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Financial News: BRAZIL: Lawmaker In Charge Of Pension Reform Bill

BRAZIL: Lawmaker In Charge Of Pension Reform Bill Expects House Vote By December

11/09/2017 - 11:33:00 (RTTNews)

(RTTNews) - The Brazilian House of Representatives should vote on the pension system reform bill by December 15, said Arthur Maia, the lawmaker in charge of presenting the legislation to the House floor.

The pension reform bill awaits a House floor vote since June and has remained untouched in the last few months because lawmakers had to decide on two different occasions if President Michel Temer should face corruption charges in the Supreme Court.

Now, with the political turbulence in the backseat, the government wants to resume its efforts to garner Congressional support for the bill and complete its fiscal adjustment plan. However, some obstacles may come up, as lawmakers grow increasingly wary of passing an unpopular legislation as the next year's presidential election approaches.

The proposed reform would increase the minimum retirement age and make it harder for workers to receive the higher retirement payments.

"I am confident that we will be able to move forward and give Brazil the necessary reform. I hope to vote it until December 15 and expect the Senate to vote until the end of the year," Maia said.

The time frame, however, seems unrealistic, as Congress should enter into a recess in December. Earlier this week, the House of Representatives speaker, Rodrigo Maia, said that he would only submit the pension reform to a floor vote if there is enough support for the bill - something that even the government recognizes that is nonexistent at this time.

On Tuesday, Temer himself met with party leaders and admitted that he would have a hard time trying to push the pension system reform bill through Congress.

Marcos Montes, the House leader of PPS - a party that integrates the government coalition - said that it would be difficult to pass the pension reform within the time frame set by Arthur Maia.

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