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President Donald Trump is set to announce the nomination of David Malpass to lead the World Bank, according to reports by Politico and Bloomberg News on Monday night. An announcement will be made Wednesday, a day after Trump's State of the Union address, Politico reported. Malpass, a senior official at the Treasury Department, has criticized the World Bank as being too big and too inefficient, potentially complicating his confirmation by the World Bank's executive board. He has also been critical of multilateralism and China. The U.S. has traditionally been allowed to appoint the bank's head. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.