CAE votes on Tuesday invitation to hear the president of the Central Bank – Global Happenings


In the long term, this strategy tends to curb inflation so that it is possible to generate a cheaper supply in line with reduced demand,” says the president of CAE in the application (Image: REUTERS/Adriano Machado)

The agenda of the first deliberative meeting of the Economic Affairs Committee (CAE), to be held next Tuesday (14), has a request (REQ 2/2023) for invitation to the president of the central bank, Robert Campos Neto.

The objective, according to the author of the request, senator Vanderlan Cardoso (PSD-GO), is to hear him about the rate of fees — Selic, set at 13.75% per annum. The meeting will start at 9 am.

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Still in the justification, Vandelan Cardoso, new president of CAE, points out that the high basic interest rate has generated controversy in the economic area about maintaining this index as the main tool to contain inflation.

senator argues that, when the Selic is low, the stimulus to consumption is greater and the economy tends to be heated. For him, Campos Neto needs to clarify this scenario, at a time of low economic growth.

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“When the Selic rate increases, access to money by the population, both through lines of credit, loans and financing, is reduced. Thus, the consumer stops spending more to save in the period of high inflation.

In the long term, this strategy tends to curb inflation so that it is possible to generate a cheaper offer in line with reduced demand”, says the president of CAE in the application.

The basic interest rate, Selic, is defined at meetings of the Monetary Policy Committee (Copom). It is made up of directors and the president of the Central Bank, who define the rate that will be in effect for a month and a half after the meeting, until a new meeting takes place.

Increasing, decreasing or maintaining the Selic depends on how the Copom assesses risks and opportunities in the macroeconomic scenario.

Americans

Another request (REQ 4/2023) on the agenda deals with an invitation to the management of the Stores Americans (AMER3) to clarify the gap of at least R$ 20 billion in the company’s accounts.

The author of the application, Senator Otto Alencar (PSD-BA), referred to the so-called “accounting inconsistencies” of the company, which did not record debts it had with suppliers and banks. According to Otto, the accounting method practiced by Americanas led the financial market to wonder whether other companies also repeat this practice.

“In the operation, the company buys goods from suppliers and, before the sale, it settles this debt with a loan from the bank. With this, the supplier receives and the company later pays the banking institution with the interest. That’s great. The problem was when registering these debts. Instead of registering the financial debt, Americanas registered the debt with the supplier in the balance sheet, which did not bear interest”, details in the application.

This practice was carried out for several years, which caused a billionaire hole in the company. Many of Americanas’ debts are contractually subject to variable terms. “Interest rates increased and terms decreased and, thus, the account already reached more than R$ 43 billion, much higher than the R$ 20 billion initially announced. This gap made the company file for judicial recovery”, adds Otto.

Among the names suggested by the senator to appear in the Senate are the former director of Americanas Miguel Gomes Pereira Sarmiento Gutierrez, who commanded the company for 20 years; the former CEO of the company, Sergio Rial, who days after taking over, left the company and revealed the situation of Americanas; former directors Anna Christina Ramos Saicali, José Timotheo de Barros and Marcio Cruz Merelles, as well as the president of Febraban, Isaac Sidney Menezes Ferreira.

Projects

Senators can still vote on four bills. Among them is PL 229/2022, by Senator Romário (PL-RJ), which guarantees four-month maternity leave for professional athletes. Among the measures announced by the Lula government on Wednesday (8), International Women’s Day, is maternity leave for female athletes, to be sent to Congress through a project.

According to Romário, although the Constitution already establishes the right to paid leave of 120 days for all Brazilian female workers, without prejudice to their job and salary, Brazilian athletes have not had this right recognized by sports entities, or clubs. According to him, those who today opt for maternity end up suffering great financial and sporting losses, as they have to leave their activities and employment relationships and end up losing their entire technical and financial structure.

“Whether due to a gap in the special sports legislation or the insensitivity of their leaders, these athletes today have to step away from their work activities and interrupt their contracts in order to be able to exercise the dream of motherhood in all its fullness, and for which the Brazilian Constitution gives you full support”, states Romário in the justification.

Other projects are: PL 3,071/2019, by Senator Flávio Bolsonaro (PL-RJ), which allows Loteca contest income to fund the rehabilitation of people with disabilities; PL 1,449/2019, by Romário, which prohibits the requirement to purchase school supplies in public basic education establishments, and PL 6,040/2019, by Senator Veneziano Vital do Rego (MDB-PB), by which women who are up to in the 18th gestational week they will be able to contract hospital health plans with obstetric coverage, with the right to comprehensive care.

Vice presidency

After the votes, senators hold a new meeting to elect the vice president of the CAE. The president, senator Vanderlan Cardoso, was elected last Wednesday (8), however the decision on the name that will assume the vice position was left for the following week.



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