IMF Members Weigh Options to Sidestep U.S. Congress on Overhaul - Sarah Klein 4th period

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. The countries are fed up with the United States' failure to ratify a four-year-old deal to restructure the emergency lender.

The 2010 agreement is designed to double the IMF's general resources to ensure the emergency lender has enough firepower to respond to crises hitting its members. It would update the governing structure—how the IMF's voting power is distributed among members—to reflect a global economy in which emerging markets are now major growth drivers and some European countries have lost their economic might.

Finance officials warn U.S. inaction won't only undermine U.S. influence, but also create problems for the global financial system.

(http://online.wsj.com/news/articles/SB10001424052702303887804579501252344303012?mg=reno64-wsj)