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David Malpass

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David Malpass
David Maplass official photo.jpg
Under Secretary of the Treasury for International Affairs
Assumed office
September 25, 2017
PresidentDonald Trump
Preceded byD. Nathan Sheets
Personal details
Born (1956-03-08) March 8, 1956 (age 62)
Petoskey, Michigan, U.S
Political partyRepublican
Spouse(s)Adele
Children3
EducationColorado College (BA)
University of Denver (MBA)
Georgetown University

David Robert Malpass (born March 8, 1956)[1] is an American economist who currently serves as Under Secretary of the Treasury for International Affairs. He previously served as Deputy Assistant Treasury Secretary under President Ronald Reagan, Deputy Assistant Secretary of State under President George H. W. Bush, and Chief Economist at Bear Stearns for the six years preceding its collapse.[2] 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 the undersecretary for international affairs in the United States Department of the Treasury.

In February 2019, President Trump announced Malpass as the nominee for President of the World Bank.[3]

Education and career

Malpass earned a B.A. in physics at Colorado College[4] 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.[5] 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.[4] 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.[4]

Malpass was chief economist at Bear Stearns from 1993 to 2008.[6] 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.[7]

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.[8] He is also a frequent television commentator.

Malpass sits on the boards of UBS Funds, the New Mountain Financial Corporation,[9] 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.

Economic forecasts

Malpass has been noted for his forecasts before the financial crisis of 2007–2008 and in the time period following the Great Recession. In 2007, before the housing market collapse, Malpass wrote 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."[10] He also called for the raising of interest rates in 2011 at a time when others believed this would be harmful to the economy.[11] Bruce Bartlett cited Malpass's 2008 forecast of economic growth and his 2012 forecast of recession as specific examples of partisan bias in economic forecasts.[12]

Trump advisor

Malpass joined Donald Trump's presidential campaign in May 2016 as Senior Economic Advisor. He appeared frequently on television and radio to support Trump’s message of faster growth through policy reforms. Four of his pre-election Forbes columns discussed the need for political upheaval to upend the status quo.[13][14] On August 5, the campaign announced an economic round-table including Malpass.[15] His September 1, 2016, New York Times editorial described fast growth through a policy upheaval covering taxes, trade, regulations and energy ("Why Our Economy Needs Trump").[16] Throughout the election time period, Malpass was heading the transition team's work on economic agencies including Treasury, Commerce, the Federal Reserve, USTR and independent regulatory agencies as Trump prepared to become president.[17]

Under Secretary of the Treasury

In March 2017, the White House announced that Malpass would be President Trump's nominee for Under Secretary of the Treasury for International Affairs.[18] Malpass was confirmed for the position by the United States Senate on August 3, 2017.[19]

Malpass took a critical position on China during his tenure.[20] He was described as "a champion of President Donald Trump’s protectionist message."[21]

World Bank

In February 2019, President 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 five-year term in 2022.[3]

Personal life

Malpass and his wife, Adele, daughter of Herman Obermayer and granddaughter of Neville Levy, live in New York City. Adele Malpass is the Chairwoman of the Manhattan Republican Party.[22] Malpass is a native of northern Michigan.[23]

References

  1. ^ "Nominations Of Eric D. Hargan, David Malpass, Andrew K. Maloney and Brent James McIntosh" (PDF). U.S Senate Finance Committee. Retrieved February 6, 2019.
  2. ^ Katz, Celeste; Saltonstall, David (April 15, 2010). "Ex-finance honcho shooting for Gillibrand's Senate seat". NY Daily News. Retrieved November 20, 2016.
  3. ^ a b Zarroli, Jim (February 6, 2019). "Trump Nominates Outspoken Critic David Malpass To Head World Bank". NPR. Retrieved 6 February 2019.
  4. ^ a b c "David Malpass" [author profile]. National Review. Retrieved September 1, 2016.
  5. ^ Beth Fouhy (AP) (April 14, 2010). "David Malpass For Senate: Republican Economist To Challenge Gillibrand". The Huffington Post.
  6. ^ Baker, Peter (February 4, 2019). "Trump to Nominate David Malpass to Lead the World Bank". New York Times. Retrieved February 6, 2019.
  7. ^ Sorkin, Andrew Ross (March 24, 2008). "JPMorgan Raises Bid for Bear Stearns to $10 a Share". The New York Times. Retrieved November 20, 2016.
  8. ^ Malpass, David. "Don't Blame the Fed's Interest-Rate Baby Step". Wall Street Journal. ISSN 0099-9660. Retrieved April 13, 2016.
  9. ^ "Archived copy". Archived from the original on October 12, 2012. Retrieved January 10, 2013.CS1 maint: Archived copy as title (link)
  10. ^ Weissmann, Jordan. "Trump Taps Bear Stearns Economist Who Said Not to Worry About Credit Crisis for Key Treasury Job". Slate. Retrieved February 2, 2017.
  11. ^ Choma, Russ. "Trump's Economic Adviser Said the Economy Was Fine—Right Before It Imploded". Mother Jones. Retrieved February 2, 2017.
  12. ^ Bartlett, Bruce. "Partisan Bias and Economic Forecasts". New York Times. Retrieved February 1, 2017.
  13. ^ Events, Current. "Upheaval To Reinvent U.S. Politics". Forbes. Retrieved December 17, 2016.
  14. ^ Malpass, David. "David Malpass". Forbes. Retrieved December 17, 2016.
  15. ^ "Jobs strong, but too many Americans still left out, new Trump economic aide says". CNBC. August 5, 2016. Retrieved August 5, 2016.
  16. ^ Malpass, David (September 1, 2016). "Why This Economy Needs Donald Trump". The New York Times. ISSN 0362-4331. Retrieved December 17, 2016.
  17. ^ Naylor, Brian (November 16, 2016). "From Lobbyists To Loyalists, See Who's On Donald Trump's Transition Team". NPR.
  18. ^ Beech, Eric (March 14, 2017). "Trump to nominate Goldman Sachs' Donovan as deputy Treasury secretary". Reuters. Retrieved March 31, 2017.
  19. ^ "PN103 — David Malpass — Department of the Treasury". Congress.gov. Retrieved September 8, 2018.
  20. ^ "Top US Treasury Official Slams China's 'Non-Market Behavior'". CNBC (from Reuters). February 21, 2018. Retrieved September 8, 2018.
  21. ^ Mohsin, Saleha (July 12, 2018). "Treasury Struggles to Keep Staff in Unit at Heart of Trade War". Bloomberg News. Retrieved September 8, 2018.
  22. ^ "Adele Malpass - Manhattan Republican Party".
  23. ^ "U.S. Senate hopeful seeks to unseat Gillibrand" Archived July 17, 2012, at Archive.today Howard W. Appell, The Livingston County News, July 14, 2010.

External links

Political offices
Preceded by
D. Nathan Sheets
Under Secretary of the Treasury for International Affairs
2017–present
Incumbent