The United States is struggling with political gridlock and long-term fiscal challenges at a time when China looks set to eventually eclipse America as the world’s largest economy.
Lew urged the lawmakers to sign off on a reform of the International Monetary Fund that would give emerging markets a bigger say in global economic policy while also preserving U.S. veto power in the institution.
The United States and other countries agreed to a deal in 2010, but the U.S. Congress has yet to approve it.
Lew said that “is causing other countries, including some of our allies, to question our commitment to the IMF and other multilateral institutions.”
“Our international credibility and influence are being threatened,” he said.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.