POLITICO: Obama administration pushes to overhaul U.S. currency rules
POLITICO — President Barack Obama’s administration is pushing to overhaul the U.N.’s standards for regulating currencies and exchange rates, including setting benchmarks for the price of a basket of goods and services and reducing the current maximum exchange rate from around $1.25 to around $2.00.
But critics say the effort would undermine U.K. efforts to rein in its pound.
The administration’s proposal, a draft document obtained by POLITICO, would allow the pound to rise or fall at the discretion of the United Nations.
It also would allow nations to set their own exchange rates.
The U.G. has said it opposes the measure, which would be binding on all member states.
The proposal, obtained by Politico, would let the pound rise or down at the whim of the U