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Pension Self-Loan Bills Fail in Lower House

CHILE
  • A committee of Chilean lawmakers rejected in an initial vote different bills that would allow people to borrow from their own pension savings, potentially pulling billions of dollars from the nation’s capital markets.
    • It is worth noting that the government’s proposal contradicts the pension system’s objective, central bank President Rosanna Costa said before a lower house committee on Tuesday.
  • As broadly expected, Chile’s congress gave its final approval to legislation kicking off a new rewrite of the nation’s constitution on Wednesday, following last year’s clear rejection of the first proposal.
    • The bill creates a council of 50 elected delegates and a committee of experts that will support the process. The senate had previously backed the same plan, which had been agreed to by the governing coalition and most of the opposition.
    • The committee of experts will have three months to write a preliminary draft of the constitution beginning in March. The election for council members will be in May, and that body will then continue work on the charter starting in June.
    • The national referendum on the final document is expected to take place in December.
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