Malpass, who currently serves as the Treasury Department's undersecretary for international affairs, has long been considered a favorite for the job.
The 62-year-old, who served as economic adviser to Trump during his 2016 presidential campaign, has also been a key adviser to him throughout the China-U.S. trade talks.
He has even been described as a “champion of President Donald Trump’s protectionist message,” according to Bloomberg News.
But prior to Trump, Malpass’ economic and political roots extend back to the late 1980s.
Here’s a look at Malpass’ education and career.
After earning a B.A. in physics at Colorado College and an MBA at the University of Denver, Malpass went on to study economics at Georgetown University’s School of Foreign Service.
He speaks four languages, including Spanish, Russian and French.
He’s a licensed CPA.
From 1977 to 1983, he worked for Esco Corp. and Arthur Andersen.
For 15 years, Malpass worked at Bear Stearns in the firm’s research department, serving six of those years as the firm’s chief economist preceding its collapse.
During the presidencies of Ronald Reagan and George H.W. Bush, Malpass worked on an array of economic and foreign policy issues for those administrations, including small business promotion throughout Latin America and the 1986 tax cut.
Under Reagan and President George H.W. Bush, he served as deputy assistant secretary of state.
Malpass also has served as the Republican staff director of Congress’s Joint Economic Committee from 1989 to 1990.
This story was originally published on Feb. 5 and has been updated to reflect President Trump's official announcement