Highest-ranking Treasury official to exit after rift with Trump administration
In a surprise move, David Malpass, the Under Secretary of the Treasury for International Affairs, announced his resignation on Friday, effective March 2. The departure comes after a rift emerged between Malpass and the Trump administration over a range of issues, including the president’s repeated attacks on the Federal Reserve.
Malpass, a career diplomat and economist, has been a key player in shaping the Treasury Department’s policy on international finance and trade. He has also been a strong advocate for a more rules-based global economic system.
However, his relationship with the Trump administration has been increasingly strained in recent months. Last week, Trump publicly criticized the Federal Reserve for raising interest rates, a move that Malpass had supported in his capacity as Under Secretary. The president’s comments were seen as a breach of protocol, and Malpass was reportedly frustrated by the president’s interference in the Treasury Department’s policy decisions.
Malpass’s resignation was announced by Treasury Secretary Steven Mnuchin in a statement. “I am grateful for David’s service and his contributions to the department,” Mnuchin said. “He has been a strong advocate for the importance of a strong and stable international financial system, and I will miss his counsel.”
The resignation is a significant blow to the Trump administration, which has seen a number of high-ranking officials depart in recent months. The Treasury Department has been rocked by a series of scandals and controversies, including a recent investigation into the department’s handling of the COVID-19 pandemic.
Malpass’s departure is likely to have significant implications for the administration’s economic policy, particularly with regards to trade and international finance. His successor will be responsible for navigating the complex global economy and building relationships with foreign governments and financial institutions.
In a statement, Malpass said he was “grateful for the opportunity to serve” and that he was “proud of the progress” the Treasury Department has made during his tenure. He did not comment on his reasons for resigning.
