David Malpass

Under Mr. Malpass’ presidency from 2019-2023, the World Bank responded quickly to global crises, mobilizing a record $440 billion in response to the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, climate change, and shortages of food, fertilizer, and energy. The World Bank adopted a Climate Action Plan focused on impact and more than doubled its climate financing, reaching a record $32 billion in climate commitments in FY22. 

During his tenure, Malpass championed robust policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens. He met frequently with leaders around the world, most recently with G7 leaders in Japan, G20 leaders in India, Chinese leaders meeting in Anhui province, and dozens of country leaders and presidents.

Mr. Malpass has held major positions in three United States government administrations. He served as U.S. Under Secretary of the Treasury for International Affairs from 2017-2019; as Deputy Assistant Secretary of State for Latin American Economic Affairs from 1990-1993; and as Deputy Assistant Secretary of the Treasury for Developing Nations from 1987-1989. David also served as Senior Analyst for Taxes and Trade at the U.S. Senate Budget Committee and as Republican Staff Director of the Joint Economic Committee of the U.S. Congress. His public sector career spanned an array of economic, trade, budget, regulatory, foreign policy, health and development issues, including the Latin debt crisis and creation of Brady bonds; the major tax reforms in 1986 and 2018; capital and quota increases for the IMF, World Bank and Interamerican Development Bank; multiple trade agreements; and the expansions of security laws including CFIUS and sanctions. 

In between his public service, David was a leading Wall Street economist from 1993-2017, including chief economist and senior managing director at Bear Stearns. He conducted financial analyses of equity, bond, and currency markets worldwide and wrote regular economics columns in the Wall Street Journal and Forbes.

David has served on the boards and audit committees of the New Mountain Finance Corporation (ticker NMFC) and UBS Funds. He was on the board of the National Committee on U.S.–China Relations, the Council of the Americas, the Economic Club of New York, and the Manhattan Institute. At the World Bank Group, Malpass was Chairman of the Board and President of the five arms of the Bank – IBRD, IDA, IFC, MIGA and ICSID. In the U.S. government, he sat on the Boards of OPIC (now DFI) and the Millennium Challenge Corporation.