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In The NewsPress Release: Congress Expected to Finally Approve IMF Reforms
Press Release: Congress Expected to Finally Approve IMF Reforms
Press Release
December 16, 2015
Congress Expected to Finally Approve IMF Reforms
United States to Make Good on Commitment from 2010
Washington, DC – According the Financial Times, Congress is expected to pass an omnibus bill that will include approval of reforms to the International Monetary Fund (IMF)– which was agreed to at the international level five years ago. The IMF reforms will provide a modest increase in voting power to emerging economies, and reduce overrepresentation of European countries. The BRIC countries will all see an increase in voting power, with China gaining the most and Russia gaining the least. The United States will maintain its veto power. According to the Congressional Research Service, passing the reforms will not require any new financial commitments from the US
Dr. Jo Marie Griesgraber, Executive Director at New Rules for Global Finance, a research and advocacy organization that promotes better governance at international institutions, stated:
“We are elated to see Congress finally make good on the United States’ commitment, but disappointed that it took five years. This was always a win-win for members of Congress who would like to strengthen US global leadership, without additional costs to US taxpayers
Dr. Griesgraber added:
“While these reforms are not perfect, they are a step toward bringing emerging powers to the table, instead of isolating and pushing them away. Stronger global economic governance and cooperation is more important than ever. Once Congress approves the IMF reforms, we can finally pick up the ball again and continue moving toward that goal.”
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Notes to Editor:
New Rules for Global Finance is a 501(3)c non-profit organization that promotes reforms in the rules and institutions that govern international finance; in order to support inclusive and sustainable economic development.
For more information, please visit www.new-rules.org
Contact:
Nathan Coplin
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