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David Malpass
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David Malpass
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David Robert Malpass (born March 8, 1956[1]) is an American economic analyst and former government official who served as President of the World Bank Group from 2019 to 2023. He previously served as Under Secretary of the Treasury for International Affairs under Donald Trump, having served as an economic advisor to Trump during the 2016 U.S. presidential election; Deputy Assistant Treasury Secretary under Ronald Reagan; and Deputy Assistant Secretary of State under George H. W. Bush. He was chief international economist at Bear Stearns from 1993 to 2002, and chief economist from 2002 to the firm's collapse in 2008.

Key Information

As of 2024, Malpass is Distinguished Fellow of International Finance at the Daniels School of Business at Purdue University.

Early life and education

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Malpass was born in 1956 in Petoskey, Michigan.[1]

He earned a BA in physics at Colorado College in 1976,[1] and an MBA at the University of Denver in 1978.[1][2] In 1983, he was a mid-career fellow studying international economics at Georgetown University's School of Foreign Service.[1][3]

Career

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Early career

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From 1976 to 1981, Malpass worked in Portland, Oregon, as a contract administrator for Esco Corporation, a computer systems consultant for Arthur Andersen, and controller/CFO for Consolidated Supply.[1]

Economist

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From 1984 through 1993, in the Reagan and George H. W. Bush administrations, Malpass worked on an array of economic, budget, and foreign policy issues including the 1986 tax cut, NAFTA, and the Brady Plan for Latin American debt.[2] From 1984 to 1986, he was Senior Analyst for Taxes and Trade and International Economist of the Senate Budget Committee.[1] At the U.S. Treasury Department, he was Legislative Manager from 1986 to 1988, and Deputy Assistant Secretary of Developing Nations 1988 to 1989.[1] He was Republican staff director of the United States Congress Joint Economic Committee from 1989 to 1990.[1] At the U.S. State Department, he was Deputy Assistant Secretary of Latin America Economic Affairs from 1990 to 1993.[1]

Malpass was chief international economist at Bear Stearns from 1993 to 2002.[1] From 2002 to 2008, he was chief economist at the firm.[1]

After Bear Stearns failed during the 2008 financial crisis, Malpass founded Encima Global.[4] He ran for the Republican nomination for United States Senate in the 2010 United States Senate special election in New York;[5] he placed second in the three-way primary with 38% of the vote after former Congressman Joe DioGuardi's 42%.[6] In 2012, he wrote a chapter titled "Sound Money, Sound Policy" in The 4% Solution: Unleashing the Economic Growth America Needs, published by the George W. Bush Presidential Center.[7][8]

Malpass has written regularly for Forbes and has been a contributor to the op-ed section of The Wall Street Journal.[2][9] He is also a frequent television commentator.[10][11]

In August 2007, before the housing market collapse that triggered the 2008 financial crisis, Malpass wrote in an op-ed for The Wall Street Journal that "Housing and debt markets are not that big a part of the U.S. economy, or of job creation ... the housing- and debt-market corrections will probably add to the length of the U.S. economic expansion."[12] In 2012, in the New York Times Economix blog, Bruce Bartlett cited Malpass's mid-2008 forecast of economic growth and his September 2012 forecast of recession as examples of partisan bias in economic forecasts.[13]

During the Obama administration, Malpass frequently warned against quantitative easing, the preferred approach of the Federal Reserve during that time period; he said that it would inhibit growth.[14][15]

Trump advisor

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On August 5, 2016, Malpass was announced as a senior economic advisor the Donald Trump 2016 presidential campaign.[16][17][18] He appeared on television and radio to support Trump's message of faster growth through policy reforms.[19][20][21] Four of his pre-election Forbes columns discussed the need for political reform or upheaval.[22][23] His September 1, 2016 op-ed in The New York Times, "Why This Economy Needs Donald Trump", described potential faster growth through a policy upheaval covering economic policy, taxes, trade, and regulations.[24] After the election, Malpass headed the transition team's work on economic policy and the Treasury Department.[25][26][27]

Under Secretary of the Treasury

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Malpass's official photo as Under Secretary

In March 2017, the White House announced Malpass as President Trump's nominee for Under Secretary of the Treasury for International Affairs.[28] Malpass was confirmed for the position by the United States Senate on August 3, 2017.[29]

Malpass took a critical position on China during his tenure.[30] In July 2018, he was described by Bloomberg News as "a champion of President Donald Trump's protectionist message".[31]

World Bank President

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In February 2019, Trump announced Malpass as the nominee for President of the World Bank, succeeding Jim Yong Kim, who had announced in January 2019 that he would be stepping down three years prior to the end of his second five-year term.[32] Malpass was unanimously approved by the executive board on April 5, 2019,[33][34] and began his term on April 9.[35] During the start of his tenure, Malpass focused in his early public comments on the global economy and debt transparency.[36]

