Brazil’s Bolsonaro Finally Gets A Win
Brazil’s president Jair Bolsonaro and his party of newcomers and roughnecks finally cleared a legislative hurdle last week. An important step in Bolsonaro’s planned social security system reboot passed in the Constitution and Justice Committee (CCJ), which was no surprise. For Bolsonaro, a win’s a win, even if it is a small one in the overall scheme of pension reform.
This is one step in a very drawn out process. And so while Brazil’s stock market is up on Monday on the positive direction of pension reform, things are unlikely to go as well from here on in.
The first steps includes the publication of a report by CCJ, then the creation of a special committee to look at the report and open a dialogue about pension reform with congress. That starts May 7. Congress is given 48 hours after the creation of that committee to say who they will put on the committee to represent their constituents.
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