Trump plans to nominate Treasury's Malpass to lead World Bank

US President Donald Trump plans to pick Treasury Department official David Malpass to be the US nominee to lead the World Bank, Politico reported on Monday, citing senior administration officials.

The administration plans to announce its pick on Wednesday, Politico reported.

Malpass, the US Treasury’s top diplomat, would replace Jim Yong Kim in the role. Kim stepped down on Feb. 1 to join private equity fund Global Infrastructure Partners in a surprise move, more than three years before his term ended, amid differences with the Trump administration over climate change and development resources.

Spokespeople at the White House and the Treasury Department did not immediately respond to requests for comment.

The United States has a controlling voting interest in the World Bank and has traditionally chosen the body’s leader since it started operations in 1946.

Malpass has criticized multilateral institutions like the World Bank as being “intrusive” and “entrenched.”