David Malpass. Photo: Mario Tama via Getty Images

President Trump on Wednesday officially nominated David Malpass, a top Treasury official, for president of the World Bank in an effort to shake up the international institution.

The big picture: Malpass, 62, Treasury's undersecretary for international affairs, was a Trump campaign economic adviser and has worked on development issues going back to the Reagan administration. He replaces Jim Yong Kim, who resigned effective Feb. 1.

Malpass can be expected to give the U.S. a more assertive role in the bank, a senior administration official told Axios.

  • He wants to make the development lender "more effective" and for the United States to be regarded as a "constructive, growth-oriented" force, in keeping with its historic role as the bank's largest donor, the official said.
  • He has criticized multilateral institutions like the World Bank as being "intrusive" and "entrenched," CNBC reported.

Malpass also worked in the administration of President George H.W. Bush, and he was chief economist at Bear Stearns.

  • From his official bio: Malpass "was a columnist for Forbes and regular contributor to The Wall Street Journal."
  • He holds a bachelor's degree in physics from Colorado College, an MBA from the University of Denver, and studied international economics at Georgetown University's School of Foreign Service.
  • He unsuccessfully sought the Republican nomination for U.S. Senate in New York in 2010.

Our thought bubble, from Axios' Felix Salmon: Malpass has fewer qualifications than other contenders. And Trump supporters are scarce at the World Bank, to say the least. So his arrival is likely to be met with skepticism.

Go deeper

Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 11,031,905 — Total deaths: 523,777 — Total recoveries — 5,834,337Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 2,788,395 — Total deaths: 129,306 — Total recoveries: 790,404 — Total tested: 34,213,497Map.
  3. States: ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  5. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
11 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.