Mexican lawmaker postpones proposal to merge three regulators after opposition

MEXICO City (Reuters) – A lawmaker from Mexico’s ruling social gathering who proposed merging a few regulatory bodies into just one said on Sunday he would hold off the initiative, immediately after opponents criticized the transfer as a electricity get that could jeopardize oversight.

Ricardo Monreal, senate chief of the president’s Nationwide Regeneration Movement (MORENA), said he would wait around to transfer ahead with his proposal to mix strength regulator CRE, antitrust watchdog the Federal Economic Level of competition Fee (COFECE), and telecoms regulator IFT.

He did not say when he would revive the initiative.

“I’ve decided to postpone the presentation and start an open method of discussion,” he claimed in a video clip on social media.

The merged entire body would be named the Countrywide Institute of Markets and Competition for Wellbeing, have five board users and would generate annual financial savings of 500 million pesos ($22.4 million), according to a document presented by Monreal previous 7 days.

Mexican President Andres Manuel Lopez Obrador, who has vowed to run an austere authorities, had backed the proposal, praising the work to lessen shelling out.

But the opposition Countrywide Action Party criticized the proposal as a electric power grab and a member of the central bank’s board nominated by Lopez Obrador warned it could undermine oversight.

Monreal pushed back again in opposition to these criticisms, expressing, “There is no intention to create a superpower, nor give way to authoritarianism.”

(Reporting by Miguel Angel Gutierrez and Daina Beth Solomon Editing by Lisa Shumaker)

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