Trump announces controversial pick for World Bank

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.
4:05 | 02/06/19

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Transcript for Trump announces controversial pick for World Bank
Thank you very much and it's. Lot of fun for me doing this one because. We're dealing with a very special man a very special person. Today it's my pleasure to announce my choice. For the next president of the World Bank. Mr. David now pass and I've known David for a long time they're extraordinary man with us today David's wife Adele. As well as his. Three children Robert Emily Judea. And I want to thank you all for being here and I want to congratulate you'll thank you. Following V. Resignation of former president of the World Bank. Doctor Jim Young Kim I launched a broad search for a replacement after interviewing many very qualified candidates. I knew that David was the right person to take this. Incredibly. Important job. In addition to his current service overseeing the IMF and actually overseeing the World Bank. As undersecretary. Of international affairs at the department of treasury. David brings forty years of experience in economics finance government and foreign policy. To his new assignment. America is the largest contributor to the World Bank giving it over one billion dollars every year. My administration has made it a top priority to ensure that. US taxpayers' dollars are spent effectively and wisely. Serve American and stress and defend American values. David has been a strong advocate for accountability at the world bank for a long time. He is four to ensure financing is focused on the places and projects it truly need assistance. Including people living in extreme poverty. David was also critical of the creation of the World Bank's women's. On Cuban air. And they know you know about the World Bank's women's entrepreneurs finance initiatives and he will make it a priority to continue. Empowering women all across. The globe and it's very important thing and it's a very important part of its properly handled. Thank you so very much president trump for your confidence in selecting me to lead the World Bank the world's premier development institution. It's an incredible honor I'd like to also thing I think probably that's here to do tell him by a terrific children. I'd like to acknowledge all my friends and colleagues here. Everyone please especially secretary in the near term Larry Kudlow and a bucket from. Working with secretary and an urgent. At treasury I'm proud to say that under your administration Mr. President. We negotiated a major capital increase and reform package for the World Bank. Which shareholders and dedicated stout there's a great opportunity now to implement these constructive reforms that will lead to faster growth. And greater prosperity. I want to also note that a key goal will be to ensure that women achieved full participation. In developing economies. I know Ibaka has been a strong leader on women's economic empowerment. And I look forward to continuing our work together on her women's global development and prosperity initiative. Mr. President. I'm very optimistic that we can achieve breakthroughs. To create growth abroad that will help us combat extreme poverty and increase economic opportunities. In the developing world. Thank you again Mr. President for this great honor.

This transcript has been automatically generated and may not be 100% accurate.

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