Trump expected to name David Malpass to head World Bank

While the announcement is expected Wednesday, the sources cautioned the decision would not be final until the President announced it.

Trump was given the opening early last month, when World Bank President Jim Yong Kim announced his sudden resignation as the head of the organization, whose leader has been appointed by the US president since its inception.

Politico was first to report on Trump's expected choice of Malpass, the current under secretary for international affairs at the Treasury Department.

According to the Treasury, Malpass worked in the Reagan and George H.W. Bush administrations and as chief economist at the now-defunct bank Bear Stearns. While at Bear Stearns, he authored an op-ed published in August 2007 in the Wall Street Journal waving off warning signs of the impending financial crisis.

Malpass went on to become an economic adviser to Trump during the 2016 campaign, his Treasury page states.

Malpass was part of the US delegation that headed to Beijing last month for trade talks.

Trump has railed against multilateral institutions and questioned US foreign aid commitments, and his choice for the World Bank could precipitate a clash with other nations over the US' continued dominance of the global development bank.

Trump was reported to have cast a wide net for candidates to replace Kim, including interviewing Heidi Cruz, an investment banker who's the wife of GOP Sen. Ted Cruz of Texas, who Trump attacked personally during the campaign.

This story has been updated.

CNN's Kevin Liptak and Donna Borak contributed to this report.

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