Treasury Secretary James A. Baker III told...

Treasury Secretary James A. Baker III told Congress that the U.S. will lose its veto over major decisions of the World Bank unless it puts up $70 million to join in increasing the bank’s capital. He told the House Banking Committee that the World Bank, the largest source of aid to the Third World, helps countries such as Argentina and Mexico, which are important to U.S. national security but get no direct aid from the U.S. The U.S. veto right affects only major changes in the bank, which is owned by 151 countries. The U.S. veto does not apply to individual loans