China to get more power under reform deal
Long-awaited IMF reform was approved in Congress.
WASHINGTON–U. S. lawmakers look set to ratify a five-year-old international deal to overhaul the governance of the International Monetary Fund that gives emerging markets such as China greater power at the emergency lender.
Lawmaker approval would resolve a long-running grievance by emerging powers that their voice and vote at the shareholder institution doesn’t represent their growing economic heft in the world.
Congressional leaders agreed early Wednesday morning to include the changes in a catch-all spending bill, which could become law in the coming days.
“We look forward to the outcome of the legislative process,” said IMF spokesman Gerry Rice.
U.S. lawmakers have stymied modernization of the fund’s shareholder governance for years, fomenting resentment among the IMF’s emerging-market membership.
An expanded version of this story is available at WSJ.com