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Obama seeks authority for IMF vote reforms

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(Globalpost/GlobalPost)

WASHINGTON, March 5 (Reuters) - The Obama administration has asked the U.S. Congress for authority to implement historic voting reforms in the International Monetary Fund agreed in 2010 that would boost the influence of emerging economies like China in the institution, sources said on Tuesday.

The Treasury Department submitted the request as a provision to be inserted into pending legislation, that aims to keep the U.S. government funded through 2010, congressional aides said. The Treasury sought authority to shift $65 billion in existing U.S. money from an IMF crisis fund into U.S. quotas, which determine voting power in the Fund.

http://www.globalpost.com/dispatch/news/thomson-reuters/130305/blank-headline-received-12