A small step for the U.S. Congress ...

... but a big step for IMF Reform, says IMF Survey, referring to the final approval of IMF reform in the U.S. Senat on June 18. Key decisions of Congress include, according to the article:

• More funding for the IMF to help tackle the global crisis under an expanded borrowing arrangement. The United States has committed to increase its credit line by up to an additional $100 billion to the IMF.
• Reform of country representation at the IMF, including greater representation (quotas) for dynamic emerging markets and enhanced voice and participation for low-income countries.
• Go-ahead for the so-called “fourth amendment,” a one-time allocation of Special Drawing Rights (SDRs), an international reserve asset created by the IMF in 1969 to supplement the official reserves of member countries.
• Providing expanded investment authority to the IMF as a key part of a new income model to finance its activities, making it less dependent on earning revenue from interest paid on loans.
• Vote on a proposal for limited gold sales by the IMF, consistent with the agreed framework for the Fund’s new income model. more...

Almost in tandem with the U.S. Senat, the EU Council approved additional IMF funding of €75 billion. Cf. SCHLUSSFOLGERUNGEN DES VORSITZES, paragraph 24 on page 9. Funny, this went largely unnoticed in the news, even though at the current exchange rate the EU's €75m exceed the US's $100bn.