Malpass spent a year realigning the World Bank's staff to better meet client countries' real needs.[37][38] He also stabilized the institution, and reorganized the disarray that had been left by his predecessor, Kim.[39] By the end of 2022 he had nearly doubled the bank's lending from what it had been when he took over.[39] By the end of 2022 he had also doubled its climate financing,[39] and oversaw a growing portfolio of loans designed to help countries adapt to climate change and transition to renewable power.[40]

During his tenure, he led the World Bank in lending more than $150 billion in response to the COVID-19 pandemic, the Russian invasion of Ukraine, and rising food and energy prices.[41] He also helped low-income countries achieve debt sustainability through debt reduction, and pressured China to provide more debt relief for developing nations.[41]

In his first two years as World Bank president, he treaded carefully when discussing the causes of global warming.[36] After the inauguration of Joe Biden in early 2021, American policy shifted towards prioritizing efforts against climate change, and Malpass increasingly began working and speaking on climate policy.[36] In April 2021, the World Bank released a five-year Climate Change Action Plan that pledged 35% of World Bank financing to climate co-benefits and 50% of its climate financing to climate change adaptation, and pledged to fully align the World Bank's financing goals with the Paris Agreement by 2023.[36] The plan was praised, with some concern that 35% could be too low or that the plan did not halt all World Bank fossil fuel projects.[36]

On September 20, 2022, former U.S. Vice President and environmentalist Al Gore labelled Malpass a climate change denier and called for Biden to replace him during an event focusing on climate change hosted by The New York Times.[42] Appearing separately from Gore at the event, Malpass was asked three times by journalist David Gelles if he accepted the scientific consensus on climate change that "the man-made burning of fossil fuels is rapidly and dangerously warming the planet";[43] Malpass replied, "I'm not a scientist."[42] This answer prompted criticism from climate policy makers such as Rachel Kyte and Mark Carney, and calls for his resignation from the Rocky Mountain Institute and Christiana Figueres, among others.[42] On September 21, the United States Department of the Treasury issued a statement that it expected World Bank leadership to take a leading role on climate issues.[42] On September 22, Malpass said in both an internal memo to World Bank staff and on an interview with CNN International that he accepted the scientific consensus on human activity causing climate change and that he was not a "denier".[42]

In mid-February 2023, Malpass announced his intention to end his term as president of the bank by the end of the bank's fiscal year in June 2023.[44]

Additional posts

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In 2024, Malpass became Distinguished Fellow of International Finance at the Daniels School of Business at Purdue University, and the inaugural Fellow of Global Business and Infrastructure at Purdue@DC.[45]

Malpass is on the board of trustees of UBS Investment Trust.[46]

He is a former member of the board of directors of the National Committee on United States–China Relations,[47] the Council of the Americas,[48] and the Economic Club of New York,[48] and a former member of the board of trustees of the Manhattan Institute.[45] He was also formerly a member of board of directors of the New Mountain Financial Corporation.[47]

Personal life

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Malpass and his wife Adele live in Washington, D.C. and have four children.[49][50]

Adele Malpass is the daughter of Herman Obermayer.[51] She was appointed as the chairwoman of the Manhattan Republican Party in January 2015[52][53] and was elected to a two-year term in September 2015.[52] She resigned in August 2017 to move to Washington when Malpass was appointed to his role in the Treasury Department under President Trump.[54][55] As of 2022, she was the president of The Daily Caller News Foundation, a non-profit organization linked with the eponymous news organization.[42]

Malpass speaks Spanish, Russian, and French.[38][56]

References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

David Malpass

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from Grokipedia
David Robert Malpass (born March 8, 1956) is an American economist and government official who served as the 13th President of the from 2019 to 2023. Educated in physics at and business at the , Malpass built a career in macroeconomic analysis, , and . Nominated by President , he previously held the position of Under Secretary of the Treasury for International Affairs from 2017 to 2019, advocating for reforms in multilateral development banks to prioritize high-impact projects for poverty alleviation. As World Bank president, Malpass emphasized accelerating to reduce , streamlined internal operations, and oversaw a 40 percent expansion in financial commitments amid global challenges like the . Under his leadership, the institution more than doubled its to developing countries, reaching $32 billion in 2022, while he faced criticism from environmental activists for questioning prevailing narratives on fossil fuels' role in during a 2022 discussion, though he defended the Bank's data-driven approach to investments. Prior roles include chief economist at until 2008 and founder of Encima Partners, a macroeconomic research firm focused on global . Since leaving the World Bank, Malpass has served as a distinguished fellow in at Purdue University's Daniels School of Business.

