President Biden plans to move quickly to replace David Malpass as president of the World Bank Group, White House advisers say.
Ultimately, they decided against publicly ousting him, partly because they didn’t want to upset an informal agreement that allows the U.S., the bank's largest shareholder, to pick the president.Minutes after Malpass informed the bank’s board on Wednesday that he was leaving, Treasury Secretary Janet Yellen was outAfter thanking Malpass for his service, she indicated the U.S. wanted to preserve its prerogative to pick the president.
“We will put forward a candidate to lead the World Bank and build on the bank’s long-standing work,” she said.Whispers about Malpass’ plans have been quietly circulating in Washington for a few weeks, giving team Biden time to consider potential replacements. News of his announcement flew across Washington, leading to speculation on who Biden would reward with the plum — and powerful — position.The big picture:
The Biden administration has been working on a broader effort to transform the World Bank, and other multilateral development banks, to expand their mission beyond poverty alleviation and focus on a range of global issues.at the Center for Strategic and International Studies, calls for “decisive action on global challenges like climate change.”in the Inflation Reduction Act, Biden advisers are focused on reducing carbon emissions around the globe.
With little congressional appetite for additional spending, the White House plans to rely on institutions like the World Bank to help developing countries transition to renewable energy.
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