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than 130 academics and policy pundits urged the U.S. Congress on Monday
to enact the 2010 quota and governance reform package of the
International Monetary Fund (IMF) and warned that failure to act would
diminish U.S. leadership in global financial matters.
a letter to John Boehner, the speaker of the House of Representatives,
the signatories stressed IMF's crucial role in stabilizing the world
economy and its importance to the United states.
quota resources for the IMF are essential to preserve its central role
in a global financial system that benefits the United States," the
letter said. "Realignment of IMF quota shares, while preserving U.S.
influence in the IMF, will enable the IMF to respond to shifts in the
global economy, involving emerging powers more deeply in the institution
and avoiding their disengagement."
action by the U.S. Congress on both elements will also unlock financial
contributions from other countries," it emphasized.
letter also noted that the IMF reform legislation would maintain the
current U.S. financial commitment to the IMF, by doubling the U.All you
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to lend to the IMF's New Arrangements to Borrow, a pool of fund
supplementing the IMF's quotas in case of crisis.
In essence, it seeks authorization to transfer funds within the IMF that the U.Antique bath fixturesS. Congress has previously approved, the letter said.
IMF's Board of Governors approved a quota and governance reform package
on Dec. 15, 2010. The package included a doubling of IMF quotas and a
shift in quotas to dynamic emerging markets and under-represented
countries, and a proposed amendment to reform the executive board that
would facilitate a move to a more representative and all-elected
IMF previously had intended to make the 2010 reform package effective
before the 2012 Annual Meetings in October 2012, but the legislatures of
some important IMF members including the United States, the IMF's
largest shareholder, have not given the green light to the reform
package. Legislation of U.S.Auto Accessories wholesalers Congress is needed to implement the reforms.
emerging economies have demanded for years more voting power in the IMF
in line with their increased weights in the global economic system. The
2010 reform package will make China the third largest voting member in
Edwin Truman, former assistant secretary of the U.S. Treasury for International Affairs, told Xinhua that the U.Vintage tubsS.
administration did not submit request to the Congress until recently. A
provision of completing the IMF reforms was not inserted in the
continuing resolution passed by the House last week. A decision is
expected this week on whether it will be included in the Senate version
of the government funding bill.