House approves Central Bank autonomy project

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A Chamber approved this Wednesday, 10th, by 339 votes in favor and 114 against, the basic text of the bill that deals with central bank autonomy, which has the support of Ministry of Economy and the current BC president, Roberto Campos Neto. School subjects it provides for a fixed four-year term for directors and the bank’s president, it establishes situations in which managers may be dismissed, and it sets the monetary authority’s assignment, in addition to controlling inflation, the search for employment in the country.

The deputies now vote on highlights, which are suggestions for changes to the base text, already approved. Then, the bill, already approved by the Senate, goes to the sanction of President Jair Bolsonaro.

The main objective of the text is to remove the BC from political party pressure. One of the tools for this is the creation of the fixed four-year term for president and directors, which may be reappointed to the post once, for the same period. The BC president’s term of office will always begin in the third year of the president’s term of office, and the directors will be appointed gradually, one each year of government. In addition, all names will need to be heard by the Senate in a secret ballot.

The project also addresses dismissal requirements leaders, to avoid dismissals for political reasons. Among them, at the request or in cases of conviction for the practice of an act of administrative impropriety or a crime that results in a ban on access to public office. The President of the Republic may request the dismissal of directors and president of the BC. But in this case, the request must be justified and approved by the Senate, in a secret ballot.