Overview
- The Senate rewrote the BCRA charter to give the upper house exclusive authority to appoint and remove central‑bank directors by an absolute majority and approved that article overwhelmingly in committee and floor votes.
- Because the revising chamber altered the bill with an aggravated margin, the law must return to the Chamber of Deputies and Article 81 of the Constitution means Deputies would need the same aggravated two‑thirds to recover the lower house’s original two‑thirds removal rule.
- Facing that arithmetic, the Executive has signaled it will ratify the Senate text in Diputados to avoid delaying the package and to push through policy changes seen as central to its macroeconomic plan.
- The reform also redefines the BCRA’s aims and tools by prioritizing currency value, banning temporary advances to the Treasury, tightening limits on public financing, and changing rules on profits and reserve use.
- The Senate committee issued a positive opinion for Martín Vauthier’s directorship but postponed a full confirmation vote until additional executive nominations arrive, a timing decision to be finalised at the government’s Sept. 29 political meeting.