Early Life and Education

Family Background and Upbringing

David Malpass was born on March 8, 1956, in . He grew up in East Jordan, a small town in with a population under 3,000 during his youth, where family ties to local industry shaped his early environment. His family's involvement in manufacturing traced back to his great-grandfather, who established an iron in East Jordan in 1883; the business, later known as East Jordan Iron Works, produced castings for applications including equipment, nuclear components, and pulp mills, and was expanded by his grandfather, father, and relatives. This heritage exposed Malpass from a young age to the operational realities of industrial production, including labor, supply chains, and the effects of regulatory and economic policies on small-town enterprises. The Midwestern setting of East Jordan, centered on and resource-based economies, fostered an appreciation for self-reliant business practices amid challenges like market fluctuations and government interventions, themes Malpass later connected to his formative experiences in the family .

Academic Achievements

David Malpass earned a degree in physics from in 1976. This undergraduate training provided a strong foundation in quantitative analysis and empirical methods, essential for rigorous economic modeling and in policy contexts. He subsequently obtained a from the in 1978, awarded as a Boettcher Scholar. The MBA emphasized , , and strategic decision-making, equipping Malpass with practical tools for assessing global markets and fiscal dynamics. Later, he pursued advanced graduate studies as a mid-career fellow, further honing expertise in international affairs. These academic pursuits underscored a commitment to data-driven analysis over theoretical abstraction, aligning with first-principles approaches to economic challenges.

Early Professional Career

Roles in the Reagan and George H.W. Bush Administrations

David Malpass served as Deputy Assistant Secretary of the for Developing Nations from 1986 to 1989 during the administration, focusing on international economic policy and debt issues. In this capacity, he contributed to the implementation of the , which reduced marginal tax rates from a top rate of 50% to 28% while broadening the tax base, aiming to incentivize investment and economic growth through supply-side principles rather than redistributive measures. Malpass's involvement included analysis and policy support during the act's preparation as a senior staffer on the Senate Budget Committee prior to his appointment. He also played a role in developing the Brady Plan in 1989, which addressed the by exchanging unsustainable commercial bank loans for new bonds backed by U.S. Treasury zero-coupon bonds, thereby reducing the of by approximately 30-50% across participating countries and mobilizing capital without relying on indefinite official bailouts. This market-oriented approach contrasted with prior strategies emphasizing fiscal transfers, enabling debtor nations like and to achieve debt sustainability and resume growth; for instance, Mexico's GDP growth accelerated to over 4% annually in the early 1990s following Brady exchanges totaling $48 billion in reduced debt obligations. Under President George H.W. Bush, Malpass served as Deputy Assistant Secretary of State for Latin American Economic Affairs from June 1990 to January 1993, advising on regional economic policy amid post-Cold War transitions toward market liberalization. His work supported efforts to integrate Latin American economies through trade frameworks, including preparatory aspects of the North American Free Trade Agreement (NAFTA), which advanced negotiations leading to its signing in 1992 and emphasized tariff reductions and investment protections to foster cross-border efficiency gains over protectionism. These policies aligned with broader U.S. advocacy for privatization and deregulation in the region, contributing to empirical shifts such as Mexico's foreign direct investment inflows rising from $2.5 billion in 1989 to $4.4 billion by 1993, reflecting causal links from institutional reforms to capital attraction rather than aid dependency. Reagan-era initiatives Malpass helped advance, including tax cuts and monetary restraint, correlated with declining from double digits in the early to 4.1% by 1988 and real GDP growth averaging 3.5% annually from 1983 to 1989, outcomes attributable to enhanced incentives for production and savings as opposed to claims of mere inequality increases lacking evidence of reduced aggregate output. Similarly, Bush administration economic diplomacy in facilitated liberalization that empirically boosted regional exports by 20% from 1990 to 1993, underscoring the efficacy of private incentive structures in post-crisis recovery.

Positions at the State Department and Other Early Roles

David Malpass served as Deputy Assistant Secretary of State for Economic Affairs from June 1990 to January 1993 in the administration. In this capacity, he advised on U.S. economic policy toward , focusing on regional trade, investment, and development issues amid post-Cold War transitions in the hemisphere. The role positioned him at the intersection of and , emphasizing U.S. strategic interests in stabilizing emerging markets and countering inefficiencies in multilateral aid mechanisms observed during that period. During his tenure, which overlapped with the aftermath of the 1990-1991 , Malpass contributed to broader U.S. efforts assessing global energy market disruptions, prioritizing empirical data on oil supply chains over long-term projections to inform policy responses. His work highlighted early concerns regarding misallocation in like the IMF and World Bank, drawing from direct exposure to aid distribution challenges in developing regions. These experiences underscored a preference for market-oriented approaches grounded in verifiable economic indicators rather than expansive lending programs.

