Names will occupy the directorates of Monetary Policy, Institutional Relations and Regulation of the Central Bank
The president (PT) forwarded to the Senate on Tuesday night (Dec 3, 2024) the names of the 3 nominees to fill vacancies on the board of directors of the BC (Central Bank). Here is the order (PDF – 95 kB).
The expectation is that the hearing for the nominees (read about each one’s profile at the end of this text) will take place on December 11th, according to the president of the CAE (Economic Affairs Committee) of the Senate, (PSD-GO).
Nilton José Schneider David will be responsible for filling the position that is currently held by Gabriel Galípolo, who will leave the Monetary Policy Directorate to replace Roberto Campos Neto as president of the BC. Nilton is head of Treasury Operations at Banco Bradesco. He will remain in the position until February 28, 2027, if his appointment is approved.
Izabela Correia will replace Carolina de Assis Barros in the Institutional Relations, Citizenship and Conduct Supervision department. She will be the only woman on the board. Before Lula took over the government, the board was made up of two women (Carolina de Assis Barros and Fernanda Magalhães). If appointed, she will remain in office until December 31, 2028.
Gilneu Vivan will replace Otavio Damaso in the Regulation Department. Damaso was the oldest director, appointed by (PT) and to the position by the former president (PL). The Regulation department has historically been occupied by public servants from the Central Bank. He will also remain in office until December 31, 2028.
LULA WILL HAVE MAJORITY
In 2025, Lula will have appointed 7 of the 9 members of the Copom (Monetary Policy Committee), which defines the basic rate, the Selic. From the Bolsonaro administration, only Renato Dias de Brito Gomes (Financial System Organization and Resolution) and Diogo Abry Guillen (Economic Policy) remain. The terms of office of the 2 ends on December 31, 2025. Lula may nominate 2 more next year.
Despite the changes, the future president of the BC, Gabriel Galípolo, declared this Friday (Nov 29, 2024) that the basic rate, the Selic, will remain at a high level for “more time”. Also those who criticize the monetary authority: “The legal and institutional framework that exists for monetary policy today is very clear. The Central Bank does not receive commands through interviews, through posts on social networks”.
The president of the PT (Workers’ Party), deputy (PR), is one of Lula’s allies who most criticize the monetary authority.
FIND OUT WHO THE NOMINEES ARE
- Nilton José Schneider David:
Nilton is an economist and graduated in 1995 from the Faculty of Economics, Administration, Accounting and Actuarial Science at USP (University of São Paulo). He also graduated in production engineering from the same institution in 1994. He has worked in the financial market since 1995. He spent 5 years (from 1995 to 2000) at the Citi group, where he worked in New York, London, Mexico and São Paulo. He worked at Goldman Sachs from 2000 to 2002.
The economist also worked at Barclays (2002 to 2003), Canvas Capital (2014-2016), Morgan Stanley (2016 to 2029). He has been at Bradesco since 2019.
She has been a civil servant at the Central Bank since 2006 and is the current Secretary of Public Integrity at the CGU (Comptroller General of the Union). She was a postdoctoral researcher at the School of Government at the University of Oxford and has a PhD in Government from the London School of Economics and Political Science (2017). She has a master’s degree in political science from the Federal University of Minas Gerais and a degree in public administration from the João Pinheiro Foundation School of Government.
- Gilneu Francisco Astolfi Vivan
He has been an employee of the Central Bank since 1994, and is currently head of Denor (Department of Financial System Regulation). Master and bachelor in economics from UnB (University of Brasília) and UFRGS (Federal University of Rio Grande do Sul). Until the beginning of 2024, he served as head of the National Financial System Monitoring Department. He also represented Brazil in several international groups, such as the Analytical Group on Vulnerabilities, of the Financial Stability Board, responsible for assessing threats to the global financial system.
