Argentine Senate passes Central Bank reform with changes, returns bill to Lower House
The Senate approved the BCRA charter overhaul by 46-22 but lowered the removal threshold from two-thirds to an absolute majority and added six-year term limits, forcing a second review in Deputies.
KEY POINTS
- Senate approved BCRA charter reform 46-22 but amended the bill, sending it back to Deputies
- Removal threshold for Central Bank directors lowered from two-thirds to absolute majority (37 votes)
- Six-year term limits added for Central Bank president, vice president, and directors
- Peronist senators backed the absolute-majority rule to block Lower House from restoring two-thirds requirement
- Karina Milei held unity meeting with LLA senators ahead of the vote amid tensions with Patricia Bullrich
The Argentine Senate approved a reform of the Central Bank's organic charter on Thursday by a vote of 46 in favor and 22 against, with no abstentions. Because the upper chamber introduced amendments, the bill must return to the Chamber of Deputies for final sanction.
The most significant change replaces the executive's original requirement of a two-thirds supermajority to remove a Central Bank director with an absolute majority of 37 votes. The same threshold now applies to appointments, up from a simple majority of those present.
“Están atados con alambre”
During the session, the ruling coalition added a new article establishing six-year terms for the Central Bank president, vice president, and directors. This provision became Article 3 of the amended text.
Allied blocs including PRO, UCR, and several provincial parties backed the general approval. Only the Popular interbloc voted against. In the article-by-article vote, Peronist senators joined the ruling coalition to entrench the absolute-majority removal rule, preventing the Lower House from restoring the two-thirds threshold.
Presidential Secretary General Karina Milei met with La Libertad Avanza senators Wednesday night to unify positions amid public tensions with Senate bloc leader Patricia Bullrich. Bullrich confirmed the changes after a meeting of bloc leaders.
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