Mexico’s Sheinbaum to push forward with judicial reform, peso slumps
Mexican President-elect Claudia Sheinbaum said she would encourage discussions over proposed constitutional reforms, including a judicial overhaul that would replace an appointed Supreme Court with popularly elected judges, which has spooked markets.
MEXICO CITY — Mexican President-elect Claudia Sheinbaum said on Monday she would encourage broad discussions over proposed constitutional reforms, including a judicial overhaul that has spooked markets, before the next congressional session kicks off.
The judicial reform would replace an appointed Supreme Court with popularly elected judges, as well as for some lower courts, which critics allege would fundamentally alter the balance of power in Mexico.
Sheinbaum, speaking in a press conference following a meeting with outgoing President Andres Manuel Lopez Obrador, said the reform would be “among the first” that could be passed, along with some boosted social benefits.
She added she did not believe the proposed reforms would impact the peso, which tumbled following her election win earlier this month.
As Sheinbaum was speaking, however, the peso weakened by nearly 2% to around 18.55 per U.S. dollar in international trading.
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