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toldnews-blog · 5 years

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Trump announces controversial pick David Malpass for World Bank president

President Donald Trump on Wednesday announced he would nominate David Malpass, the Treasury under secretary for international affairs, as the next president of the World Bank, a pick that has already generated significant backlash from supporters of the institution.

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“My administration has made it a top priority to ensure that U.S. taxpayers’ dollars are spent effectively and wisely, serve American interests and defend American values,” Trump said in the Roosevelt Room of the White House. “David has been a strong advocate for accountability at the World Bank for a long time.”

Since reports emerged of the impending nomination, several economists and global development experts have pointed to past statements Malpass has made critical of the World Bank and multilateral institutions more broadly.

In a briefing with reporters Tuesday, senior administration officials defended the selection and said Malpass would seek to improve and not dismantle or weaken the World Bank following the sudden resignation president Jim Yong Kim last month.

“David and the United States government support when we are participating in these organizations and they are fulfilling their missions and working efficiently and effectively,” one official said. “I think the goal is to ensure that these institutions continue to serve the target — and in this case developing countries, and poor communities around the world most effectively.”

But it’s unclear whether those assurances will be enough to assuage Malpass’s critics, who have framed him as yet another example of President Trump’s efforts to undermine the United States’ role in global institutions.

“David Malpass is a Trump loyalist who has committed economic malpractice on a wide range of topics, from dismissing the first signs of the 2008 global financial crisis to flirting with the abolition of the IMF,” Justin Sandefur, a senior fellow at the Center for Global Development said in a statement. “His disdain for the World Bank’s mission of fighting global poverty rivals John Bolton’s respect for the United Nations.”

Malpass has served under Trump and Treasury Secretary Steve Mnuchin since August 2017 and previously worked for the investment bank Bear Stearns as its chief economist for 15 years until its failure following the 2008 recession. Critics are now pointing to an op-ed he wrote for the Wall Street Journal in 2007 where he said the U.S. economy was “sturdy and will grow solidly in coming months, and perhaps years.”

Malpass oversaw an effort in the past year to implement new reforms at the World Bank, which provides loans to developing nations looking to invest in capital projects. He has also been a key player in the administration’s efforts to reach a trade agreement with China, which officials said would continue despite his nomination.

President Trump has consistently railed against global institutions – the UN, NATO, the World Trade Organization. He campaigned on an “America First” agenda and since taking office has pushed for reforms at these global bodies, criticizing them for what he says are policies and structures that put the US at a disadvantage.

The president may stomp his feet about NATO members paying their fair share and he may pull the US out of international agreements like the Trans-Pacific Partnership and the Paris climate accord. But he was unable to truly shake up these organizations from within.

With this pick, Trump now has significant power to put his own hand-picked nominee in a key position where they can enact major reforms, scale back the World Bank’s operations and refocus the efforts to fight global poverty in a way that is Trump approved.

The bank’s board still has to approve Malpass’s nomination, and officials said Mnuchin has already been in touch with counterparts on the World Bank to ensure he is confirmed.

By tradition, the U.S. has selected the president of the World Bank while European nations picked the head of the IMF.

“We reserve the right for other countries to clarify their support for David as the process unfolds over the next month and a half,” an official said.

Officials said Malpass was selected after a search effort spearheaded by Mnuchin and Ivanka Trump. The president’s daughter has deep ties to the World Bank. In 2017, she worked with Jim Kim to establish the Women Entrepreneur Finance Initiative (WeFi), a global fund aimed at empowering women entrepreneurs in developing countries.

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nicholerestrada · 5 years

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Trump to choose Treasury’s Malpass to lead World Bank: sources

WASHINGTON (Reuters) – The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the U.S. nominee to lead the development lender, people familiar with the decision said on Monday.

FILE PHOTO: David Malpass, Under Secretary for International Affairs at the U.S. Department of the Treasury, gestures during the 2018 G20 Conference entitled “The G20 Agenda Under the Argentine Presidency”, in Buenos Aires, Argentina, March 18, 2018. REUTERS/Agustin Marcarian/File Photo

The nomination of Malpass would put a Trump loyalist and a skeptic of multilateral institutions in line to lead the World Bank, which committed nearly $64 billion to developing countries in the year ended June 30, 2018.

