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Obama seeks to keep U.S. veto at IMF as China's influence is expanded

Section: Daily Dispatches

By Andrew Mayeda
Bloomberg News
Sunday, May 17, 2015

The Obama administration has signaled it won't jeopardize the U.S. power to veto IMF decisions to achieve its goal of giving China and other emerging markets more clout at the lender, according to people familiar with the matter.

That message was delivered at the International Monetary Fund's spring meetings in Washington last month, the people said, where officials discussed how to overcome congressional opposition to a 2010 plan to overhaul the lender's voting structure.

A solution backed by Brazil would have enabled an end-run around Congress -- while potentially sacrificing the veto the U.S. has held since World War II. With that option off the table, the people said, IMF member nations are considering a watered-down proposal that risks alienating China and India, which are already challenging the postwar economic order by setting up their own lending and development institutions. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2015-05-12/obama-administration-s...



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