Senate Panel Summons Social Security Minister Over R$1.876 Billion RPPS Investments in Banco Master

Overview

• The Senate Economic Affairs Committee approved requests on May 19, 2026 to summon Minister Wolney Queiroz and Previc superintendent Ricardo Pena Pinheiro to explain audit findings about the Banco Master trades.
• Auditors say 18 state and municipal Regime Próprio de Previdência Social (RPPS) funds bought R$1.876 billion of Banco Master 'letras financeiras' between October 2023 and December 2024.
• The largest single exposures identified are R$970 million from Rioprevidência, R$400 million from Amapá Previdência (Amprev), and R$97 million from Maceió’s municipal fund.
• 'Letras financeiras' used in the transactions are not covered by the Fundo Garantidor de Crédito, meaning those investments lacked that deposit protection and were fully exposed to issuer risk.
• The case spotlights gaps in oversight because the Ministry of Social Security and state and municipal courts of accounts share responsibility for RPPS supervision and the Senate hearings will test who failed to detect concentrated risky bets and what changes may follow.