STF resumes its judgment on the autonomy of the Central Bank

Headquarters of the Central Bank in Brasilia | Photo: Marcello Casal Jr / Agência Brasil

The Supreme Court (STF) resumed Wednesday (25) the judgment of a direct action of unconstitutionality (ADI) which calls into question the law which gave autonomy to the Central Bank (BC). The subject began to be analyzed in June in a virtual plenary, but it was transferred to a physical session after a request for highlighting from Minister Dias Toffoli. The action is the first item on the agenda of the Supreme Court, which holds an ordinary session from 2 p.m.

The complementary law 179/2021, target of the ADI, establishes four-year terms of office for the president and the eight directors of BC in periods which do not coincide with those of the President of the Republic. The names proposed by the chief executive have yet to be approved by the Senate. Moreover, the BC is no longer attached to the Ministry of the Economy, and is now classified as a special autarky, characterized by “the absence of any link with the ministry, supervision or hierarchical subordination”.

In the direct action of unconstitutionality (ADI) 6.696, the PT and the PSOL demand the repeal of the law, alleging vice of initiative, since, according to the Constitution, the competence to propose the project should be exclusive to the President of the Republic. Sanctioned on February 24 by Jair Bolsonaro (no party), the text is the result of a project by Senator Plínio Valério (PSDB-AM).

In the process at the STF, the Attorney General of the Republic, Augusto Aras, spoke in favor of the ADI, that is to say the declaration of unconstitutionality of the law. The appeal rapporteur, Ricardo Lewandowski, voted in favor of the parties’ request. Luís Roberto Barroso, on the other hand, differed and defended maintaining the standard.

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