanke, inviting an end to the stimulus program, which he told would reduce inflation.
David Malpass desires to reform the World Bank that would incline more heavily on the private sector and lend less to the high developing economies like China which he claims to have sufficient access to credit already.
But spinning the nomination, a senior administration official told David Malpass a “happy warrior and champion of pro-growth policies” who simply seek the World Bank to be more effective in achieving its goals.