Senate CCJ approves PEC on the financial autonomy of the Central Bank In the Senate, the Constitution and Justice Committee approved the proposal that gives financial autonomy to the Central Bank. The Central Bank supervises the financial system and is responsible for controlling inflation, mainly through the basic interest rate, the Selic. The BC has had operational autonomy since 2021. The president and eight directors now have fixed terms of four years and stability against dismissals for political reasons. According to the text approved this Wednesday (10), the Central Bank becomes a public entity of a special nature, also ensuring budgetary and financial autonomy. In other words, the BC will be able to manage its own budget, investing in innovation and hiring employees, for example. According to the PEC, this budget needs to be approved by the National Monetary Council and the Senate. 📱Bookmark g1 on Google and follow the main news of the day Senate CCJ approves PEC on the financial autonomy of the Central Bank National Newspaper/ Reproduction The proposal also includes the PIX in the Constitution: it guarantees free access to individuals and determines that the regulation and operation of the system is the exclusive responsibility of the Central Bank. It took almost three years until the Constitution and Justice Commission approved, this Wednesday (10), the PEC by symbolic vote. The proposal was faced with pressure for technological advances and the increase in institutions in the financial system. The president of the Central Bank, Gabriel Galípolo, stated that the BC is working almost at the limit of its capacity. The PEC rapporteur, senator Plínio Valério, from PSDB-AM, said that the Central Bank currently faces budget limitations that slow down its actions: "The Central Bank is in charge of controlling inflation, raising and lowering interest rates, monitoring the financial market. And the Central Bank, today, is unable to sustain more, to advance, to modernize. They need a budget to have their own artificial intelligence. It can modernize to be on par with other central banks around the world. And look, our Central Bank is a global reference." There is still no date for discussion and voting in the Senate plenary and, afterwards, the PEC goes to the Chamber of Deputies. GloboPop: click to see videos from the Jornal Nacional stage READ ALSO PEC that gives financial autonomy to the BC is approved by the Senate CCJ; text includes PIX in the Constitution