Senate Panel Delays Vote on Central Bank Autonomy Amendment

Overview

• The Constitution and Justice Committee postponed the Wednesday vote after the Senate switched to semi-remote sessions, and chair Otto Alencar said the complex measure needs in-person debate.
• The amendment would expand the Central Bank’s administrative and budget control and define it as a special public entity under public law.
• The draft limits personnel spending to Brazil’s fiscal framework, which allows up to 2.5% growth above inflation, and it permits exceptions approved by the Senate.
• The text keeps a clause that bars transferring Pix, Brazil’s instant payment system, to any other public or private body.
• Political headwinds include the Lula government’s push to halt the proposal this year and senators’ concerns over alleged lapses in Banco Master oversight, even as BC president Gabriel Galípolo urges approval.