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Report: Brazil's central bank board would see change under possible Temer government

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Report: Brazil's central bank board would see change under possible Temer government

The board ofBanco Central do Brasilwould undergo a major overhaul if Vice President Michel Temer takes over as presidentin the likely event of President Dilma Rousseff's suspension, Reuters reported April26, citing "three people familiar with the plan."

Temer is lookingto perform major economic reforms to recoup investor confidence in the recession-struckcountry once the Senate decides by mid-May on the fate of Rousseff, who is facingimpeachment charges of allegedly breaching budget laws. 

The financeminister under Temer's government would choose the new leadership of the eight-memberboard of the central bank, known as Copom, and also replace the boards of otherstate-owned banks, Wellington Moreira Franco, an economic adviser for Temer, toldReuters.

"The centralbank board needs to be replaced. To regain confidence, it is crucial that we bringpeople from the market who are not susceptible to political meddling," Reutersquoted another source as saying.

Some of thosenamed by the sources as possible Copom board replacements include Itaú chief economistIlan Goldfajn, ex-treasury chief Carlos Kawall and ex-central bankers Mario Mesquitaand Luiz Fernando Figueiredo, as well as Goldman Sachs executive Paulo Leme.