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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.

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. Read full article »

CNN's Steve Brusk and Ed Henry contributed to this report.

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