Private Sector Experience

Chief Economist at Bear Stearns

David Malpass served as chief international economist at from 1993 to 2002, focusing on global economic trends, sovereign debt, and . In this role, he produced reports analyzing vulnerabilities in developing economies, such as the uneven performance of Latin American markets during the mid-1990s boom, where regional growth lagged despite favorable commodity prices and capital inflows. His assessments emphasized empirical indicators like debt sustainability and trade balances over optimistic consensus projections. Promoted to chief economist and senior managing director in January 2002, Malpass oversaw macroeconomic research amid rising U.S. leverage and global imbalances. He continued to highlight risks in international debt structures, arguing in analyses that fiscal profligacy could constrain monetary policy flexibility and amplify downturns, based on historical leverage cycles rather than short-term sentiment. In August 2007, as subprime mortgage losses began eroding confidence, Malpass published an op-ed in downplaying systemic spillovers, stating that "the housing- and debt-market corrections will probably add to the length of the U.S. economic expansion" by curbing inflation without derailing growth. This view aligned with data on resilient consumer spending and corporate balance sheets but underestimated the leverage amplification in products. Bear Stearns ultimately collapsed in March 2008 due to acute liquidity strains from its subprime exposures, prompting a Federal Reserve-backed acquisition by for $2 per share.

Founding Encina Partners

In June 2008, following the collapse of Bear Stearns where he had served as chief economist, David Malpass founded Encima Global LLC in New York City as an independent economic research and consulting firm. The firm specialized in macroeconomic analysis, delivering insights on global economic trends, policy shifts, and market dynamics to institutional investors and corporate clients through research notes, forecasts, and advisory services. Encima Global's work emphasized empirical evaluation of growth drivers, prioritizing sectors with demonstrable productivity gains, such as U.S. energy production expansions, amid the post-financial crisis recovery environment characterized by low interest rates and fiscal stimulus. Malpass, as president, directed the firm's focus on structural global imbalances, including distortions from state-supported overproduction in economies like and their implications for and flows. Encima's research also scrutinized U.S. fiscal policies and their interplay with monetary expansion, advocating caution against overreliance on speculative sectors lacking verifiable output metrics. Clients leveraged these analyses for portfolio positioning, favoring assets tied to tangible supply-side improvements over policy-dependent transitions in areas like mandates. A key aspect of Encima Global's output involved critiques of quantitative easing (QE) initiatives, with Malpass arguing in 2010 that such untested balance-sheet expansions risked reigniting by distorting dynamics, drawing on historical episodes like the 1970s . This view, rooted in causal links between growth and price levels, diverged from contemporary mainstream assessments that minimized long-term inflationary threats from QE, attributing subdued price pressures primarily to demand weakness and velocity declines. The firm's prescient warnings on QE's inflationary potential gained validation in subsequent years as post-2008 contributed to asset bubbles and later price surges. Encima Global operated until 2017, when it was acquired by Strategas Research Partners, integrating its macroeconomic research into a broader platform.

Government Service Under Trump

Economic Advisor and Transition Team

In August 2016, David Malpass joined Donald Trump's presidential campaign as a senior economic advisor, focusing on policies to revitalize American manufacturing and address persistent trade imbalances. He emphasized empirical evidence linking large U.S. trade deficits—particularly with China—to the erosion of domestic manufacturing jobs, arguing that such deficits reflected structural disadvantages rather than benign market outcomes, and advocated reforms to prioritize American workers over multilateral free-trade assumptions. This contributed to the campaign's "America First" framework, which critiqued prior agreements like NAFTA for failing to curb offshoring and called for renegotiation to enforce fairer terms. Following Trump's election victory, Malpass served on the presidential transition team from November 2016 to January 2017, leading efforts on Treasury Department staffing and broader recommendations. He pushed for personnel selections and initiatives to slash regulatory burdens, including streamlined permitting and reduced federal overreach, which aligned with subsequent executive actions that correlated with accelerated GDP expansion—averaging 2.5% annual real growth from 2017 to 2019 amid historically low . These proposals drew from first-hand analysis of regulatory drag on investment, prioritizing causal reductions in compliance costs over ideological commitments to expansive government intervention. Malpass also advanced early arguments for tariff adjustments targeting China's non-market practices, grounded in documented intellectual property theft estimated at $225–$600 billion annually in U.S. losses, rather than unqualified free-trade orthodoxy. He urged enforcement of compliance to rectify imbalances, viewing deficits not as accounting artifacts but as symptoms of coerced technology transfers and subsidies distorting global competition. This outsider perspective influenced the administration's initial trade strategy, emphasizing reciprocity over perpetual concessions.

