David Robert Malpass is an American economic analyst and former government official serving as President of the World Bank Group since 2019. Malpass previously served as Under Secretary of the Treasury for International Affairs under Donald Trump, Deputy Assistant Treasury Secretary under Ronald Reagan, Deputy Assistant Secretary of State under George H. W. Bush. He served as Chief Economist at Bear Stearns for the six years preceding its collapse.During the 2016 U.S. presidential election, Malpass served as an economic advisor to Donald Trump, and in 2017, he was nominated and confirmed as Under Secretary of the Treasury for International Affairs at the Treasury Department. Malpass was elected President of the World Bank on April 4, 2019, having been nominated to the position in February 2019 by the Trump Administration.He formally took office on April 9, 2019.Malpass earned a B.A. in physics at Colorado College and an MBA at the University of Denver. He studied international economics at Georgetown University’s School of Foreign Service. He speaks Spanish, Russian, and French.From 1977 to 1983, he worked in Portland, Oregon for Esco Corporation and Arthur Andersen’s systems consulting group, where he became a licensed CPA.
During the presidencies of Ronald Reagan and George H. W. Bush, Malpass worked on an array of economic, budget, and foreign policy issues including small business promotion throughout Latin America and the 1986 tax cut. Malpass served as the Republican staff director of Congress’s Joint Economic Committee from 1989 to 1990, and as a member of Congress’s blue-ribbon panel on budget scoring from 2002 to 2003.Malpass was chief economist at Bear Stearns from 1993 to 2008. As a result of the global financial crisis and under the prodding of the Federal Reserve and U.S. Treasury Department, Bear Sterns was sold to JP Morgan Chase in March 2008 for 6% of its value twelve months prior.In June 2008, Malpass founded Encima Global, a New York City firm providing daily analysis of global economic and political trends relevant to institutional investors. In 2010, Malpass ran for the Republican nomination for United States Senate in that year’s special election in New York. He placed second in the three-way primary with 38% of the vote after former Congressman Joe DioGuardi’s 42%. In 2012, he wrote a chapter entitled ‘Sound Money, Sound Policy’ in The 4% Solution: Unleashing the Economic Growth America Needs, published by the George W. Bush Presidential Center.
Malpass writes a column for Forbes magazine and is a contributor to the op-ed section of The Wall Street Journal. He is also a frequent television commentator.Malpass sits on the boards of UBS Funds, the New Mountain Financial Corporation and the Gary Klinsky Children’s Center. He is also a former director of the National Committee on United States–China Relations, the Council of the Americas, and the Economic Club of New York, and a former member of the board of trustees of the Manhattan Institute.
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