Peña Sends Financial Reform Bill to Congress

The financial reform initiative, which will be presented today by President Enrique Pena Nieto in the Chapultepec Castle, is aimed at increasing available credit and making it cheaper to borrow, thereby fulfilling commitments 62 and 63 of the Pact for Mexico.

After settling the problems among the political parties that have joined the Pact, the draft Financial Reform bill, which consists of 14 decrees and modifications to 38 different laws, will be presented to the financial sector and later sent to the Standing Committee for analysis and discussion.

One of the laws that will see the most changes will be the Law on Credit Institutions, to include a new legal framework for bank resolutions, known as the law on bankruptcy. Also, the National Banking and Securities Commission (CNBV) will be granted greater authority to monitor whether banks are fulfilling their corporate purpose to provide access to credit.

Read more (in Spanish)…

Additional coverage (in Spanish)

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