Congress Approves IMF Change in Favor of Emerging Markets
- China to jump to third-biggest IMF shareholder under changes
- Vote clears way for giving even more voice to emerging markets
This article is for subscribers only.
U.S. lawmakers approved changes to International Monetary Fund governance that will give more of a voice to emerging markets such as China and India in exchange for greater congressional oversight of the fund.
The House and Senate on Friday passed a $1.1-trillion spending plan that includes language implementing the IMF reforms, which have been awaiting congressional ratification since 2010, a delay that spurred global criticism of the U.S. President Barack Obama, who supported the change, signed the bill on Friday.