Alianza País proposes to transfer 54 private funds to the Biess

Assemblymen of Alianza País proposed that 54 savings funds pass into the hands of the Bank of the Ecuadorian Institute of Social Security (Biess for its Spanish acronym), since, according to them, these will be well managed there. This reform was argued highlighting the lack of control of private funds.

Eduardo Moreno, Biess manager, said that the bank can manage funds with efficiency, prudence and safety. This was stated in the first debate of the Draft Amending Law to the Law on Social Security and to the Biess Law for the Administration of the Supplementary Pension Closed Funds.

The session ended with opposing positions between the government and the assemblymen of PSC, Creo, Pachakutik and independent.

The norms’s sponsor Olger Chávez defended the project based on allegations of mismanagement from the Teacher´s Staff Severance Fund (FCME for its Spanish acronym) in the province of Bolivar. His project proposed a reform to that fund, but the Workers Commission expanded it to 54, to transfer the funds to the Biess.