David Malpass Bio
David Robert Malpass, born on March 8, 1956, is an American economic analyst and former government official recognized for his work on international finance and U.S. economic policy. He served as President of the World Bank Group from 2019 to 2023, leading the institution through the COVID-19 pandemic, the war in Ukraine, and major climate financing commitments. Before that, he served as Under Secretary of the Treasury for International Affairs under President Donald Trump, a role that placed him at the center of American trade and sanctions policy.
Earlier in his career, Malpass held senior economic policy positions during the Reagan and George H. W. Bush administrations. He later became a prominent Wall Street economist at Bear Stearns, where he served as chief international economist and later chief economist. As of 2024, he serves as Distinguished Fellow of International Finance at Purdue University’s Daniels School of Business, continuing his influence on global economic policy through academic and advisory work.
Early Life and Background
David Robert Malpass was born in 1956 in Petoskey, Michigan, a small community in the northern part of the state. He grew up in the United States during a period of significant economic change, an environment that would later shape his interest in fiscal policy and international trade. Petoskey, known for its scenic location on Lake Michigan, provided a quiet Midwestern setting for his early years.
Malpass pursued higher education at Colorado College, where he earned a Bachelor of Arts degree in physics in 1976. His studies in the sciences gave him a quantitative foundation that would prove valuable in his later work in economics. He continued his education at the University of Denver, completing a Master of Business Administration degree in 1978, deepening his focus on business and financial systems.
In 1983, Malpass returned to formal study as a mid-career fellow in international economics at Georgetown University’s School of Foreign Service. This fellowship strengthened his expertise in global economic policy and helped prepare him for senior government roles that would follow in the next decade.
Path to US Politics
Before entering government service, Malpass worked from 1976 to 1981 in Portland, Oregon, holding several business positions. He served as a contract administrator for Esco Corporation, worked as a computer systems consultant for Arthur Andersen, and served as controller and chief financial officer for Consolidated Supply. These early jobs gave him practical experience in finance, operations, and corporate management.
His transition to public policy began in 1984, when he joined the Senate Budget Committee as a Senior Analyst for Taxes and Trade and an International Economist. Over the next several years, he held a series of increasingly senior positions across the Reagan and George H. W. Bush administrations, working on tax reform, trade agreements, and Latin American economic policy. He was Deputy Assistant Secretary at the U.S. Treasury Department, Republican staff director of the Joint Economic Committee, and Deputy Assistant Secretary of State for Latin American Economic Affairs.
After leaving government in 1993, Malpass moved into the private sector, joining Bear Stearns as chief international economist. He later became chief economist at the firm, advising investors on global economic trends. Following the firm’s collapse during the 2008 financial crisis, he founded Encima Global, a research and advisory firm focused on international economics.
David Malpass Career
Early Career (1984-1993)
David Robert Malpass began his Washington career in 1984 with the Senate Budget Committee, where he analyzed tax and trade issues during a period of major fiscal policy debate. From 1986 to 1988, he served as Legislative Manager at the U.S. Treasury Department, contributing to legislative strategy on economic matters. He was then named Deputy Assistant Secretary of Developing Nations at the Treasury from 1988 to 1989.
Between 1989 and 1993, he continued his rise through federal economic posts, serving as Republican staff director of the Joint Economic Committee and Deputy Assistant Secretary of State for Latin American Economic Affairs. His work spanned tax reform, the 1986 tax cut, NAFTA, and the Brady Plan for Latin American debt, giving him broad experience across trade, budget, and foreign policy issues.
Trump Advisor Era (2016-2017)
On August 5, 2016, David Robert Malpass was announced as a senior economic advisor to the Donald Trump 2016 presidential campaign. He appeared on television and radio to support Trump’s message of faster economic growth through policy reforms. His pre-election writings in Forbes and a New York Times op-ed titled “Why This Economy Needs Donald Trump” outlined a platform of tax cuts, deregulation, and trade renegotiation.
Following Trump’s election, Malpass led the transition team’s work on economic policy and the Treasury Department. In March 2017, the White House nominated him for the role of Under Secretary of the Treasury for International Affairs. The United States Senate confirmed him on August 3, 2017, putting him in charge of the Treasury’s international portfolio.
