U.S. Congress Turns Away from IMF Request

U.S. lawmakers late on Monday failed to agree on key funding measures for the International Monetary Fund, in another setback for historic reforms at the global financial institution to give more power to emerging markets.

A $1 trillion proposed spending bill for the federal government on Monday did not include funding for the IMF, according to a Republican summary.

For nearly a year, the Obama administration has been pushing Congress to approve a shift of some $63 billion from an IMF crisis fund to its general accounts in order to maintain Washington’s power at the global lender, and to make good on an international commitment made in 2010.

Reuters

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