IMF’s Time Running Out for Funding Boost in U.S. Congress

The International Monetary Fund’s plan to increase its financial resources and give emerging markets such as China more clout is running out of time after Republican victories in last week’s U.S. midterm elections.

The Obama administration needs to offer something in exchange for Republican support of legislation to enact the IMF changes, California Representative John Campbell, the Republican chairman of the House subcommittee that oversees IMF matters, said in a phone interview yesterday. “If they don’t make some kind of deal in December, I think it’s probably a ship that’s sailed,” Campbell said.