David Malpass

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David Malpass
Personal details
Political party Republican
Residence New York City, New York
Occupation Economist, investment analyst
Website http://www.encimaglobal.com

David R. Malpass (born March 8, 1956) is an American economist and also ran in the 2010 Republican primary for U.S. Senate in New York. He is the founder and president of Encima Global LLC, an economic research and consulting firm based in New York City. He 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.

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.[1] Malpass served as the Republican staff director of Congress’s Joint Economic Committee from 1989–1990, and, more recently, as a member of Congress’s blue-ribbon panel on budget scoring from 2002-2003.[1]

Malpass worked at Bear Stearns for 15 years, with six of those years as the firm's chief economist. Malpass' team ranked second in the Institutional Investor ranking of Wall Street economists in 2005, 2006, and 2007.

Malpass founded Encima Global in June 2008. The firm provides daily in-depth analysis of global economic and political trends relevant to institutional investors.[2]

Malpass authors a column in Forbes magazine and is a regular contributor to the op-ed section of The Wall Street Journal.[3] He is also a frequent TV commentator. From 1977 to 1983 Malpass worked in Portland Oregon for Esco Corporation (steel), Arthur Andersen's systems consulting group (where he became a licensed CPA), and Consolidated Supply (plumbing wholesaler.) 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 sits on the boards of UBS Funds, The New Mountain Financial Corporation, The Manhattan Institute, 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. On August 5, 2016, Malpass was named a senior economic advisor to Republican Presidential candidate Donald Trump.[4]

Economic views[edit]

Government waste[edit]

As a columnist, Malpass has been a critic of government spending and taxation levels in the United States. In 2010, following the passage of the Affordable Care Act, he referred to Washington’s legislative and regulatory culture as being “possessed” by a tax-and-spend disposition.[5] Later that year he warned that Washington’s ongoing expansion threatened to bring about “a fundamental deterioration in America’s private sector"; in his view: “[Small businesses] are the nation’s critical engine for growth, innovation and job creation, yet they are being starved for credit and slammed with more taxes, government directives and litigation exposure.”[6]

Political Upheaval

Malpass advocated political upheaval after the Republicans won control of the House in November 2010: “With the election over, the nation’s anger at Washington’s gluttony and corruption must now channel itself into practical solutions. The election made clear that the people want a political upheaval aimed at fiscal sanity, responsible regulations and a reduction in federal power. In its first days the new Congress has to act on the understanding that this is a takeover, an upheaval of the old spending culture.”[7]

Federal Debt Limit

In 2012 he proposed a political and legislative plan to rewrite the debt limit in order to restrain federal spending: “The U.S. has a law on the books called the debt limit, but the name is misleading. The debt limit started in 1917 for the purpose of facilitating more national debt, not reducing it. It still serves that purpose… Replace the debt limit with an operational ceiling on the debt-to-GDP ratio. It should be forced onto a downward glide path to below 50%. The new debt limit should penalize Washington enough to make it do its job. If the debt ratio goes over the glide path, cut salaries each month for upper-income federal employees, including the President, Congress and senior officials. Make it very public that they are paid to control spending.”[8]

IMF Austerity Programs

He has criticized the IMF’s austerity programs for lowering median incomes in numerous countries including South Africa, Argentina, Brazil, Mexico, Thailand, Malaysia, Greece and Portugal. “In the private-sector version of austerity, governments impose new taxes and mandates on the private sector while maintaining their own personnel, salaries and pensions. That's the antigrowth version of austerity prevalent in Europe's austerity programs.”[9]

Government and Income Inequality

In 2014 he argued that big government drives income inequality and that a reduction in centralized federal power would increase median incomes, stating: “Big government expansions in recent years have harmed individuals with modest incomes while exempting or benefiting people with higher incomes.”[10]

Quantitative Easing

He criticized the Federal Reserve’s quantitative easing program for slowing growth, mis-allocating credit to large bond issuers and worsening income inequality. Malpass views QE though a post-monetarist framework, and advocates a strong and stable dollar policy. “Washington thrives on the impression that the economy and markets are dependent on the Federal Reserve and deficit spending. The Fed's low rates and bond purchases damaged markets, hurt savers and channeled credit to the government at the expense of job creators.”[11]


Malpass holds a BA in physics from Colorado College[1] and an MBA from the University of Denver. He studied international economics at Georgetown University’s School of Foreign Service. He speaks Spanish, Russian, and French.[12]

Personal life[edit]

Malpass and his wife, Adele, daughter of Herman Obermayer and grand daughter of Neville Levy, live in New York City. Adele Malpass is the Chairwoman of the Manhattan Republican Party. Malpass is a native of northern Michigan.[13]


  1. ^ a b c "David Malpass" [author profile]. National Review. Retrieved 2016-09-01.
  2. ^ Republican ex-finance honcho David Malpass shooting for Kirsten Gillibrand's Senate seat, by Celeste Katz and David Saltonstall, Daily News, 15 April 2010, [1]
  3. ^ Malpass, David. "Don't Blame the Fed's Interest-Rate Baby Step". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-04-13. 
  4. ^ "Jobs strong, but too many Americans still left out, new Trump economic aide says". CNBC. 5 August 2016. Retrieved 5 August 2016. 
  5. ^ Malpass, David (April 22, 2010). "Washington Possessed". Forbes. Retrieved 2016-09-01.
  6. ^ Malpass, David (June 28, 2010). "Shakedown". Forbes. Retrieved 2016-09-01. 
  7. ^ Malpass, David (2010-11-04). "Congress Must Hit the Ground Running". Forbes. Retrieved 2016-04-12. 
  8. ^ Malpass, David (February 8, 2012). "The U.S. Needs A New Debt Limit". Forbes. Retrieved 2016-09-01.  PDF file.
  9. ^ Malpass, David. "David Malpass: Greece's False Austerity". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-04-12. 
  10. ^ Malpass, David (January 15, 2014). "How Big Government Drives Inequality". Wall Street Journal. Retrieved 2016-09-01.  PDF file.
  11. ^ Malpass, David (May 30, 2013). "Fed Policy Is a Drag on Recovery". Wall Street Journal. Retrieved 2016-09-01.  PDF file.
  12. ^ Beth Fouhy (AP) (April 14, 2010). "David Malpass For Senate: Republican Economist To Challenge Gillibrand". The Huffington Post. 
  13. ^ "U.S. Senate hopeful seeks to unseat Gillibrand" Howard W. Appell, The Livingston County News, 14 July 2010]

External links[edit]