During the mid-1990s, Knight was the co-chairman of the Canadian Council on National Issues and a member of the Committee on Monetary and Economic Reform.
In 1995, he wrote an opinion piece arguing that Canada's economic problems could be traced to policy decisions made in the late 1960s and early 1970s, when the federal government uncapped interest rates and financed public expenditures as debt-credit.
[3] Knight ran as an independent candidate in a federal by-election in 1996, against prominent national politician Sheila Copps.
He also sought the Liberal Party nomination for Durham in leadup to the 1993 election, but lost to Alex Shepherd by forty-five votes.
Malcolm left the Liberal Party in 1996 to campaign against cabinet minister Sheila Copps in a federal by-election.
He called for the federal government to scrap the national Goods and Services Tax (GST) and to renegotiate the country's free trade agreement with the United States of America (Hamilton Spectator, 8 June 1996).
In late 2003, Malcolm was listed as an ordained minister and big rig truck driver (Toronto Star, 6 November 2003).
He campaigned for the Legislative Assembly of Manitoba in the 1990 provincial election as a candidate of the Confederation of Regions Party, and finished fourth against Progressive Conservative Edward Connery with 243 votes.