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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Brazil's Congress passed a bill Wednesday giving autonomy to the country's central bank, as President Jair Bolsonaro moved to start delivering on a long-delayed agenda of economic reforms. Investors have been clamoring for years for Brazil to give the central bank formal autonomy from political interference, to reduce the risk of presidents pushing unnecessary interest-rate cuts -- which can turbo-charge economic growth in the short term but fuel runaway inflation over time. Bolsonaro, who has been a cheerleader for low interest rates himself, is nevertheless expected to sign the bill, part of a series of reforms the far-right leader promised the business sector as a candidate in 2018 and now faces pressure to deliver as he gears up to run for re-election next year. "This is going to give the country a new standard of monetary governance and send a signal to the international market that we are improving our tools to manage the economy," said the bill's chief sponsor in the lower house, Silvio Costa Filho of the Republicans party, a Bolsonaro ally. Brazil, the largest economy in Latin America, has long had de facto central bank autonomy, but had not enshrined it in law. The bill protects the central bank's monetary policy committee -- its chief and eight directors -- from being fired by the president. It gives them four-year terms, with the central bank chief's timed to expire halfway through the four-year presidential term. It sets a two-term maximum for the central bank chief, who, like the eight directors, will be nominated by the president and confirmed by the Senate. The current monetary policy committee will keep their posts to start, including central bank chief Roberto Campos Neto, whom Bolsonaro named to the job in February 2019. The bill, which cleared the Senate on November 3, passed the lower house by a vote of 339 to 114. Under amendments added in the Senate -- over objections from the business sector -- the bill also expands the bank's official mission: while its main goal remains ensuring stable prices, it will now also be tasked with things such as smoothing economic fluctuations and promoting full employment. jhb/ft
schema:headline	Brazil Congress passes law giving central bank autonomy
schema:mentions	Latin America Cheerleading De facto Far-right politics President of Brazil Inflation History of the United States Republican Party United States Senate Jair Bolsonaro United States Congress Brazil Roberto Campos Neto Full employment Monetary Policy Committee (United Kingdom)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	93 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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