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Mexico: Chamber of Deputies Approves Financial Reform

(Sept. 30, 2013) On September 7, 2013, the Chamber of Deputies, one of the houses of Mexico’s Federal Congress, approved on the whole the financial reform package sent to the Congress on May 8, 2013, by President Enrique Peña Nieto. There were 383 votes in favor, 63 against, and 14 abstentions. The reform consists of 13 bills that amend 34 laws. (Horacio Jiménez y Francisco Nieto, Avalan Diputados en lo General Reforma Financiera, EL UNIVERSAL (Sept. 10, 2013).)

One objective of these legislative changes is to promote competition in the banking and financial sectors to lower borrowing rates and costs. Another objective of the reform is to achieve more involvement of development banks in promoting micro, small, and medium enterprises. (Ivonne Melgar, Diputados Aprueban en lo General la Reforma Financiera, EXCELSIOR (Sept. 9, 2013).)