Ecuador: Sections of Finance Bill Approved by congress, vetoed by President Correa

Posted on August 23, 2014 • Filed under: Business, Economy, Ecuador, TRAVEL

businessweek.com/bloomberg reported Ecuadorean President Rafael Correa sent parts of a finance bill back to congress to clarify rules governing a fund that was set up as a lender-of-last-resort for local banks and held $1.64 billion at the end of last year.

Correa, a 51-year-old former economics professor, asked lawmakers to spell out changes to the investment rules for the fund created in 2009 from commercial bank reserves, according to a statement published today on congress’s website. The president sent 56 line-item vetos requesting changes from correcting typographical errors to clarifying that regulators shouldn’t be allowed to tell banks who gets loans. Read Article

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