New World Order: Obama to Widen G-20's Role

China, India and Brazil win new clout

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    NEWSLETTERS

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    President Barack Obama greets Chinese President Hu Jintao at the Phipps Conservatory for the G-20 Summit on September 24, 2009 in Pittsburgh, Pennsylvania.

    Welcome to the world’s boardroom.

    President Obama is pushing to make the Group of 20 nations the leading forum for global economic cooperation, where policies could be subjected to a form of "peer review," The Wall Street Journal reported. The move, set to be announced today in Pittsburgh, would give major emerging economies China, Brazil and India more power in future economic discussions by having the G-20 take on roles previously played by the Group of 8. The G-8 would continue to meet separately on security issues, according to reports.

    Also today in Steel City, world leaders and finance ministers are expected to discuss ways to lessen global trade imbalances and rein in bankers’ pay.

    Authorities are bracing for a second day of protests after hundreds greeted the start of the two-day summit. On Thursday, riot police fired tear gas and arrested nearly 20 people, though there were no reported injuries, the AP reported.

    Get more: MSNBC, WSJ, New York Times