Argentina
The Senate is set to debate the reform of the Central Bank’s Organic Charter on Thursday
Patricia Bullrich said the upper house will seek to hold a session to consider the initiative, which already has half of the lower house’s approval. The agenda also includes Inocencia Fiscal II, according to the ruling party.
The president of the La Libertad Avanza bloc in the Senate, Patricia Bullrich, said that on Thursday the upper house will consider the reform of the Organic Charter of the Central Bank of the Argentine Republic, a bill that has already been approved by the Chamber of Deputies and could become law if it is not amended.
According to Crónica, Bullrich confirmed it during an event at the Buenos Aires City Bar Association. There, she said the purpose of the reform is to prevent the Central Bank from once again acting as an arm of the Ministry of Economy or the Executive Branch, and she highlighted among its points the ban on issuing money to finance the state.
The initiative has already received a committee report in a plenary session of the National Economy and Investment and Budget and Finance committees. According to Todo Noticias, before the session there is expected to be a parliamentary labor meeting this Wednesday to finish defining the gathering.
Among the changes in the bill, Todo Noticias reported that the Central Bank’s core function is reinforced as preserving the value of the currency, the mechanisms for financing the state through monetary issuance are limited, new rules are established for the distribution of profits, and the aim is to strengthen the independence of its authorities.
That outlet added that the text approved in the Chamber of Deputies eliminates the possibility for the Minister of Economy to participate with voice in Central Bank Board meetings and establishes new conditions for the removal of its authorities, which will require prior approval by both chambers of Congress by a two-thirds majority of the members present.
In addition to the Central Bank reform, the ruling party also plans to include in the session the Inocencia Fiscal II bill, along with the reform of the biofuels regime and agreements to transfer criminal judicial powers from the Nation to the City of Buenos Aires, according to Crónica.
Todo Noticias added that lawmakers in the Justicialist bloc led by José Mayans rejected the proposal on the Central Bank, considered it unconstitutional, and questioned the fact that the changes concentrate decisions in the Board and reduce the capacity for parliamentary oversight.
Sources
About this note. Written by El Notero with the assistance of artificial intelligence, based on what was published by the cited outlet. El Notero did not do its own reporting on this event.
