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Financial News: BRAZIL: House Approves Public Funding For Electoral Campai

BRAZIL: House Approves Public Funding For Electoral Campaigning

10/05/2017 - 19:15:00 (RTTNews)

(RTTNews) - The Brazilian House of Representatives passed in a tight vote (223-209) the creation of a public fund to finance electoral campaigns. There were also three abstentions.

The vote was approved after a harsh debate and now follows to the President Michel Temer to sign it, once it was already passed in the Senate.

The so-called Special Fund for Campaign Funding (FEFC) is expected to receive close to R$ 1.7 billion (US$ 542.3 million) in parliamentary amendments to the Union's budget and the redirection of the fund for partisan propaganda on radio and television, which will be phased out.

The funding rules were laid out in another bill approved yesterday. The measure establishes a R$ 70 million ceiling for campaign spending in next year's presidential elections in 2018. In the case of a second round, the amount would be increased by 50%.

The gubernatorial elections' ceiling will be determined taking into account the number of voters of each state, starting at R$ 2.8 million in federation units with up to 1 million inhabitants, rising to up to R$ 21 million in states with more than 20 million voters. The rule also sets a 50% increase in where there is a second round.

In the campaigns for federal representatives, the ceiling will reach R$ 2.5 million million.

Candidates for president, governor, senator and mayor may use their own resources up to the limit of R$ 200,000, while candidates for federal and local Assemblies chairs may invest up to 7% of the amount defined for the campaigns.

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