Brazil Senate Hearing to Approve Galipolo Will Likely Be After Elections

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(Bloomberg) -- Brazil President Luiz Inacio Lula da Silva selected Gabriel Galipolo as the next central bank chief this Wednesday. However the Senate’s hearing, a necessary step for his approval, will likely be on hold until after municipal elections, which will take place in October, the head of the Senate Economic Affairs Committee, Vanderlan Cardoso, said in an interview on Wednesday night.

Galipolo, a 42-year-old economist and currently the bank’s monetary policy director, will replace Roberto Campos Neto, whose mandate ends in December, Finance Minister Fernando Haddad announced Wednesday.

Cardoso already spoke with Galipolo by phone. “I said that the procedure will not change,” Cardoso said. There is no point in doing anything in a hurry, he added.

Cardoso also said he will speak with Senate head Rodrigo Pacheco next week.

Copom

The Finance Ministry is still working to have Galipolo go through the hearing process in the Senate before the next interest rate decision, scheduled for September, newspaper O Globo reports.

Budget Amendments

The government and Congress are in talks to pass a bill formalizing changes made to the rules of lawmaker budget amendments, CNN Brasil said. The deadline set by the Supreme Court for negotiating the details ends this Friday. Pacheco scheduled a congressional session for this Thursday to analyze the new rules for the amendments, according to the report.

X

Brazil’s top judge issued an order on Wednesday to block Elon Musk’s X if the social media platform doesn’t appoint a legal representative in the country within 24 hours, escalating a clash between the billionaire and Latin America’s largest economy.

Musk responded to the order with an apparently AI-generated picture of a man resembling Supreme Court Justice Alexandre de Moraes behind bars. “One day, Alexandre, this picture of you in prison will be real. Mark my words,” Musk posted.

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Brazil Senate Hearing to Approve Galipolo Will Likely Be After Elections

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