David Malpass Biography
David Malpass is an American economist who currently serves as Under Secretary of the Treasury for International Affairs. Malpass previously served as Deputy Assistant Treasury Secretary under President Ronald Reagan, Deputy Assistant Secretary of State under President George H. W. Bush, and Chief Economist at Bear Stearns for the six years preceding its collapse.
Malpass served as an economic advisor to Donald Trump, during the 2016 U.S. presidential election and in 2017, he was nominated and confirmed as the undersecretary for international affairs in the United States Department of the Treasury. Malpass earned a MBA at the University of Denver and a B.A. in physics at Colorado College. Malpass studied international economics at Georgetown University’s School of Foreign Service. He speaks Spanish, French and Russian. He worked in Portland from 1977 to 1983, Oregon for Esco Corporation and Arthur Andersen’s systems consulting group, where he became a licensed CPA.
David Malpass Age
Malpass was born on March 8, 1956 in Petoskey, Michigan, U.S. She is 62 years old as of 2018.
David Malpass Net Worth
Malpass has an estimated net worth of $3.36 Million dollars.
David Malpass wife
Malpass is married to Adele. Adele Malpass is the Chairwoman of the Manhattan Republican Party.
David Malpass Career
During the presidencies of Ronald Reagan and George H. W. Bush, he worked on an array of economic, budget, and foreign policy issues including small business promotion throughout Latin America and the 1986 tax cut. From 1989 to 1990, Malpass served as the Republican staff director of Congress’s Joint Economic Committee and as a member of Congress’s blue-ribbon panel on budget scoring from 2002 to 2003.
For 15 years, Malpass worked at Bear Stearns in the firm’s research department, with six of those years as the firm’s chief economist. As a result of the global financial crisis and under the prodding of the Federal Reserve and U.S. Treasury Department, Bear Sterns was sold to JP Morgan Chase in March 2008 for 6% of its value twelve months prior.
Malpass founded Encima Global in June 2008, a New York City firm providing daily analysis of global economic and political trends relevant to institutional investors. He ran for the Republican nomination in 2010, for United States Senate in that year’s special election in New York. Malpass placed second in the three-way primary with 38% of the vote. He wrote a chapter in 2012, entitled ‘Sound Money, Sound Policy’ in The 4% Solution: Unleashing the Economic Growth America Needs, published by the George W. Bush Presidential Center. He writes a column for Forbes magazine and is a contributor to the op-ed section of The Wall Street Journal. Malpass is also a frequent television commentator.
He sits on the boards of UBS Funds, the New Mountain Financial Corporation and the Gary Klinsky Children’s Center. Malpass is also a former director of the National Committee on United States–China Relations, the Council of the Americas, and the Economic Club of New York and a former member of the board of trustees of the Manhattan Institute.
Before the financial crisis of 2007–2008, Malpass has been noted for his forecasts and in the time period following the Great Recession. Before the housing market collapse, in 2007, Malpass wrote for the Wall Street Journal that “Housing and debt markets are not that big a part of the U.S. economy or of job creation…the housing- and debt-market corrections will probably add to the length of the U.S. economic expansion.” Malpass also called for the raising of interest rates in 2011 at a time when others believed this would be harmful to the economy. Bruce Bartlett cited Malpass’s 2008 forecast of economic growth and his 2012 forecast of recession as specific examples of partisan bias in economic forecasts.
In May 2016, Malpass joined Donald Trump’s presidential campaign as Senior Economic Advisor. Malpass appeared frequently on television and radio to support Trump’s message of faster growth through policy reforms. Four of his pre-election Forbes columns discussed the need for political upheaval to upend the status quo. The campaign announced an economic round-table including Malpass on August 5. Malpass’s September 1, 2016, New York Times editorial described fast growth through a policy upheaval covering taxes, trade, regulations and energy (“Why Our Economy Needs Trump”). Throughout the election time period, Malpass was heading the transition team’s work on economic agencies including Treasury, Commerce, the Federal Reserve, USTR and independent regulatory agencies as Trump prepared to become president.
Under Secretary of the Treasury
The White House announced in March 2017, that Malpass would be President Trump’s nominee for Under Secretary of the Treasury for International Affairs. On August 3, 2017, Malpass was confirmed for the position by the United States Senate. He took a critical position on China during his tenure. Malpass was described as “a champion of President Donald Trump’s protectionist message.”
President Trump announced in February 2019, Malpass as the nominee for President of the World Bank, succeeding Jim Yong Kim, who had announced in January 2019 that he would be stepping down three years before the end of his five-year term in 2022.