1. Pan, Donald Trump followed by David Malpass walks into Roosevelt Room
2. SOUNDBITE (English) Donald Trump, U.S. President:
"Thank you very much and it is a lot of fun for me doing this one because we are dealing with a very special man, a very special person. Today it is my pleasure to announce my choice for the next President of the World Bank, Mr. David Malpass. And, I have known David for a long time. Very extraordinary man. With us today are David's wife Adele, as well as his three children - Robert, Emily, Julia. And I want to thank you all for being here and I want to congratulate you all. Thank you."
3. Side, Trump shaking Malpass' hand
4. SOUNDBITE (English) Donald Trump, U.S. President:
"Following the resignation of former president of the World Bank, Dr Jim Yong 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 the Treasury, David brings 40 years of experience in economics, finance, government and foreign policy to his new assignment."
6. SOUNDBITE (English) Donald Trump, U.S. President:
"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 U.S. taxpayers dollars are spent effectively and wisely, serve American interests and defend American values. David has been a strong advocate for accountability at the World Bank for a long time."
7. Cutaway, cameramen
8. SOUNDBITE (English) Donald Trump, U.S. President:
"David was also critical of the creation of the World Bank's Women's Entrepreneur 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. It's a very important thing and it's a very important part if it's properly handled done by the World Bank."
9. SOUNDBITE (English) Donald Trump, U.S. President:
"But he's just a highly respected man, a brilliant man and he's going to do very well we'll be very proud of him. So I want to just introduced to the media to say a few words, David Malpass."
10. Mid, Malpass walks to microphone
11. SOUNDBITE (English) David Malpass, World Bank president nominee:
"Thank you. So thank you so very much President Trump. Working with Secretary Mnuchin 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. With shareholders and dedicated staff, 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 achieve full participation in developing economies. I know Ivanka (Trump) 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. "
12. Pan, Ivanka Trump to Donald Trump leaving room
U.S. President Donald Trump Wednesday nominated David Malpass, who has been a critic of the World Bank, to lead the institution focused on global poverty.
Praising Malpass, Trump said he "has been a strong advocate for accountability at the World Bank for a long time."
Now the undersecretary for international affairs at the Treasury Department, Malpass has been an outspoken skeptic of the 189-nation World Bank, a leading source of funding for economic development.
The World Bank provides low-cost loans for projects around the world. Among its key missions is helping combat poverty in developing countries.
Malpass has called for curbing the World Bank's financial reach and has criticized its lending to China, one of the bank's leading recipients of aid.
If the World Bank's directors approve his nomination, Malpass would be positioned to overhaul an institution that, he has argued, has become too focused on its own expansion and prestige rather than on the interests of poor countries.
Having Malpass at the helm of the World Bank would fit a pattern inside the Trump administration of tapping officials to lead institutions whose core missions they have publicly questioned or opposed. The Consumer Financial Protection Bureau, the Interior Department and the Environmental Protection Agency, among others, have under Trump been led by some of their sharpest former critics.
Malpass, 62, has straddled the top echelons of government and Wall Street, having worked in the Reagan and George H.W. Bush administrations and as the chief economist for the defunct bank Bear Stearns.
He also unsuccessfully sought the 2010 Republican nomination for a Senate seat from New York.
The World Bank was founded in 1944 with the task of shoring up the economies of nations devastated by World War II. The first recipient of a World Bank loan was France.
The bank, whose leader is nominated by the United States and has always been a U.S. citizen, has since shifted its focus from reconstruction to development, extensively in Africa, Asia and Latin America.