Trump taps new World Bank chief

By Michael Hernandez

WASHINGTON

U.S. President Donald Trump on Wednesday nominated outspoken World Bank critic David Malpass to helm the international financial institution.

Malpass, 62, is an established conservative and Trump loyalist with a long track-record of criticizing global development institutions, including the Bank and the International Monetary Fund.

Critics suggested Malpass would work to undermine the World Bank if he does take the reins.

He currently serves at the Treasury Department as the undersecretary of international affairs, and is a point person for ongoing trade negotiations with China. Malpass previously served on the board of Bear Stearns, a securities trading firm that was bought in 2008 amid the global recession.

"He's been a supporter for a long time, a supporter in a financial sense. Even before I ran, he liked the job I did. I like those people somehow," Trump said at the White House. "He's going to do very well."

Malpass will have to be confirmed by the World Bank's governing board. If he receives their sign-off he will replace outgoing Chairman Jim Yong Kim.

The Washington-based World Bank lends money to developing nations to foster economic development.

Malpass in the past has criticized the bank's loans to China, which stands as one of its largest loan recipients.