Perspectives for banking legislation in the Senate

BRAZIL POLITICS - Report 13 May 2020 by Murillo de Aragão and Cristiano Noronha

The voting agenda for the Senate tomorrow, May 14, includes a bill that limits interest rates on credit cards and overdrafts (PL 1166/2020). For next week, there are plans to include analysis of the proposal that increases the CSLL (Social Contribution on Profits) for financial institutions, insurance companies and capitalization from 20% to 50% (PL 911/2020).

There is still no consensus about these proposals. The sense in the Senate right now is that it will be difficult to approve the bill that limits interest rates on credit cards and overdrafts. Regarding the increase in CSLL, the feeling is that the proposal could be approved, but there is no formal agreement yet. The percentage proposed by the author of the bill, Sen. Weverton (PDT-MA), is considered too high (50%).

Even if the proposals are approved in the Senate, there is no commitment from the Lower House regarding the merit of the bills. In the Ministry of the Economy, the evaluation is that the impact of these bills on the financial sector could create more problems than solutions.

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