AN reviews proposals for reform of the Savings Banks Act

Published at: 19/11/2024 10:34 AM

The Subcommittee on Labor Affairs of the National Assembly (AN) reviewed this Monday the proposals for reform of the Law on Savings Banks, Savings Funds and Similar Savings Associations, which were presented by representatives of the different organizations attached, or not, to the Social Movement Savings Banks of Venezuela.

The idea, explained the president of the parliamentary body, deputy Luz Coromoto Chacón, is to adapt the instrument to the new times, because the current law dates back to 2010, when it had its last reform.

According to a press release from the Legislative Branch, the deputy explained that this review was carried out throughout the national territory, through working groups, in order to respond to the Executive's call to adapt laws to guarantee the country's workers strategic alliances to meet their needs.

He commented that the regulation should expand the credit system of savings banks and adapt it to the use of cryptocurrencies, to ensure that associates have access to assets such as vehicles, homes, and others.

For his part, the president of the Social Movement of Savings Banks of Venezuela, Rosalio Torrealba, thanked the initiative of the AN, in the search for an early reform of the aforementioned Law to dignify a sector that is decisive for the development of the national economy.

In this regard, he proposed to include in the reform of the new Electoral Laws, that savings banks have their autonomy to carry out their election processes.

Mazo News Team