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U.S. Should Expand Role With World Bank, Former Official Says

The U.S. needs to play a greater role in the World Bank to improve its perception in developing markets, according to Nancy Birdsall, president of the Washington-based Center for Global Development.

Emerging-market economies are making a bid for greater influence on the global financial system, with Brazil, Russia, India, China and South Africa -- the so-called BRICS nations -- agreeing on the structure of a $50 billion development bank in July. The bank offers an alternative source of financing to the International Monetary Fund and the World Bank.