PITTSBURGH, Pennsylvania (CNN) -- Leaders of the G-20 economic summit will announce Friday that the group will become the new permanent council for international economic cooperation, senior U.S. officials told CNN Thursday. U.S. Treasury Secretary Timothy Geithner says signs of optimism for a global economic recovery can be seen. The move comes in the wake of a major push by President Obama, the officials said. The G-20 will now essentially eclipse the G-8, which will continue to meet on major security issues but carry much less influence. "It's a reflection of the world economy today and the players that make it up," said one senior official. Nations like China, Brazil and India -- which were locked out of the more elite G-8 -- will be part of the larger group.
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G-20 would essentially eclipse the more elite G-8
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G-8 would continue to meet on major security issues but carry less influence
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Group of 20 meeting in Pittsburgh for economic summit
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U.S. Treasury secretary: Signs of optimism for recovery can be seen
And already in the @placeholder you can see the first signs of an important transformation here as Americans save more and as we borrow substantially less from the rest of the world."