Civil servants reject PEC 65 and point to risks to sovereignty in controlling the Central Bank.
SINAL claims that the proposal privatizes the Central Bank, removes stability, and opens the possibility of taxing PIX (Brazil's instant payment system).
247 - The Proposed Amendment to the Constitution (PEC) No. 65/2023, which aims to transform the Central Bank of Brazil into a private entity, was rejected in its entirety by the institution's employees in an assembly. The decision was defended by the National Union of Central Bank Employees (SINAL), which released a technical analysis on the impacts of the measure.
According to SINAL, the proposed constitutional amendment transfers exclusive state functions—such as police power, monetary regulation, and banking supervision—to a private institution, creating legal uncertainty and weakening national sovereignty. The organization also criticizes the decoupling of the Central Bank from the fiscal framework, which would allow for the management of resources without public oversight.
Edna Velho, the SINAL union leader in the Federal District, stated that the autonomy foreseen in the proposed constitutional amendment does not resolve budgetary issues and could be replaced by greater participation of the Central Bank in the drafting of the Budget Guidelines Law and the Annual Budget Law. She warned of the risk of creating an unelected "fourth power," with a shielded budget and no subordination to the public interest.
Another point highlighted by the union is the possibility of transferring the management of PIX to a private entity, which could result in taxation or control by financial conglomerates. "Once the Central Bank becomes a private entity, there are no real mechanisms to guarantee the preservation of the system or prevent its exploitation by corporate interests," said Edna.
The proposal also eliminates job security for civil servants, replacing them with employees governed by the CLT (Brazilian labor law). According to SINAL (National Union of Financial Institutions), this would compromise the technical autonomy and impartiality in the oversight of the financial system. To date, the Central Bank has not presented a study on the impacts of leaving public administration.
