BUENOS AIRES, March 15 (Reuters) - Argentina’s Congress needs to pass a bill that would cut the red tape that is bogging down stock and bond investment needed to help Latin America’s third biggest economy, the country’s financial markets regulator said on Wednesday.
The bill is backed by President Mauricio Macri, who won office in late 2015 on a free-markets platform. He does not have a majority in Congress, which requires him to build coalitions to get his proposals passed.
The law is needed “to motivate the market,” Marcos Ayerra, head of Argentina’s CNV regulatory body, said at an investors’ conference in Buenos Aires.
The measure, which would order a cut in the bureaucracy faced by potential stock and bond investors, has been in Congress since last year without significant movement toward passage. (Reporting by Jorge Otaola; Writing by Hugh Bronstein; Editing by Bill Trott)