The shift from autarchy to public company status alters the legal framework governing oversight
Em Brasília, uma questão que vai além do direito administrativo toma forma: o que significa, para uma democracia, redefinir a natureza jurídica de sua autoridade monetária? No dia 4 de setembro de 2024, juristas, economistas, parlamentares e representantes do mercado se reúnem para debater a PEC 65/2023, que propõe transformar o Banco Central de autarquia especial em empresa pública. A mudança, aparentemente técnica, carrega em si perguntas antigas sobre independência institucional, controle democrático e a fronteira entre o público e o privado no coração do Estado.
- A PEC 65/2023 ameaça redesenhar silenciosamente o equilíbrio de poder sobre a política monetária brasileira, deslocando o Banco Central do direito público para o regime jurídico privado.
- A tensão entre autonomia institucional e controle parlamentar se intensifica: a mudança de natureza jurídica alteraria os mecanismos pelos quais o Congresso e o TCU fiscalizam a instituição.
- Um fórum amplo e aberto ao público reúne ministros, deputados federais, líderes sindicais e representantes do mercado financeiro para confrontar, em painéis sucessivos, as implicações práticas da proposta.
- A digitalização financeira e a inclusão econômica entram no debate como dimensões inseparáveis da reforma, revelando que a questão não é apenas estrutural, mas também social.
- O evento sinaliza que a aprovação da emenda exigiria legislação complementar extensa — e que o verdadeiro campo de batalha pode estar menos na Constituição do que nas normas que viriam depois.
Na manhã de 4 de setembro de 2024, o B Hotel em Brasília receberá um fórum organizado por Consultor Jurídico, Brasil 247, TV 247 e Grupo Prerrogativas para debater uma das questões institucionais mais relevantes do momento: a PEC 65/2023, que propõe converter o Banco Central de autarquia especial em empresa pública. A entrada é gratuita, com credenciamento a partir das 8h, e a programação será transmitida ao vivo pelas TVs ConJur e 247.
A distinção jurídica em jogo é mais do que terminológica. Como autarquia especial, o Banco Central opera sob o direito público, com personalidade jurídica própria e mecanismos específicos de controle externo pelo Congresso e pelo Tribunal de Contas da União. Transformá-lo em empresa pública significaria migrar para o regime de direito privado — mantendo-o sob controle estatal, mas alterando profundamente as regras que governam sua fiscalização, sua gestão financeira e sua relação com o poder político. A aprovação da emenda também demandaria legislação complementar para regulamentar a nova estrutura.
O programa prevê quatro blocos ao longo da manhã. O economista Paulo Nogueira Batista Jr. e o deputado federal Lindbergh Farias abrirão os trabalhos. Em seguida, Isaac Sidney, presidente da Febraban, e representantes de entidades do setor financeiro e trabalhista debaterão autonomia administrativa e financeira — o núcleo da controvérsia. Um segundo painel reunirá o ministro Márcio França e especialistas para discutir digitalização e inclusão financeira como dimensões indissociáveis da reforma.
Para um país em que a independência do Banco Central nunca deixou de ser terreno disputado, o encontro representa uma rara convergência de vozes: governo, mercado, trabalhadores e juristas sentados à mesma mesa para examinar o que uma mudança constitucional significaria, na prática, para a condução da política monetária brasileira.
On Wednesday, September 4th, Brasília will host a daylong forum on one of Brazil's most consequential institutional questions: whether the Central Bank should stop being a special public autarchy and become a public company instead. The event, organized by Consultor Jurídico, Brasil 247, TV 247, and Grupo Prerrogativas, will gather at the B Hotel starting at 9 a.m. to examine Constitutional Amendment 65/2023—a proposal that would fundamentally reshape how Brazil's monetary authority operates and answers to the public.
The stakes are structural. Right now, the Central Bank exists as a special autarchy, a form of public entity with its own legal personality under public law. The amendment would convert it into a public company, shifting its legal foundation into the realm of private law while keeping it in state hands. This seemingly technical change carries real consequences for how Congress oversees the institution, how it manages its finances, and ultimately how independent it can be from political pressure. The proposal would also trigger the need for complementary legislation to spell out exactly how the new arrangement would work.
The event is free and open to the public, with registration happening on-site from 8 a.m. to 9 a.m., followed by coffee. For those unable to attend in person, TV ConJur and TV 247 will stream the proceedings live. Four separate panels will run throughout the morning and early afternoon, each tackling a different dimension of the question.
The opening session, from 9 to 10 a.m., will feature economist Paulo Nogueira Batista Jr. and federal deputy Lindbergh Farias setting the stage. The first substantive panel, running 10 to 11 a.m., focuses on administrative and financial autonomy—the core issue. Isaac Sidney, president of Febraban (the Brazilian banking federation), will sit alongside Rogério Portugal Bacellar, who leads both the Association of Notaries and Registrars and its national confederation, and Fábio Faiad, president of the union representing Banco do Brasil employees. The second panel, from 11 a.m. to noon, shifts to digitalization and financial inclusion, bringing together Márcio França, the minister for entrepreneurship and small business; Marco Aurélio de Carvalho from Grupo Prerrogativas; Daniela Madeira, a counselor at the National Council of Justice; and André Gomes Netto, president of the Brazilian Institute for the Study of Promissory Notes.
The moderators—Leonardo Attuch (editor of Brasil 247), columnists Tereza Cruvinel and Joaquim de Carvalho, and Larissa Wachholz of Vallya Negócios e Investimentos—will guide the conversation. A final segment from noon to 12:30 p.m. will feature presentations from Vallya and Cerrado Asset on infrastructure and social investment.
The constitutional amendment itself, if approved, would rewrite Article 164 of Brazil's Constitution. The change would affect oversight mechanisms: Congress would maintain external control over the Central Bank's accounting, budgeting, finances, operations, and assets through the Court of Accounts, with the Central Bank's own internal control system providing additional scrutiny. But the shift from autarchy to public company status would alter the legal framework governing how that oversight functions and what powers the institution retains.
For a country where monetary policy and central banking independence have long been contested terrain, this debate matters. The event brings together the people who will shape the outcome—government officials, market representatives, labor leaders, and legal experts—to examine what the change would mean in practice.
Citas Notables
The amendment would alter Article 164 of the Constitution to modify the Central Bank's legal nature and establish explicit congressional oversight mechanisms through the Court of Accounts— Constitutional Amendment 65/2023 text
La Conversación del Hearth Otra perspectiva de la historia
Why does it matter whether the Central Bank is technically a special autarchy versus a public company? Aren't both forms still state-owned?
The legal form determines what rules apply. An autarchy operates under public law; a public company operates under private law. That changes everything about contracts, liability, how Congress can oversee it, even how it can hire and fire people.
So this is really about independence—whether the Central Bank can resist political pressure?
Partly. But it's also about accountability. Right now there's ambiguity about who controls what. The amendment tries to clarify that Congress has explicit oversight power. Whether that makes the bank more independent or less depends on how Congress uses that power.
Who wants this change, and who opposes it?
The banking sector, represented by Febraban, has a stake in how the bank operates. Labor unions worry about job protections. Economists are split on whether the change strengthens or weakens monetary policy credibility. That's why you need all these voices in the room.
What happens if the amendment passes?
It doesn't take effect immediately. Congress would have to pass a complementary law spelling out the details—how the new company structure works, what the board looks like, how budgets flow. That's where the real fight happens.
And if it doesn't pass?
The Central Bank stays as it is now. But the fact that this amendment exists, that it's being seriously debated with ministers and economists in the room, tells you the current arrangement isn't settled.