Opinion: The World Bank must reject Trump’s nominee to lead it
David Malpass, undersecretary of the treasury for international affairs and a candidate for the World Bank presidency, speaks at a news conference in Paris last month. By John Podesta and Kristina Costa March 5 at 5:04 PM John Podesta, the chair of Hillary Clinton’s 2016 presidential campaign, served as counselor to President Barack Obama and chief of staff to President Bill Clinton. Kristina Costa is a senior fellow at the Center for American Progress and served in the Obama White House.
In 2012, for the first time, countries other than the United States put forward strong candidates to lead the World Bank, including Ngozi Okonjo-Iweala, an eminent Nigerian economist and dedicated public servant. The non-U.S. nominations were a long-overdue recognition that regions that are often recipients of aid need not be subservient to traditional donor nations.
Rather than showing a sense of humility or responsibility for the wreckage that the Great Recession caused everyday people, Malpass spent years publicly urging the Federal Reserve to raise interest rates — long before most experts thought the economy could handle such increases. In 2012, again in the Wall Street Journal, he predicted that another downturn would come the following year. It didn’t.
After his nomination became public last month, Malpass published an op-ed in the Financial Times outlining what he would do as president of the World Bank. He hewed to the Trump party line: More power to the free market, and less to the public sector and civil society. Notably, he made no mention of the World Bank’s decision in 2016 to put the United Nations’ Sustainable Development Goals at the center of its strategic planning.
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