As The Wall Street Journal reports, the U.S. would lose its veto power on the International Monetary Fund's executive board under a plan being considered by some emerging economies.
And the various countries that would benefit from greater say in the actions of the IMF are not waiting for the US...The countries are fed up with the United States' failure to ratify a four-year-old deal to restructure the emergency lender.
Some members of the IMF's steering committee indicated at a series of weekend meetings their desire to act now, underscoring the growing discontent abroad about the U.S. Congress's delay in approving an international accord to overhaul governance at the fund.
The world's top finance officials gathering here this weekend chastised the U.S. in formal policy statements.
"We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms," the Group of 20 largest economies said in its communiqué.
(Click link below to read more)"Alternatives to move forward with the reforms must be found whilst the major shareholder does not solve its political problems."
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