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US influence challenged in global financial institutions: Lew
[WASHINGTON] The Obama administration warned on Tuesday that rising powers were challenging US leadership in global financial institutions, and urged Congress to approve a deal it says would help preserve US influence.
"New players are challenging US leadership in the multilateral system," Treasury Secretary Jacob Lew said in prepared remarks.
Mr Lew urged lawmakers to sign off on a reform of the International Monetary Fund that would give emerging markets a bigger say in global economic policy while also preserving US veto power in the institution.
The US and other countries agreed to a deal in 2010, but the US Congress has yet to approve it.
Mr Lew said that "is causing other countries, including some of our allies, to question our commitment to the IMF and other multilateral institutions."
"Our international credibility and influence are being threatened," he said.