Congress convenes open parliament to analyze Banxico Law

The Finance commissions of the Chamber of Deputies and the Senate of the Republic convened an open parliament with the participation of specialists and actors involved for the analysis of the reforms to the Bank of Mexico Law on foreign exchange deposits on February 1 and 2.

The bill approved by the senators last December foresees that the central bank buys cash dollars not repatriated to the United States from financial institutions and, where appropriate, incorporate them into the country’s international reserves.

However, after the questions and warnings about the risk of money « laundering » and violation of the autonomy of the Bank of Mexico, Morena’s parliamentary majority in the Chamber of Deputies decided to postpone the discussion and vote on the reforms until the next session.

Deputies and senators therefore agreed to hold the open parliament remotely and summon specialists, academics, public officials, representatives of international organizations for the analysis of the reforms, rating agencies, institutions, associations, non-governmental organizations, councils, as well as legislators from both chambers and the general public.

The president of the Finance Commission of the Chamber of Deputies, Patricia Terrazas Baca, stated that the analysis and the different points of view on the reform have led to the use of the open parliament tool.

« In this parliament the voices of those involved and experts will be heard so that we do not fall into errors that at the time of legislating we can lead to the immobility of such an important body, an institution as important as the Bank of Mexico, » he warned.

The PAN legislator specified that previously the voices of the governor of the Bank of Mexico, Alejandro Díaz de León, and the Secretary of the Treasury, Arturo Herrera, who even It has expressed that the modification is not necessary and rather important counterproposals will be made.

In his turn, the president of the Senate Finance Committee, Alejandro Armenta, expressed his respect for the work of the Chamber of Deputies and stressed that the co-legislator will accompany the effort to carry out this joint table.

« We will be attentive to the relief of the points established in the order of the day and we welcome those who will participate in this effort of work and accompaniment with the Chamber of Deputies », remarked the morenista.

In accordance with the call approved this afternoon in a virtual meeting, on the first day of the open parliament, Table 1 “Legislative aspects and legal impacts” will be installed, with the presentation of the minutes by senators, as well as the presentation of the Bank of Mexico and the Association of Banks of Mexico (ABM).

On the second day, table 2 “International implications (International Treaties and International Organizations)” will be held, with the participation of the Ministry of Finance, Bank of Mexico, the National Banking and Securities Commission, the Financial Intelligence Unit, in addition to the ABM, the SAT and Customs, among other actors.