Politico, which first reported the decision, said it would be announced on Wednesday, citing unidentified administration officials.

Spokespersons for the White House and the U.S. Treasury declined comment.

A European diplomatic source said the Trump administration had notified several capitals of the Malpass nomination, adding that European shareholders of the bank were not likely to block it.

Malpass, or any other U.S. nominee, would still need to win approval from the World Bank’s 12-member executive board. While the United States holds a controlling 16 percent share of board voting power and has traditionally chosen the World Bank’s leader, challengers could emerge.

If approved, Malpass, the U.S. Treasury’s top diplomat as undersecretary for international affairs, would replace physician and former university president Jim Yong Kim in the role. Kim, first nominated by former U.S. president Barack Obama in 2012, stepped down on Feb. 1 to join private equity fund Global Infrastructure Partners, more than three years before his term ended, amid differences with the Trump administration over climate change and development resources.

‘GRADUATING’ CHINA

The nomination signals that the Trump administration wants a firmer grip on the institution.

Malpass in 2017 criticized the World Bank, the International Monetary Fund and other multilateral institutions for growing larger, more “intrusive” and “entrenched.”

Over the past two years, Malpass has also pushed for the World Bank to halt lending to China, which he says is too wealthy for such aid, especially when Beijing has subjected some developing countries including Sri Lanka and Pakistan to crushing debt loads with its “Belt and Road” infrastructure development program.

China is the World Bank’s third largest shareholder after Japan, with about a 4.5 percent share of voting power.

Last year, Malpass helped negotiate a package of World Bank lending reforms tied to a $13 billion capital increase that aimed to limit the bank’s lending and focus resources more on poorer countries.

The reforms seek to “graduate” more middle-income countries to private-sector lending and limit World Bank staff salary growth.

CHALLENGE UNCLEAR

One World Bank board source said that there was little appetite among member countries to mount a challenge to a U.S. candidate seen as qualified and reasonable, but it was unclear yet whether enough viewed Malpass as fitting that description.

Justin Sandefur, a senior fellow with the Center for Global Development, said the choice showed that the Trump administration was trying to undermine a key global institution and urged other countries to nominate alternative candidates.

“They have a choice. It’s a simple majority vote, the U.S. has no veto in this election and there are many better candidates,” Sandefur said in an emailed statement.

The World Bank will accept nominations from Thursday through March 14 and up to three candidates could advance to a board vote.

Malpass, 62, was an economic adviser to Trump during his 2016 election campaign. He served as chief economist at investment bank Bear Stearns and Co prior to its 2008 collapse and served at the Treasury and State Departments under Presidents Ronald Reagan and George H.W. Bush.

Reporting by David Lawder, Lesley Wroughton and Makini Brice; Editing by Cynthia Osterman and Peter Cooney

Our Standards:The Thomson Reuters Trust Principles.

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michaeljtraylor · 5 years

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Trump to choose Treasury’s Malpass to lead World Bank: sources

Politico, which first reported the decision, said it would be announced on Wednesday, citing unidentified administration officials.

Spokespersons for the White House and the U.S. Treasury declined comment.

A European diplomatic source said the Trump administration had notified several capitals of the Malpass nomination, adding that European shareholders of the bank were not likely to block it.

‘GRADUATING’ CHINA

The nomination signals that the Trump administration wants a firmer grip on the institution.

Malpass in 2017 criticized the World Bank, the International Monetary Fund and other multilateral institutions for growing larger, more “intrusive” and “entrenched.”

China is the World Bank’s third largest shareholder after Japan, with about a 4.5 percent share of voting power.

The reforms seek to “graduate” more middle-income countries to private-sector lending and limit World Bank staff salary growth.

CHALLENGE UNCLEAR

“They have a choice. It’s a simple majority vote, the U.S. has no veto in this election and there are many better candidates,” Sandefur said in an emailed statement.

