China's New Development Bank, And What It Means For The U.S.

Applications have been flooding in this week for countries who want to join the Asian Infrastructure Investment Bank. The deadline for joining was yesterday.

The bank is expected to be similar to the World Bank, giving loans to developing countries for infrastructure projects like roads and cell phone towers. But there is one key difference: China will be at the helm. That's ruffling some feathers, including in the U.S.

Homi Kharas of the Brookings Institution joins Here & Now's Jeremy Hobson with details.