Senate Relator Files Central Bank Autonomy PEC, Adds Constitutional Shield for Pix

Overview

• Relator Plínio Valério filed a new report Thursday in the Senate’s Constitution and Justice Committee that will be read after the holiday, with leaders already signaling requests for more time that push a vote to later sessions.
• The draft reclassifies the Banco Central as a special public entity with technical, administrative, budgetary and financial autonomy, allowing it to prepare and execute its own budget outside the federal annual budget law under review by the Monetary Council first and a Senate committee after.
• The text writes Pix into the Constitution by giving the Central Bank exclusive authority to run and regulate it, guaranteeing free use for individuals and blocking any transfer of its management to another public body or a private operator.
• To ease fiscal concerns, the report sets a cap on personnel expenses at the prior year’s level adjusted for inflation plus up to 2.5% real growth, with any exception requiring an express authorization by the Senate.
• The push comes after Central Bank chief Gabriel Galípolo warned of operational strain as staff fell to 3,311 from 5,072 since 2006, while the government’s economic team resists a vote this year and PT leaders advance a separate bill to curb the Bank’s autonomy.