The World Bank will accept nominations from Thursday through March 14 and up to three candidates could advance to a board vote.

Reporting by David Lawder, Lesley Wroughton and Makini Brice; Editing by Cynthia Osterman and Peter Cooney

Our Standards:The Thomson Reuters Trust Principles.

Source link

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garkomedia1 · 5 years

Text

Trump to choose Treasury’s Malpass to lead World Bank: sources

Politico, which first reported the decision, said it would be announced on Wednesday, citing unidentified administration officials.

Spokespersons for the White House and the U.S. Treasury declined comment.

A European diplomatic source said the Trump administration had notified several capitals of the Malpass nomination, adding that European shareholders of the bank were not likely to block it.

‘GRADUATING’ CHINA

The nomination signals that the Trump administration wants a firmer grip on the institution.

Malpass in 2017 criticized the World Bank, the International Monetary Fund and other multilateral institutions for growing larger, more “intrusive” and “entrenched.”

China is the World Bank’s third largest shareholder after Japan, with about a 4.5 percent share of voting power.

The reforms seek to “graduate” more middle-income countries to private-sector lending and limit World Bank staff salary growth.

CHALLENGE UNCLEAR

“They have a choice. It’s a simple majority vote, the U.S. has no veto in this election and there are many better candidates,” Sandefur said in an emailed statement.

The World Bank will accept nominations from Thursday through March 14 and up to three candidates could advance to a board vote.

Reporting by David Lawder, Lesley Wroughton and Makini Brice; Editing by Cynthia Osterman and Peter Cooney

Our Standards:The Thomson Reuters Trust Principles.

Source link

from RSSUnify feed https://hashtaghighways.com/2019/02/05/trump-to-choose-treasurys-malpass-to-lead-world-bank-sources/

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mikemortgage · 5 years

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It’s time for the U.S. to loosen its grip on the World Bank

As Chrystia Freeland, Canada’s minister of global affairs, collected her various awards for outstanding diplomacy in 2018, she insisted that the multilateral system of commerce, law and human rights had a future, even if the United States no longer wanted to champion it.

“My country, Canada, believes in these values,” Freeland said in New York in June when Foreign Policy named her Diplomat of the Year. “We are ready to defend them and the rules-based international order that unites all of the world’s cities on the hill,” she added, alluding to former U.S. president Ronald Reagan’s characterization of his country in his 1989 farewell address.

Freeland returned to the idea in December, emphasizing that many smaller beacons could cast as much light as the single large one that Reagan described. “We do not want to live in a world where two or three great powers carve up the spoils for themselves, leaving the rest no choice but to choose sides and be satisfied with the scraps,” she said in Berlin, while accepting the Eric M. Warburg Award for transatlantic diplomacy from Atlantik-Brücke, a non-profit association dedicated to U.S.-German relations.

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Canada’s commitment to Freeland’s vision is being tested sooner than expected.

Jim Yong Kim’s surprise resignation as president of the World Bank is effective Feb. 1; if Prime Minister Justin Trudeau’s government is true to its foreign minister’s words, it will use the time to help find a qualified non-American to lead the institution for the first time in its 75-year history. In her New York speech, Freeland called on the U.S. to resist the temptation to confront its rivals “mano-a-mano,” and to instead “reform and renew the rules-based international order that we have built together.” Kim’s decision to end his term early provides an opportunity to reform a process that assures an American always leads an institution that represents more than 188 other countries, which would renew faith in the postwar order that Canada and others have vowed to defend.

“It’s time to open the way for others to lead these institutions,” Michael Horgan, the former Canadian deputy minister of finance who also served on the executive board of the International Monetary Fund (IMF), said in an interview. Previous leaders have been “pretty good,” but “you do wonder why these things are geographically limited,” added Horgan, who now is a senior adviser in the Ottawa office of law firm Bennett Jones.

Kim was nominated to lead the World Bank by former U.S. president Barack Obama in 2012, and from that moment there was little doubt that he would get the job.

