ECUADOR

On February 12, the Economic Development Committee concluded its study of the Executive’s partial veto of the Entrepreneurship Bill. The committee unanimously approved a report that will be submitted to the Assembly to define the discrepancies between the text proposed by the Executive and the one passed by the Legislative on January 7.

One of the highlights of the meeting held by the committee focused on recommending that the plenary should not approve the Executive’s version of the text regarding the creation of the National Entrepreneurship Council and its powers.

In his veto, President Lenin Moreno eliminated this organism entirely, insisting that its functions were already included in the Competitiveness Committee. Legislator Esteban Albornoz (Alianza País – ruling party) considered that a specific economic promotion body is essential to apply the provisions of this law.

The Assembly must now decide on the report issued by the Committee over the next 30 days and if it cannot reach an agreement on the articles, the Entrepreneurship Law will be published according to the text drafted by the Executive.