Under Secretary of the Treasury for International Affairs

David Malpass served as Under Secretary of the for International Affairs from August 2017 to April 2019, overseeing U.S. engagement with multilateral financial institutions, sanctions policy, and international economic coordination. In this capacity, he managed 's involvement in forums such as the and , where efforts focused on addressing non-market policies, including those from , to promote and market-oriented growth. Malpass advocated for reforms in institutions like the IMF to mitigate moral hazard risks associated with lending practices that could encourage fiscal irresponsibility among borrowers. He emphasized verifiable metrics for debt sustainability, arguing that multilateral lending should prioritize empirical assessments of repayment capacity over unsubstantiated projections. Under his tenure, the U.S. pushed multilateral development banks to align financing with American interests, including reducing concessional loans to strategic competitors like and through heightened scrutiny of subsidies and project approvals. A key achievement was enhancing U.S. leverage in multilateral finance, exemplified by negotiations leading to a $13 billion capital increase for the World Bank's International Bank for Reconstruction and Development in exchange for governance reforms that curbed inefficient lending. Malpass critiqued frameworks like the for imposing economic burdens on U.S. growth without commensurate evidence of global climate benefits, aligning policy with broader administration priorities to prioritize verifiable outcomes over multilateral commitments lacking causal substantiation. These efforts contributed to empirical tracking of rebalancing, with U.S. sanctions on and aimed at deterring aggressive economic practices while bolstering domestic .

World Bank Presidency

Nomination, Confirmation, and Initial Priorities

President nominated David Malpass, then Under Secretary of the Treasury for International Affairs, as the next President of the on February 6, 2019, following the abrupt resignation of . Trump highlighted Malpass's prior criticisms of the institution's inefficiencies and his intent to refocus it on core mandates of reducing and promoting through practical, results-oriented policies. Malpass, a with experience in private and service, represented a shift toward emphasizing market-driven development over expansive bureaucratic initiatives. On April 5, 2019, the World Bank's Board of Executive Directors unanimously selected Malpass as the 13th President, adhering to the longstanding tradition of an American nominee in the role; he assumed office on April 9, 2019, for a five-year term. Unlike predecessors often drawn from academic backgrounds, Malpass brought a perspective shaped by and Treasury oversight, aiming to inject private-sector discipline into the Bank's operations. Upon taking office, Malpass outlined initial priorities centered on enhancing transparency, particularly in reporting, to foster sustainable lending practices and curb hidden fiscal risks in borrowing countries. He pledged to streamline internal processes, reduce administrative redundancies, and expand lending capacity—targeting annual commitments exceeding $100 billion—while tying financing to verifiable improvements in economic outcomes like growth rather than non-core ideological objectives. Early efforts included heightened scrutiny of project accountability to address prior inefficiencies in allocation, setting the foundation for data-focused reforms that prioritized alleviation through private and incentives over subsidized spending programs.

Reforms and Achievements in Development Finance

Under Malpass's leadership, the expanded its financial commitments by 40 percent overall, with a sharpened focus on the world's poorest nations through the historic $93 billion replenishment of the (IDA20), finalized in December 2021 and covering fiscal years 2022–2025. This replenishment, the largest in IDA's history, leveraged donor contributions of $23.5 billion to generate leveraged financing aimed at supporting 74 low-income countries in areas such as basic services, economic recovery, and fragility mitigation. Concurrently, the institution streamlined internal operations, achieving improvements in project approval times and process efficiencies to accelerate disbursements without compromising . Efforts to mobilize private investment intensified, with Malpass announcing in March 2023 a reinforced strategy for private capital facilitation to crowd in non-sovereign funding for development projects, building on existing mechanisms like the Window introduced in prior IDA cycles. In parallel, Malpass prioritized debt transparency as a core reform, authoring forewords for key reports and advocating for comprehensive disclosure of borrowing terms to enable better risk assessment and avert the pitfalls of opaque lending observed in past crises, such as hidden non-concessional debt accumulation. These initiatives informed enhancements to the Common Framework, emphasizing rigorous sustainability analyses over temporary moratoriums to prevent "extend and pretend" restructurings that had prolonged defaults in earlier episodes. The presidency also redirected resources toward high-impact areas like and development, with commitments supporting urban infrastructure projects and programs to restore learning and outcomes eroded by economic shocks. IDA financing under this framework targeted eradication through job creation, expansion, and foundational investments, aligning with empirical patterns where such expenditures correlate with sustained growth trajectories in recipient economies. Annual reports documented elevated lending volumes—reaching $70.8 billion from IBRD and IDA in fiscal year 2022, a record high—to underpin these outcomes amid global headwinds.

