Mega-reform faces key week in Congress and Constitutional Court

Chile's significant reform package is entering a pivotal week as both the Congress and the Constitutional Court scrutinize its various components. Lawmakers in the Chamber of Deputies are set to deliberate on crucial aspects this Monday, including the prohibition of usury, the charging of exorbitant interest rates, and the right to financial oblivion, which would allow individuals to clear their financial history after a certain period. Additionally, the chamber will address the implementation of 30-day payment terms for small and medium-sized enterprises (SMEs), a measure the government strongly supports.

Following the Chamber of Deputies' review, the Senate will take up these same issues between Tuesday and Wednesday. The government, represented by Minister of Finance Jorge Quiroz, has expressed confidence in securing its objectives. Quiroz indicated that certain proposed amendments, termed 'suppressive vetoes,' could be detrimental despite sounding appealing. He stated, "These are suppressive vetoes, they sound good but do more harm than good, so we hope it will be resolved promptly."

Simultaneously, a separate legal challenge is underway at the Constitutional Court. A team led by Arturo Fermandois, comprising numerous high-level professionals, is presenting arguments to the court. Quiroz affirmed their preparedness, noting, "This team is led by Arturo Fermandois, but is accompanied by many top-level professionals who are working in different areas and we have the arguments. We estimate that the approved norms are absolutely consistent with our..." The government anticipates that the norms passed by Congress will align with constitutional standards, aiming for a swift resolution that supports the reform's core objectives.