With the U.S. being the World Bank’s largest shareholder, the American representative on the board has just enough clout to veto important decisions, including the selection of the person who will be in charge. Starting with Eugene Meyer, the Wall Street investor who became the World Bank’s first president in 1946, all 12 of the institution’s leaders have been American men, and — with the exception of Kim, whose family emigrated to Iowa from South Korea when he was five years old — all of them have been white.

Today, the institution does most of its work in Asia and Africa, yet U.S. administrations, Democratic and Republican alike, have refused to loosen the White House’s grip on the position, even as the contribution of emerging markets to global GDP increased to about 40 per cent in 2016, from about 25 per cent in 1980.

“If the U.S. decision to replace Mr. Kim is based on looking to future markets, they would choose a leader from an emerging economy. But they won’t,” said Alisha Clancy, who advised former Canadian Minister of International Cooperation Beverley Oda and is a program manager at the Vancouver-based Asia Pacific Foundation of Canada.

Cynicism is warranted.

In 2009, the leaders of the Group of 20 economic powers said they agreed “that the heads and senior leadership of all international (financial) institutions should be appointed through an open, transparent and merit-based selection process.”

Two years later, the Obama administration backed Europe’s candidate to lead the IMF, preserving the postwar convention that a European always will run the IMF, and an American will head the World Bank.

Christine Lagarde, then the French finance minister, was popular, and she would go on to distinguish herself as the first woman to lead the IMF. But it was less than obvious at the time that she was the best candidate. The other nominee, Augustín Carstens, a former senior IMF official who was running Mexico’s central bank, had the better resumé. The only knock against him was that he wasn’t European.

Kim was handed the World Bank under similar circumstances. He was known in the development community as one of the founders of Partners In Health, a non-profit organization that builds hospitals and trains health workers in remote corners of the world, and at the time of his nomination, was president of Dartmouth College. Still, Kim had no experience in economics, finance, or politics, making him less qualified than the other nominees: Ngozi Okonjo-Iweala, the former second-in-command at the World Bank who was Nigeria’s finance minister; and José Antonio Ocampo, the former Colombian finance minister who was regarded as one of the world’s leading development experts. Ocampo eventually dropped out of the race, complaining that the selection process was putting politics ahead of merit. A few dozen former World Bank officials signed an open letter stating that Okonjo-Iweala was the superior candidate.

Unlike Lagarde, whose stature has grown as IMF leader, Kim has received mixed reviews during his six-year tenure. In 2013, he convinced the World Bank’s member countries to set a goal of ending extreme poverty by 2030, and last year he secured a US$13 billion capital increase. Yet, the institution’s staff association called for an international search for a replacement in 2016, citing a “crisis of leadership.” Justin Sandefur, a senior fellow at the Washington-based Center for Global Development, found that lending growth and project evaluations were relatively weak under Kim, although he acknowledged that the relatively poor performance could have been influenced by factors beyond the president’s control.

“If the United States wants people to treat Jim Kim’s presumptive re-election as legitimate, it needs to lay out the case for him on merit,” Sandefur wrote in 2016.

That didn’t happen. Instead, Kim’s reappointment was presented as a fait accompli in the twilight of the Obama administration and was justified by some as necessary in order to deny Trump a chance at appointing one of his nationalist followers to the position.

So much for that. The Financial Times reported on Jan. 11 that possible nominees “floating around” Washington include David Malpass, the top international official at the U.S. Treasury Department; Nikki Haley, the former governor of South Carolina who served as Trump’s first ambassador to the United Nations; Mark Green, who leads the U.S. Agency for International Development; and Ivanka Trump, the president’s daughter and adviser, who worked with Kim to set up a US$100 million fund for women entrepreneurs in poor countries. (The White House said on Jan. 14 that Ivanka Trump wasn’t a candidate, but was helping with the search for one.) The Wall Street Journal said a few days later that possible nominees included Malpass; Indra Nooyi, the former chief executive of PepsiCo. Inc.; and Ray Washburne, a member of Trump’s campaign team who currently serves as president of Overseas Private Investment Corp.

