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Senate Committee Approves New President of the Central Bank

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The Senate Economic Affairs Committee (CAE) unanimously approved the nomination of economist Roberto Campos Neto for the presidency of the Central Bank (BC). The senators also approved the nominations of two new directors of the Central Bank and a new director of the Brazilian Securities and Exchange Commission (CVM).

All the nominees were approved by 26 votes in favor and none against. “This clearly demonstrates the confidence of all the senators of this commission in relation to the work you are going to carry out,” said the president of the CAE, Senator Omar Aziz (PSD-AM). Proclaiming the result of the vote, he recalled that the commission will invite Campos Neto in six months to discuss the situation of the Brazilian economy.

The names were approved after a sabatina that lasted little more than four hours. Now they need to be voted on by the Senate Plenary. Besides Campos Neto, Bruno Serra Fernandes was appointed, nominated for the Monetary Policy Board; Joao Manoel Pinho de Mello, for the Financial System Organization Board, and Flavia Martins Sant’Anna Perlingeiro, for the Board of the Securities and Exchange Commission (CVM).