Processing of Proposed Laws Classified as Urgent Economic Matters

What is an Urgent Economic Bill?

These are legislative initiatives submitted by the Presidency of the Republic to the National Assembly. These bills must refer exclusively to a single subject, substantive aspects of economic policy, whose expedited processing is necessary to guarantee balanced public finances or to address an adverse economic situation. Art. 56 (4) LOFL

Furthermore, a new urgent economic bill may not be sent if one is already being processed, unless a State of Exception is in effect. Art. 140 CRE

Accelerated legislative procedure

· Qualification: The Legislative Administration Council (CAL) must qualify the bill, verifying that it meets all requirements. Art. 56 (4) LOFL

· Committee Processing: The specialized committee has 10 days to submit its report for the first debate. Art. 59 LOFL

· Second Debate: After incorporating observations from the first debate, the Plenary of the National Assembly will conduct the second debate. This must take place within the 30-day deadline to approve, modify, or deny the bill. Art.62 LOFL

What happens if the assembly does not issue a ruling?

The National Assembly has a period of 30 days to approve, modify, or deny them, from the date of receipt. If the Assembly does not issue a ruling within the 30-day period, the President may promulgate it as an Urgent Economic Decree-Law. This will enter into force upon its publication in the Official Gazette. Art. 62 LOFL

At Quevedo & Ponce, we analyze constitutional regulations to provide you with a clear vision of the impact of legal reforms on the country’s economic environment.