Under Secretary of the Treasury Era (2017-2019)
As Under Secretary, David Robert Malpass took a critical position on China and became a leading voice on international economic policy within the Trump administration. In July 2018, Bloomberg News described him as “a champion of President Donald Trump’s protectionist message.” He worked on sanctions, trade negotiations, and the Treasury’s response to global economic challenges during his tenure.
He also continued his public commentary, writing regularly for Forbes and contributing to the opinion pages of The Wall Street Journal. His frequent television appearances kept him in the public conversation about the U.S. economy, Federal Reserve policy, and the risks of quantitative easing during the Obama administration.
World Bank President Era (2019-2023)
On April 5, 2019, the World Bank’s executive board unanimously approved David Robert Malpass as the institution’s 13th president, and he began his term on April 9, 2019. He succeeded Jim Yong Kim, who stepped down three years early. During his tenure, Malpass worked to realign the bank’s staff with client countries’ needs, stabilize the institution, and expand its lending capacity.
By the end of 2022, Malpass had nearly doubled the World Bank’s annual lending compared to the level when he took office. He also doubled the bank’s climate financing and led the institution in lending more than $150 billion in response to the COVID-19 pandemic, the Russian invasion of Ukraine, and rising food and energy prices. He pressed China to provide more debt relief for developing nations and worked to help low-income countries achieve debt sustainability.
In April 2021, the World Bank released a five-year Climate Change Action Plan pledging 35% of its financing to climate co-benefits and 50% of its climate financing to climate adaptation. The plan aligned the bank’s financing with the Paris Agreement by 2023. In September 2022, Malpass faced public criticism for his response to questions about the scientific consensus on climate change, but he later affirmed his acceptance of that consensus in an internal memo and a CNN International interview.
In mid-February 2023, Malpass announced his intention to end his term as World Bank president by the end of the bank’s fiscal year in June 2023.
Notable Events and Milestones
David Robert Malpass’s most defining achievement was leading the World Bank Group through one of the most turbulent periods in modern history, steering more than $150 billion in lending to address global crises. His nearly-doubling of the bank’s lending and climate financing set new institutional benchmarks. Earlier, his role as a senior economic advisor to Donald Trump and his Senate confirmation as Under Secretary of the Treasury marked him as a trusted voice in the Republican economic policy world.
David Malpass Career Wins
David Robert Malpass’s career is marked by a series of confirmations, appointments, and institutional milestones across government, finance, and international development. His unanimous approval as World Bank president and his Senate confirmation as Under Secretary of the Treasury stand out as major professional validations.
Government and International Leadership Highlights
Malpass was unanimously approved by the World Bank’s executive board on April 5, 2019, beginning his term on April 9. He was confirmed by the United States Senate on August 3, 2017, as Under Secretary of the Treasury for International Affairs. Earlier, he was named Republican staff director of the Joint Economic Committee and Deputy Assistant Secretary of State for Latin American Economic Affairs.
Other Wins and Achievements
Beyond government, David Robert Malpass held senior positions at Bear Stearns from 1993 to 2008, serving as chief international economist and later chief economist. He founded Encima Global after the 2008 financial crisis and authored a chapter titled “Sound Money, Sound Policy” in The 4% Solution, published by the George W. Bush Presidential Center in 2012. He ran for the Republican nomination for U.S. Senate in New York in 2010, placing second in the primary with 38% of the vote.
David Malpass Family
Family Background and Personal Background
David Robert Malpass was born and raised in the United States, with his early roots in Petoskey, Michigan. He built a career that took him from Portland, Oregon, to Washington, D.C., and then to international institutions around the world. As of 2024, he serves as Distinguished Fellow of International Finance at the Daniels School of Business at Purdue University and is the inaugural Fellow of Global Business and Infrastructure at Purdue@DC. He also serves on the board of trustees of UBS Investment Trust and is a former member of several boards, including the National Committee on United States-China Relations and the Council of the Americas. Malpass speaks Spanish, Russian, and French.
Personal Life
David Robert Malpass is married to Adele Obermayer Malpass, and the couple has four children. They live in Washington, D.C. Adele Malpass is the daughter of Herman Obermayer and formerly served as chairwoman of the Manhattan Republican Party, a position she held from 2015 until August 2017, when she stepped down to move to Washington for her husband’s Treasury appointment. As of 2022, she served as president of The Daily Caller News Foundation.