On April 5, 2019 (March 1, 2019 in the lunar calendar), U.S. Treasury official Malpass was elected President of the World Bank. U.S. Treasury official David Malpass has been elected as the new president of the World Bank. The World Bank stated on April 5, 2019 that the World Bank's Executive Board unanimously agreed to elect Malpas as the new president, saying that this continued the 73-year tradition of Americans leading the World Bank. On April 5, 2019 local time, the World Bank Group issued a statement stating that the World Bank Group Executive Board unanimously approved David Malpass as the next World Bank President for a five-year term starting from April 9, 2019. The statement stated that the World Bank's executive directors followed the selection process agreed in 2011, including an open and transparent nomination process. Kim Yong, then President of the World Bank, suddenly announced his early retirement on January 7 this year. On the 10th of that month, the World Bank announced the selection process for the new president. Candidates for the new president can be nominated by the Executive Director of the World Bank. The nomination time is from February 7 to March 14. On February 6, U.S. President Trump announced the nomination of David Malpass, 62-year-old U.S. Treasury Undersecretary for International Affairs, as the next World Bank President. As the nomination period ended, Malpas became the only nominee for the new World Bank President. Malpas served in the Reagan and Bush administrations, and also served as chief economist at Wall Street investment bank Bear Stearns. When Trump was running for president in 2016, Malpas served as his economic adviser and is considered a loyal supporter of Trump. After World War II, in order to rebuild the international economic order and reduce world poverty, the World Bank and the International Monetary Fund (IMF) came into being, and the unwritten rule that "Americans are in charge of the World Bank and Europeans are in charge of the IMF" has been maintained. The World Bank is established on the principle of a joint-stock company. Important matters require voting by member states. The size of voting rights is proportional to the shares subscribed by member states. The United States is the largest shareholder of the World Bank, accounting for approximately 16% of voting rights. Since major World Bank decisions must receive an 85% support rating to be passed, the United States has the only veto power. The World Bank is headquartered in Washington, the capital of the United States. The United States is the largest shareholder of the World Bank. The World Bank president has long been an American.