Handling Global Crises Including COVID-19

Under Malpass's leadership, the mobilized up to $160 billion in financing over 15 months starting in April to support developing countries' responses to the , including emergency health operations, social safety nets, and business support to mitigate economic fallout. By May , this effort had reached emergency programs in 100 countries, covering 70% of the global population, with a focus on rapid deployment for vaccines, , and strengthening rather than endorsing extended restrictions. Malpass highlighted the dual health and economic crises caused by shutdowns, arguing that prolonged lockdowns imposed severe costs on the poor and vulnerable, and empirical analyses showed that nations with lighter restrictions, such as , experienced stronger GDP growth compared to those with stringent measures exceeding 50% lockdown intensity. Malpass also championed the G20's Debt Service Suspension Initiative (DSSI), which paused $12.9 billion in payments for over 48 low-income countries from May 2020 through December 2021, enabling fiscal space for response while tying relief to commitments for greater transparency and improvements to avoid and ensure sustainable use of funds. He urged extending the DSSI through 2021 and pressed private creditors for participation, emphasizing that unconditional suspensions risked entrenching inefficiencies in borrower nations, as evidenced by limited uptake and persistent vulnerabilities post-relief. In addressing multilateral responses, Malpass stressed national in tailoring health and economic strategies, pointing to divergent outcomes across countries as evidence against uniform global mandates from bodies like the WHO and UN, which often overlooked localized trade-offs between virus control and economic activity. This approach aligned with indicating faster recoveries in jurisdictions prioritizing targeted interventions over blanket overreach, underscoring the need for empirical variance in policy rather than centralized prescriptions that amplified through disrupted livelihoods.

Controversies Over Climate Policy and Multilateralism

During a September 2022 event hosted by the , World Bank President David Malpass responded ambiguously to a question on whether the burning of s drives , stating "I don't even know" and emphasizing the need for data on emissions pathways rather than causation. This drew sharp criticism from environmental organizations, including the Natural Resources Defense Council (NRDC), which demanded his resignation, accusing him of climate denialism unfit for the role, and from European officials who questioned his leadership on global warming. The also condemned the remarks as inconsistent with . Malpass subsequently clarified in a interview that he accepts human activities, including combustion, contribute to warming and described himself as "not a denier," while advocating for transparent data on climate impacts over ideological mandates. At the COP27 summit in November 2022, Malpass faced ongoing scrutiny over his climate stance, with critics citing the World Bank's fossil fuel financing—$3.7 billion in fiscal year —as evidence of insufficient urgency, despite his administration's push to end routine support for unabated projects. He resisted binding commitments to phase out s entirely, arguing that empirical evidence indicates in developing nations causes more immediate deaths—estimated at 4 million annually from indoor and lack of —than projected warming effects, prioritizing measures like resilient over efforts projected to cost trillions with uncertain net benefits. Under his leadership, the World Bank Group achieved a record $31.7 billion in for fiscal year , surpassing the target and more than doubling prior levels, focusing on private sector mobilization and in vulnerable countries while avoiding operational from overly restrictive policies. Malpass's broader skepticism toward multilateral institutions extended to advocating U.S.-influenced reforms at the World Bank, including the 2018 capital increase tied to sustainable lending practices, debt transparency, and efficiency gains projected to unlock $40 billion in additional lending over a decade. These efforts exposed governance inefficiencies and reduced bureaucratic hurdles, earning praise from development-focused analysts for refocusing on empirical amid global crises, but ire from globalist critics who viewed his America-first tilt and resistance to expansive agendas as undermining . He announced his on February 15, 2023, effective June 30, 2023—aligning with the fiscal year-end of his term—without citing specific pressures, though it followed sustained climate-related backlash; supporters maintained it reflected a planned transition rather than coercion.

Post-World Bank Activities

Academic Appointment at

In January 2024, David Malpass assumed the role of Distinguished Fellow of at Purdue University's Mitchell E. Daniels, Jr. School of Business, marking his shift from leadership to academic contributions in policy education. This position enables him to integrate practical insights from managing over $300 billion in global development finance into teaching on , with an emphasis on data-driven assessments of macroeconomic trends and institutional reforms. Malpass's early academic outputs included a series of engagements from January 17 to 19, , featuring a public talk on global development challenges, such as persistent poverty traps and inefficient aid allocation, alongside a at the school's Executive Forum for business leaders. These sessions highlighted empirical approaches to analyzing debt and growth barriers, drawing on verifiable metrics like the World Bank's lending expansion under his prior leadership, which increased commitments by 40% while prioritizing measurable outcomes over ideological mandates. In May 2024, Malpass co-headlined a Presidential Lecture Series event with James Bullard, former president of the Federal Reserve Bank of St. Louis, discussing interest rate dynamics and their implications for emerging markets amid high global debt levels exceeding $300 trillion. This dialogue underscored his focus on causal factors in economic stagnation, including over-reliance on low-interest borrowing and the need for adaptive fiscal policies grounded in historical debt crisis data, such as those from the 1980s Latin American defaults and recent sovereign restructurings. The appointment faced scrutiny from some faculty and student groups, who cited unproven allegations of nepotism in Malpass's prior Treasury and World Bank roles—specifically, claims of preferential treatment for his son in hiring processes—alongside critiques of his policy stances. However, Purdue's selection process emphasized Malpass's documented expertise, including his oversight of crisis responses during the and authorship of economic analyses on growth impediments, as evidenced by the university's official announcement prioritizing his and multilateral leadership over familial connections, with no substantiated ties influencing the Purdue hire itself.

