Waters and Cleaver Express Concerns About Nomination of David Malpass to Lead World Bank
Washington DC, February 8, 2019
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Congressman Emanuel Cleaver (D-MO), Chair of the Subcommittee on National Security, International Development, and Monetary Policy, issued the following statements on the nomination of David Malpass, Under Secretary of the Treasury for International Affairs, to serve as President of the World Bank.
“It’s difficult to believe that any serious effort to find a qualified candidate with a compelling vision for the mission of the World Bank and a belief in the legitimacy of international development finance would lead to the nomination of Treasury Undersecretary for International Affairs David Malpass,” said Chairwoman Waters. “His agenda for international development policy seems to begin with a reliance on unfettered private capital flows and end with a diminished role for the public sector, as the engines of global growth. He is an anti-internationalist, anti-worker market fundamentalist who understands neither the markets nor the importance of an effective public sector in helping rein in market excesses, promoting stability, and ensuring that the benefits of growth are broadly shared in society. Moreover, if the World Bank’s board of directors ultimately votes to confirm Mr. Malpass, the Bank’s climate finance agenda, which is an increasingly essential element of global economic cooperation, will also be under threat. If the Trump Administration is allowed to embed its ideological bias into the world’s most important multilateral development institution, the institutional framework for the post-World War II global economic order will be imperiled.”
The House Financial Services Committee is responsible for conducting oversight of U.S. participation in the multilateral development banks, including the World Bank.