Lula’s government has successfully passed the first fierce examination at the Brazilian Congress: at a voting of 442 pro, 13 con and 17 abstentions, PEC 53/95 amending Section 192 of the Federal Constitution and opening the doors for the regulation of the National Financial System was approved at the House of Representatives level.

The amendment, which alters the wording of Section 192 and revokes all items and paragraphs, in practical terms replaces a singular with a plural. In its original wording, approved by the Constitutional Congress 14 years ago, the regulation, according to the judgment of the Supreme Court, could only be made by one sole complementary law. “A simply impossible task”, as congressman Nelson Pellegrino, PT’s leader at the House, said during the voting of the PEC. According to specialist in financial and banking law Nei Zelmanovits, partner with Machado, Meyer, Sendacz e Opice: "The change brought by PEC 53/95 is a seemingly small but fundamental aspect: the possibility of regulating the financial system by means of several complementary laws".

Sources:   Portal Exame April 2, 2003
Date of insertion:   08/04/2003 - 20:18:00