Public Speaking, Publications, and Policy Advocacy

Following his departure from the World Bank in 2023, David Malpass has maintained an active presence in public discourse through keynotes and events emphasizing U.S. implications for global stability. At the on March 21, 2024, he presented a paper on the developing world's , highlighting how China's lending practices exacerbate debt distress in 60% of low-income countries, per IMF assessments, and urged reforms to prioritize transparency and growth-oriented restructuring over opaque concessions. In April 2025, Malpass participated in a fireside chat at the Center for Strategic and International Studies' Global Development Forum, discussing the interplay of development finance and amid sovereign debt burdens and geopolitical shifts, arguing that delayed U.S. adjustments, such as rate cut timing, amplify fiscal costs and hinder recoveries. Malpass has issued publications and commentary warning of persistent inflation risks and China's economic overreach. In a March 2024 Hudson Institute analysis co-authored with colleagues, he detailed how Beijing's non-transparent debt terms in Belt and Road projects lock debtor nations into dependency, projecting subdued global growth at 2.5% for 2024 with minimal 2025 rebound due to unresolved imbalances. An October 2024 Hoover Institution discussion reinforced his concerns over post-COVID inflation persistence tied to vulnerabilities and China's grain stockpiling dominance, critiquing hesitancy in normalizing rates as a drag on productivity. On X (formerly ), Malpass has commented on specific policy missteps, such as the Federal Reserve's delayed September 2025 rate cuts—which he estimated cost the U.S. at least $35 billion in excess interest compared to a June start—and the 2024 U.S. withdrawal from , framing it as a security loss enabling Russian and Chinese influence in North Africa. In policy advocacy, Malpass promotes pragmatic tied to U.S. strategic interests, contrasting it with what he views as overly concessional multilateral approaches under the Biden administration that erode leverage. In a Wilson Quarterly piece, he advocated for American-led reforms in development finance to foster prosperity through strength, linking unchecked multilateral to diminished U.S. and heightened security risks in fragile states. During his CSIS appearance, he tied sovereign debt crises to broader failures, urging conditioned on improvements rather than unconditional support, which he argued has facilitated adversarial gains in regions like . These positions underscore his post-World Bank emphasis on causal connections between fiscal prudence, targeted assistance, and geopolitical resilience.

Economic and Policy Views

Perspectives on Global Debt and Economic Growth

Malpass has critiqued unsustainable borrowing practices in the developing world as a primary driver of economic stagnation, arguing that high debt levels crowd out investment and entrench poverty cycles. As of 2023, approximately 60% of low-income countries faced debt distress or high risk, with debt service costs for the 75 poorest nations rising from $10 billion in 2021 to $30 billion in 2023 due to elevated interest rates and capital outflows to advanced economies. He highlighted cases like Argentina, where, in his 2018 role at the U.S. Treasury, he supported an IMF program featuring nominal monetary anchors and unsterilized currency interventions to impose market discipline and avert deeper crises amid recurrent Latin American borrowing excesses. To address this, Malpass advocated transparency in debt reporting—particularly from Chinese policy banks and private creditors—alongside revised sustainability analyses, debtor-led negotiations, and collective action clauses to enable faster restructurings and restore creditor confidence. For sustainable growth, Malpass emphasized , structural reforms, and reciprocal policies over redistributive approaches, drawing on empirical correlations between business-friendly environments and expanded output. He backed World Bank tools like the Doing Business reports, which demonstrated causal links between economic freedoms—such as flexible pricing, secure property rights, and reduced regulatory barriers—and accelerated GDP growth across 190 economies. Under his World Bank presidency, lending reforms enhanced the institution's capacity by up to $50 billion over a through better and capital mobilization, conditional on recipient countries pursuing growth-focused measures like institutional improvements and financial . This aligned with his Reagan-era advocacy for supply-side principles, including tax reductions and to incentivize production and elevate median incomes, contrasting stagnant European models hampered by high barriers and weak investment. On , he promoted reciprocity to counter imbalances, as in initiatives challenging non-market practices that distort global flows. Malpass extended these concerns to the U.S., warning that its mounting debt trajectory—exacerbated by persistent deficits—mirrors vulnerabilities in emerging markets and risks broader instability without fiscal restraint. In , he described himself as "troubled" by the national , urging a three-year program to curb it starting immediately rather than deferring action. He prioritized realism over expansive spending, advocating sound money, intervention, and policies fostering supply creation to sustain long-term expansion amid global parallels like rising service burdens and stalled private investment.

