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today is my pleasure to announce my choice for the next president of the World Bank , Mister David Malpass president trump Wednesday picked a loyal foot soldier to lead the international lending institution and reform it from within sure Malpass boasts an impressive resume he has a decade plus of Wall Street experience as the chief economist of bear sterns until it crumbled in the run up to the financial crisis and its current undersecretary for international affairs at the treasury has now served in two Republican administrations but is not just his work experience that caught the White House is I just like trump now pass is a staunch critic of multinational institutions like the World Bank Malpass laid out his critique at this council on foreign relations event in two thousand seventeen now is an opportune time to discuss the concerns about the rapid increase in globalism I want to make a clear distinction between isolation which we oppose and our view that multilateralism has gone substantially too far to the point that it is hurting U. S. and global growth even before his nomination Malpass was calling for World Bank reforms like curtailing overall lending by encouraging more private investment in developing economies and cutting back on loans to China the world bank's biggest borrow should we still be sending development loans , the China , %HESITATION in my view now %HESITATION his ascension to the top of the World Bank could further strain relations between the US and China Malpass is one of the hard liners trying to force Beijing into a new trade deal with Washington now passes nomination could face a challenge from other global partners in the World Bank the last World Bank president step down three years early after a clash with the trump administration over climate change and the need for more funding