Brazil’s Senate Constitution and Justice Committee approved a proposal to expand the central bank’s financial and administrative autonomy, in a measure tied to oversight of the Pix instant payments system.

The proposal gives the central bank exclusive authority over Pix regulation and would prevent any grant, transfer, concession or sale of the system to another public or private entity. The debate over the amendment resumed on June 10 after earlier discussion without consensus.

Trade groups representing banks, fintechs and payment companies said on June 9 that they supported the central bank’s supervisory role and objected to court rulings that reversed the substance of some of its regulatory actions. Their statement came during fraud investigations, suspected use of fintechs for money-laundering activity and operational problems at payment institutions that affected Pix.

The proposal has become a focal point in a broader debate over whether the central bank should receive wider budgetary, financial and administrative autonomy beyond the operational independence it already has under existing law. Positions within Brazil’s political and institutional environment have differed, with some associations linked to central bank auditors supporting broader autonomy to protect and develop financial infrastructure including Pix, while the union representing central bank employees has said placing Pix in the constitution under the bank could reduce flexibility in how the system is managed.