Skepticism Toward Climate Alarmism and Focus on Adaptation

David Malpass has acknowledged that human activities, particularly the burning of fossil fuels, contribute to climate change through greenhouse gas emissions. In September 2022, during a public panel, he initially declined to explicitly affirm the scientific consensus on anthropogenic warming, prompting accusations of denialism from climate advocacy groups and even rebuke from the White House. He subsequently clarified his position, stating he is "not a denier" and emphasizing the need for action, while highlighting the World Bank's record of increasing climate-related financing. Under Malpass's leadership at the World Bank from 2019 to 2023, the institution more than doubled its commitments to developing countries, reaching $32 billion in 2022. This funding was directed toward practical measures, with a particular emphasis on strategies integrated into broader development goals, such as building resilient rather than imposing uniform net-zero mandates that could constrain growth in low-income nations. Malpass argued that represents a core component of the Bank's work, noting increases in financing for resilience-building activities amid global crises. Critics from environmental organizations contended that this approach fell short of aggressive mitigation efforts, but Malpass countered by pointing to empirical outcomes, including enhanced support for vulnerable populations without sacrificing priorities. Malpass consistently prioritized energy access as a key driver for escaping , particularly in , where approximately 600 million people lack . He advocated for expanded clean provision to support development, warning that restrictive emissions policies could exacerbate affecting 760 million people globally, many in the world's poorest countries. In speeches, he linked reliable and to and income growth, arguing that such investments yield higher returns for human welfare than disproportionate focus on emissions reductions that limit industrialization in developing regions. This perspective underscores a causal emphasis on enabling economic expansion to lift populations out of poverty, with data indicating that energy deprivation perpetuates cycles of underdevelopment in .

Critiques of Multilateral Institutions and U.S. Policy

David Malpass has long criticized multilateral institutions such as the (IMF) and World Bank for inefficiencies that undermine global growth and enable waste in distribution. In a 2017 congressional testimony, he argued that "globalism and have gone substantially too far, to the point that they are hurting U.S. and global growth," emphasizing the need to prioritize national interests over supranational frameworks that dilute accountability. Prior to his tenure as World Bank president, Malpass highlighted the institutions' failure to deliver measurable development outcomes despite substantial funding, advocating for reforms to impose fiscal discipline and results-oriented metrics. These views aligned with empirical shortcomings in multilateral efforts, such as the (SDGs), where Goal 1—eradicating extreme poverty by 2030—remains unmet, with global progress deemed "alarmingly insufficient" amid stalled reductions and reversals in regions like despite trillions in international . Malpass advocated U.S. policies emphasizing leverage and over reliance on alliances that could weaken national . He supported through increased domestic production to reduce vulnerabilities to foreign suppliers, as evidenced by his 2025 remarks urging the world to produce more energy to lessen dependence on actors like . On trade, Malpass has discussed tariffs as tools for protecting U.S. interests amid unfair practices, consistent with his broader endorsement of and pro-growth measures that prioritize American economic strength. His skepticism extended to specific decisions, such as in a September 2025 statement questioning whether the U.S. could reclaim a strategic anti-terrorist base in after its 2024 handover to Russian influence under the Biden administration, critiquing alliances that compromise U.S. leverage. While proponents of , often from progressive circles, defend these institutions as vital for global coordination and alleviation, Malpass's position underscores causal evidence of their limitations: persistent underperformance in core mandates, like SDG , where halfway to the 2030 deadline saw far less than half the required progress, attributable to bureaucratic inertia and misallocated resources rather than insufficient funding. This realism favors U.S.-led reforms using shareholder influence, as Malpass pursued during his World Bank presidency through the 2018 capital increase to enforce greater transparency and efficiency.

Personal Life

Family and Residences

David Malpass has been married to Adele Malpass (née Obermayer), a and researcher, since May 1993. The couple has four children, including , , and Julia, who were present at public events related to Malpass's professional nominations. The family maintains residences primarily in the Washington, D.C. area, consistent with Malpass's extended government service roles, including positions at the U.S. Treasury Department and the World Bank. Earlier in his career, during his tenure as at from 1993 to 2008, Malpass was based in , reflecting the firm's headquarters location. This pattern of relocations aligned with professional demands, supporting a low-profile personal life focused on policy and economic analysis rather than public personal disclosures. No substantiated reports of family-related controversies or scandals exist in public records.

Philanthropy and Interests

Malpass serves on advisory boards for non-profit organizations, including the Gary Klinsky Children's Centers, which provide therapeutic day treatment and residential services for children and adolescents facing emotional and behavioral challenges. His association with the Manhattan Institute, a advocating market-oriented policy solutions to urban and economic issues, underscores an interest in advancing empirical approaches to beyond his professional roles. These engagements align with a preference for initiatives promoting and practical outcomes, such as the Institute's emphasis on reducing dependency through economic incentives rather than expansive government programs. Malpass has contributed writings to the critiquing untested fiscal interventions, reflecting a broader commitment to evidence-based advocacy over institutional consensus.

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