The president of Mexico Enrique Peña Nieto presented the proposed Financial Reform on May 9, 2013. With the support of the members of the Mexico Pact, the President said that the reform's main purpose is to encourage more credit and make it cheaper. The reform includes 13 initiatives that would change 34 laws.
The initiatives are (1):
- Strengthening CONDUSEF
- Savings and Loan Correspondents
- Credit Unions
- Development Banking
- Grants
- Mercantile Contest
- Warehouse and Multiple Purpose Financial Companies (SOFOM)
- Bank Settlement
- Investment funds
- Stock market
- Sanctions and Foreign Investment
- Financial groups
- Guaranteed credit
The Consultation Forum organized by the Committees on Finance and Justice of the House of Representatives, was held on June 18, 19, 20 and 21. The approval deadline was set for July 14th with a 45-day extension allowed.
The reform touches the aspect of financial inclusion, a study made by the National Institute of Statistics and Geography (INEG) in May 2012. The study was aimed to generate fundamental information to design public policies regarding the use and access to financial products and services (2). The study was mentioned by the Governor of the Bank of Mexico, Agustin Carstens, highlighting the importance of the Reform, due to the survey results.
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