The Pittsburgh Summit: Key Accomplishments

In Pittsburgh, President Obama forged an agreement with G-20 Leaders to continue implementing aggressive policies to restore economic growth and create jobs, enact a new Framework for Strong, Sustainable and Balanced Growth and to reform financial regulation and supervision to avoid a return to the risky practices that led to crisis policies that will be supported and implemented by a redesigned global economic architecture.A chapter of the compromise deals with the strengthening of financial regulation. Advance Tough New Financial Market Regulations : Following aggressive U.S. efforts to strengthen capital standards and compensation rules for companies receiving government support, the G-20 agreed to strong international standards for bank capital calling on banks to hold more and higher quality capital -- and also agreed to strong international standards for compensation aimed at ending practices that lead to excessive risk-taking. Capital allows banks to withstand losses and is thus crucial to our efforts to help regulators hold banks accountable for the risks they take. These vital reforms were joined with steps to make the opaque over-the-counter (OTC) derivatives markets far more transparent; and procedures for managing the failure of large global financial firms. The G-20 also took steps to better oversee and regulate oil commodity futures markets and improve oil market transparency by increasing reporting of oil production, consumption and stock data. Modernize the Infrastructure of Global Economic Cooperation : The G-20 Leaders committed to update the architecture for global economic cooperation. They reached a historic agreement to put the G-20 at the center of their efforts to work together to build a durable recovery and reform the international financial system. As part of this modernization, they agreed to a shift of at least 5% in IMF quota share from over-represented countries to underrepresented countries, giving dynamic emerging market and developing economies a say in the IMF more in line with their weight in today's global economy. They agreed to an increase of at least 3% in the voting power of developing and transition countries at the World Bank and called on a reformed World Bank to play a leading role in responding challenges that require globally coordinated action.Read the G20 key accomplishments on Pittsburgh summit's website.