I will not engage in such utopian visions, nor will I seek to raise fear and drive hope from the hearts of our people.Ultimately it is my belief that the markets will eventually correct themselves, and we must be prepared to mitigate whatever adverse effects there are in the meanwhile.
As such, I have prepared this bill that will hopefully address the problem in some manner.
We hope to see vigorous debate on this bill.Whereas the economic plunge in the American Stock Market has precipitated a global financial downturn, one that will doubtlessly impact Brazil in the near future,
Whereas the lack of action has a significant likelihood of increasing the severity of the problem,
Section One: The Brazilian treasury shall make available 25 credits worth of monetary funds to the Bank of Brazil and other major financial institutions to supplement their reserves, with the intended purpose of preventing bank failures and closures.
Section Two: The Ministry of Finance is hereby given the authority to provide a national cap on interest rates for issued bank loans so as to prevent escalation at the expense of the people of Brazil, until such time as market stability has returned.
Section Three: The Ministry of Foreign Affairs is asked to issue reassurances abroad to the United States, the United Kingdom, and France, that Brazil will continue to respect and pay her loans.