None of those names rivals those on a list of plausible non-American candidates, which could include Okonjo-Iweala; Sri Mulyani Indrawati, Indonesia’s finance minister and a former managing director at the World Bank; Kristalina Georgieva, the World Bank’s chief executive officer, who will serve as interim president after Kim departs; and Mark Carney, a champion of the global fight against climate change who is nearing the end of his tenure as governor of the Bank of England.

“If emerging markets and developing countries wish seriously to challenge the convention, they will need to act swiftly to find a strong, credible and globally respected candidate and unite behind that person,” Mark Sobel, a former American representative on the IMF’s executive board and the current U.S. chairman of the Official Monetary and Financial Institutions Forum, a think tank, wrote on Jan. 9.

Such an effort would be strengthened if backed by a Group of Seven power — maybe Canada. Finance Minister Bill Morneau, who is responsible for the Canadian government’s relationship with the IMF and the World Bank, met with his American counterpart after Kim’s announcement, but they didn’t discuss a replacement, according to Matthew Barnes, a spokesman.

“Canada welcomes the World Bank board’s commitment to an open, merit-based and transparent selection process,” Barnes said in an email on Jan. 13. “We look forward to the opening of the nomination period on Feb. 7. Our government has confidence in the World Bank’s processes, and will be following developments closely.”

Trudeau could theoretically nominate a Canadian who might win support as an honest broker between the established powers and the emerging economies. Failing that, Canada’s interests would be best served by lending its support to a candidate put forward by the latter group. Trudeau could deflect any American criticism by saying that he was following Canadian tradition; Morneau’s predecessor, the late Jim Flaherty, backed Mexico’s Carstens to lead the IMF in 2011.

“We’ll have to see who comes forward,” Horgan said when asked whether the Trudeau government should try to disrupt the convention. “We’ve done it before,” he said. “A precedent has been set.”

A version of this article first appeared at CIGIonline.org

• Email: [email protected] | Twitter: carmichaelkevin

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terrellsandefur · 4 months

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Enormous love and heartfelt thanks overflow as I reflect on my extraordinary 60th birthday celebration orchestrated by my phenomenal party committee: Kim Williams Sandefur, Michele Kanan, and Callum Blue.

Their dedication and creativity transformed my milestone into an event of epic proportions – big, bold, and fantastically over-the-top, like me!

A colossal shoutout to the unsung heroes behind the scenes who brought this vision to life. Eight4Nine, Restaurant & Lounge, you dazzled us with sumptuous hors d’oeuvres and a top-notch bar experience. Willie, your menu was a triumph, and your army of servers ensured seamless & delicious perfection.

DJ GALAXY/ Vincent Corrales, whose music kept the vibration high throughout the night, creating an electric atmosphere that resonated with the joy of celebration. Vincent, you truly killed it, your contribution was integral to the unforgettable experience. Thank you for opting for your concert lighting setup, it elevated the party to celestial heights – Vincent, superb choice indeed!

A shoutout to the enchanting Siobhan Velarde Entertainer, our naughty mistress of ceremonies, who steered the festivities with dark and delicious flair.

The swimming pool transported us into a mystical dimension with Aquawillies Mermen adding that spectacular, over-the-edge touch. The dazzling GoGo boys, Ryan Auble and Devin Franco, brought the dance floor to life under the glittering disco balls that transcended the trees and sky!

The gratitude swells within me for every soul who graced the celebration, making it a night to remember. Your presence overwhelmed me with joy, and I am genuinely thankful for each one of you.

A heartfelt appreciation to Kim Sandefur, my beautiful wife, for the masterpiece that is the “Terrelltini" – a signature cocktail that added a unique flavor to the festivities. Your efforts have given me the birthday party of a lifetime, and I am forever grateful. Love you all so much!

Here's to living boldly, embracing the present, and cherishing the incredible gifts the Universe has bestowed upon us. Thank you for launching my 60th year with a bang! 🎉🥂❤️

#GratitudeOverload #CelebrationOfALifetime #FeelingBlessed

#birthday party #palm springs #grateful #party planning #DJ Galaxy #Siobhan Velarde #mermen #gogo boys #ryan Auble #Devin Franco #Kim Sandefur #callum blue #michele Kanan

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