What the Bank of Mexico Law establishes today, in its Article 39, section II, is that the appointment of a member of the Governing Board must fall on a person who enjoys recognized competence in monetary matters, as well as having occupied, For at least five years, high-level positions in the Mexican financial system or in agencies, agencies or institutions that exercise authority in financial matters.
Victoria Rodríguez Ceja, the one anointed by President Andrés Manuel López Obrador as future governor of the Bank of Mexico, does not meet these basic selection requirements.
The proclamation in the morning of the current Undersecretary of Treasury Expenditures for the position that Arturo Herrera was supposed to occupy was not accompanied by enough information for the market to know her quickly.
Moreover, in that inverse style of communication of this administration, it seemed rather that they sought to hide the curricular data. It was very difficult to get information during those first minutes about who Rodríguez Ceja is.
The good thing is that search engines have that option of cached information and there are documents that circulate around that allow us to see that Undersecretary Rodríguez has a degree and a teacher in Economics, who has worked in the Government of Mexico City, in the Metro of the capital and in the Treasury.
No recognition and competence in monetary matters, there are not five years of experience in high-level positions in the financial system. Rodríguez Ceja is going for three years as Undersecretary of Expenditures, which would imply about 10% of the experience that a governor of the Bank of Mexico would need to have, even if he has 90% of López Obrador’s approval.
Now, that same Article 39, section II, second paragraph of the Bank of Mexico Law, opens a gap for the one appointed by López Obrador to arrive with a simple majority in the Senate. It says that for the appointment of two of the five members it will not be necessary to satisfy the requirements set forth in the first paragraph of this second section.
It establishes as a condition that they are distinguished professionals in economic, financial or legal matters. There, Morena would be in charge of praising the presidential candidate. But this part of the law concludes that these members of the Governing Board less prepared in monetary matters may not be appointed Governor before having served three years in office.
Tomorrow the President can change the law and accommodate it, at the level of his decree, so that his candidate can enter, but as long as he does not do so, the law prevents Victoria Rodríguez from being the governor of the Bank of Mexico.
That opens a window that can unleash financial terror. Although he said that he would be discarded as governor, the reality is that, if the President wants a comfortable boss in Banxico, his candidate for the post would be Gerardo Esquivel, Article 41 opens that door.
Esquivel’s oppositional arguments in this year’s monetary policy decision votes have failed to gain market endorsement. So these are hours of great tension around an institution that until now had given everyone a lot of peace.
Lack of experience
Three years in the Treasury
There are not five years of experience in high-level positions in the financial system; He has been in the SHCP for three years.
For the appointment of two of the five members, it will not be necessary to satisfy the requirements set forth in the Bank of Mexico Law.
Tomorrow the President can change the law and accommodate it, at the level of his decree, so that his candidate can enter.
Host of Televisa Newscasts
The great Depression
Graduated in Communication Sciences from the National Autonomous University of Mexico, with a specialty in finance from the Autonomous Technological Institute of Mexico and a master in Journalism from the Anáhuac University.
His professional career has been dedicated to different media. He is currently a columnist for the newspaper El Economista and a host of newscasts on Televisa. He is the owner of the 2:00 pm news space on Foro TV.
He is a specialist in economic-financial matters with more than 25 years of experience as a commentator and host on radio and television. He has been part of companies such as Radio Programs de México, where he participated in the VIP business radio. He was also part of the management and talent team of Radio Fórmula.