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Policy Brief 14-9

IMF Reform Is Waiting on the United States

by Edwin M. Truman, Peterson Institute for International Economics

March 2014


The failure in mid-January by the US Congress to approve IMF reform legislation halted progress on Fund governance and damaged the US reputation around the world. If the IMF is to benefit strong and troubled economies alike, the administration and the Congress must make every effort to pass this legislation before the early-April meeting of the International Monetary and Financial Committee (IMFC). The reform legislation is designed to strengthen the IMF without the need to authorize additional funding, and there is no economic, financial, or political downside for the United States. The main issue before the US Congress is to ensure that the institution is credible in the eyes of all regions and countries. US formal approval is the only thing standing in the way of its implementation.

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RELATED LINKS

Policy Brief 13-7: The Congress Should Support IMF Governance Reform to Help Stabilize the World Economy March 2013

Book: A Strategy for IMF Reform February 2006

Working Paper 11-5: Integrating Reform of Financial Regulation with Reform of the International Monetary System February 2011

Policy Brief 10-29: Strengthening IMF Surveillance: A Comprehensive Proposal December 2010

Working Paper 10-14: Reform of the Global Financial Architecture October 2010

Testimony: The Role of the International Monetary Fund and Federal Reserve in the Stabilization of Europe May 20, 2010

Op-ed: How the Fund Can Help Save the World Economy March 5, 2009

Article: Economists Seek IMF Reform January 26, 2009

Policy Brief 07-1: The IMF Quota Formula: Linchpin of Fund Reform February 2007

Op-ed: The IMF Should Heed This Resignation July 25, 2012