The Law 15.501/26 authorizes the National Bank for Economic and Social Development (BNDES) to create new subsidiaries to expand its operations. According to the regulation, BNDES – which already has subsidiaries such as BNDESPar, which operates in the capital market, and Finame, which finances industry – may create others to complement its activities, provided it complies with the provisions of the Fiscal Responsibility Law. The law was sanctioned on Thursday (10).
The regulation was sanctioned with a veto on the creation of the Export Credit Fund (FCE), which, according to the Executive Branch, has its objectives already achieved by other public policies. Of the 13 provisions in the text sent for sanction by Congress, ten referred to the new fund for exporters and were vetoed. The new law originates from PL 5961/25, proposed by then-senator Fernando Farias (AL). The project was approved in the Chamber of Deputies in August, with the report by deputy Isnaldo Bulhões Jr. (MDB-AL).
Vetoes
The vetoed provisions would create the FCE to direct resources to exporters for working capital, acquisition of machinery, and investment projects. The fund, with operational and management rules, would be used to finance pre and post-shipment operations and support the modernization of exporting companies.
According to the Presidency of the Republic, despite the good intentions of the proposal, the text contradicts the public interest by creating a fund of an accounting and financial nature without demonstrating that its objectives could not be achieved by existing export support instruments.
The government also pointed out that the creation of the fund this year contradicts the Budget Guidelines Law (LDO) of 2026, which does not allow the creation, in the financial year, of funds to finance public policies. It also considered the creation of a management committee to administer the fund by parliamentary initiative unconstitutional. The veto message emphasizes that it is up to the Executive Branch to propose changes in the organization and functioning of the federal public administration.
Another vetoed provision anticipated changes in the rules for risk sharing among guarantor funds. According to the veto message, the same changes had already been included in the Law 15.473/26. For the government, the repetition could generate normative redundancy and insecurity regarding the current wording. The presidential vetoes will be analyzed by the National Congress on a date yet to be determined.
*With information from Agência Senado
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