The Constitution and Justice Committee (CCJ) of the Senate approved, this Wednesday (10), the proposed amendment to the Constitution (PEC) that grants financial and budgetary autonomy to the Central Bank (BC). PEC 65 of 2023 now goes to the House plenary for analysis.  The proposal allows the BC to retain, in its budget, its own revenue created by seigniorage [resources arising from the issuance of currency]. Currently, the BC's budget is defined by the Annual Budget Law (LOA) and seigniorage resources are transferred to the National Treasury. Related news: PEC in the Senate facilitates co-option of the Central Bank, economists say. Galípolo asks for approval of the PEC that provides more autonomy for the BC. The PEC establishes administrative, accounting, budgetary, financial, operational and patrimonial autonomy for the BC “with no link to the Ministry or any Public Administration body or system and hierarchical supervision or subordination”. The PEC rapporteur, senator Plínio Valério (PSDB-MA), rejected the latest amendments presented at the CCJ, including the amendment by the government leader in the Senate, Jacques Wagner (PT-BA), who requested that the BC budget be previously approved by the National Monetary Council (CMN).   Brasília – DF- 05/20/2026 – Plínio Valério, rapporteur of the PEC that expands the autonomy of the Central Bank. Photo-file: Lula Marques /Agência Brasil. - Lula Marques/Agência Brasil. The CNM is made up of the ministers of Finance, Planning and the Central Bank, granting economic ministers a majority to approve the monetary authority's budget.  Leader Jacques Wagner stated that the amendment ensures greater predictability for BC expenses and that the government is concerned about possible costs to the Treasury that losses at the BC may bring. "To the extent that the Government incurs any losses, the Treasury has to contribute. And, as it is an entity outside - I'll call it - the Treasury circuit, that could have an impact on the country's primary deficit", said the senator from Bahia. Rapporteur rejects Rapporteur Plínio Valéria argued that the senator's concern would already be addressed in the report and that the CMN sends the budget to be approved by the Senate's thematic committee. "The National Monetary Council approves it and sends it to the Senate, to the thematic Commission. Therefore, this Senator's concern is already addressed", said the rapporteur. In the text approved by the CCJ, the CMN has the function of “prior assessment” of the BC budget, which will be deliberated by a Senate Committee, only for expenses related to personnel, social charges, in addition to administrative costs or investments. Government leader Jacques Wagner commented on the concern of Finance Minister, Dario Durigan, about a possible increase in Treasury spending. “For example, with the fall in the dollar, from the point of view that you make a loss, you would have to contribute [through the Treasury]”. It was agreed that rapporteur Plínio Valério and minister Durigan would negotiate changes to the text before voting on PEC 65 in the Senate plenary.   Brasília - Government leader Jacques Wagner, even proposed an amendment that asked for the BC budget to be previously approved by the CMN, but it was rejected by the rapporteur. Photo-file: José Cruz/Agência Brasil - José Cruz/Agência Brasil Pix in the Constitution After criticism that the PEC could lead the autonomous BC to privatize Pix, rapporteur Plínio Valério decided to include a provision to include the free instant payments mechanism created by the BC in the Constitution. Article 8 of the proposal states that, in relation to Pix, "concessions, permission, assignment of use, alienation or, by any means, transfer to another entity, public or private" are prohibited. BC co-option Renowned Brazilian economists published, last week, a manifesto against the PEC, claiming that the text facilitates the co-option of the BC by the financial sector, which is supervised and regulated by the monetary authority, in addition to favoring the maintenance of high interest rates in Brazil.  "The PEC creates selective independence: it removes the BC from the democratic control of the State (Congress, Federal Audit Court - TCU, Executive), but keeps it structurally porous to the influences of the financial market. The brakes on the constituted powers are lost and the private sector's access channels remain open", says the manifesto. The document argues that the PEC weakens the supervision, social control and accountability of the Central Bank; increases public debt; and could create a unique model in the world that brings together financial and operational autonomy from the monetary authority. BC autonomy   PEC that expands BC autonomy is defended by the president of the Central Bank, Gabriel Galípolo. Archive photo: Lula Marques/ Agência Brasil. - Lula Marques/Agência Brasil. PEC 65 expands the autonomy granted to the BC, in 2021, by allowing the Central Bank to retain resources that it obtains through seigniorage. This revenue was R$23.3 billion per year between 2017 and 2025, while the BC's budget was R$4.8 billion per year in the same period. PEC 65 is defended by the Central Bank board, led by President Gabriel Galípolo. He argues that the institution has limited resources to fulfill its mission of monitoring and regulating the financial system.  The PEC is also defended by private banks. They understand that the BC has an obligation to regulate and supervise. The Brazilian Association of Banks (ABBC) and the Brazilian Federation of Banks (Febraban) have expressed their support for the proposal.