After years of delay, U.S. lawmakers are set to approve reforms boosting the power of major emerging countries like China and Russia at the International Monetary Fund.
After balking for years at the reforms, which would maintain the U.S. status as the IMF's largest shareholder, Republican leaders in a behind-the-scenes compromise December 16 included the changes in a big spending bill heading toward passage in Congress this week.
The reforms, which have already been approved by most other IMF members, will raise the status of Brazil, China, India, and Russia, putting them among the IMF's top 10 shareholders and giving them more influence at the global lender.
Opposition from Republicans in the U.S. Congress was the only thing blocking the reforms from taking effect in recent years.
They represent the biggest change in the Fund's governance since it was established after World War II, and are a recognition of the increasing role that emerging markets play in the global economy.
The House of Representatives is expected to vote on the legislation December 18.
Based on reporting by Reuters, AP, and AFP