IMF Weighs Reforms After U.S. Congress Fails To Ratify Deal

The International Monetary Fund will discuss alternative reform options after the U.S. Congress has failed to ratify a four-year deal to restructure the emergency lender, said Christine Lagarde, the head of the international financial agency, on Friday. "As requested by our membership, we will now proceed to discuss alternative options for advancing quota and governance reforms and ensuring that the Fund has adequate resources, starting with an Executive Board meeting in January 2015," Lagarde said in a brief statement. The U.S. could lose its veto power on the IMF's executive board under one reform option being pushed by some emerging economies.