The Argentine National Congress is currently analysing three important amendments to the Law on Financial Entities. The most important features may redefine the character of public service or interest that is attributed to financial activities. This distinction is crucial in terms of the role of the State in financial services activity, considering that the characterisation of a public service involves a concession (which might be revocable), and in the case of a public interest, is a matter of State authorisation.
One bill authorises commercial banks to conduct any operations that are not prohibited. In contrast, another introduces an explicit list of activities that commercial banks can enter into, joint along with the creation of a Code of Conduct entrusted to the Central Bank. This is also subject to proposals for change; extending its remit beyond merely preserving the value of the Argentine currency to include supporting the economy and full employment – the objectives of the national government.