Milei Briefs Legislators on Central Bank Reform Bill

President Javier Milei convened a significant group of legislators from La Libertad Avanza (LLA) at the Casa Rosada on Monday to detail the upcoming bill reforming the Central Bank of the Argentine Republic's organic law. The president was the sole speaker during the nearly two-and-a-half-hour session, using a whiteboard to explain the project's intricacies. Following his presentation, deputies and senators posed questions, according to official sources.

The primary objective of the meeting was to align the ruling party's legislative strategy and outline the project's guidelines before its submission to Congress. While a submission date has not been set, official sources suggest it could occur in the coming weeks. Milei previously described the project as a cornerstone of his economic program, emphasizing its aim to prohibit the Treasury's financing by the monetary authority, bolster the bank's independence, alter the treatment of profits, and eliminate non-transferable treasury bills.

During the session, Milei reiterated that the new Organic Law "ends 91 years of political abuse of the private sector through inflation." He also stated the initiative seeks to reverse changes made during the last organic law reform under Mercedes Marcó del Pont's presidency, which occurred during the Kirchner era. The meeting was attended by key figures including the Secretary General of the Presidency, Karina Milei; Chief of Staff Diego Santilli; Senate Provisional President Bartolomé Abdala; Senate block leader Patricia Bullrich; Chamber of Deputies President Martín Menem; and LLA block leader Gabriel Bornoroni.

This discussion follows a similar briefing Milei gave to his ministers on July 9, detailing the main points of the draft legislation. The executive branch is currently finalizing the preliminary text. Legislators entered the government palace through the Balcarce 50 entrance, leading to the Salón Héroes de Malvinas where the meeting took place. Upon arrival, participants placed their cell phones in white envelopes marked with their names, a common practice during such visits, though some devices reportedly rang during the session.

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ends 91 years of political abuse of the private sector through inflation.