Deputy sees insecurity and proposes changing the composition of the Copom – 7/9/2023 – Panel

Federal deputy Eduardo da Fonte (PP-PE) claims that the Central Bank resolution that disciplined the structure and functioning of the Copom (Monetary Policy Committee) usurps a competence that belongs to Congress and violates the Constitution, which creates legal uncertainty in the agency’s performance.

Dudu da Fonte, as he is known, obtained the support of the two largest blocs in the Chamber, which totaled 316 signatures, and the PT federation (81) to file the complementary bill that regulates the Copom.

The text, he says, does not interfere with the Central Bank’s autonomy and merely solves a problem surrounding the committee’s activities. “Regulation by law has to be done urgently. The way the Copom is regulated goes against the country’s Constitution”, he says.

According to him, the Central Bank’s autonomy law lacks competence to create normative instruments to formulate the execution of the interest rate policy. In addition, it complements, it is up to Congress, with the sanction of the president, to provide for financial, exchange and monetary matters, financial institutions and their operations.

The parliamentarian also intends to change the composition of the committee. Today, the president, Roberto Campos Neto, and eight BC directors are members of the Copom. Dudu da Fonte wants the collegiate to be chaired by the Minister of Finance and also made up of the BC president, the Ministers of Planning and Budget and Development, Industry, Commerce and Services, in addition to the Secretary of the National Treasury.

Finally, the deputy criticizes the current level of interest rates in the country. “No country in the world can bear paying real interest at such an interest rate. Interest is a cancer in Brazil’s economy.”

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