RO senator, author of “anti-bank” laws proposed as head of financial markets regulator

Romanian senator Daniel Zamfir could take over as chairman of the Financial Supervisory Authority (ASF), the body that supervises the insurance market, private pension fund managers and capital market.

Zamfir is known for his legislative initiatives aimed at protecting bank customers, highly criticized by the local banks and Romania’s National Bank (BNR), and some of them rejected or seriously curtailed by the Constitutional Court.

The seat of ASF president was left vacant after the appointment of former president Leonardo Badea as deputy governor of Romania’s National Bank (BNR).

Zamfir confirmed the talks and said the proposal came from the Social Democratic Party (PSD), according to Economica.net.

Daniel Zamfir became known as he authored, together with lawyer Gheorghe Piperea, a set of laws with major impact on the banking system.

Among them, the Giving in Payment Law, the law on the conversion of loans initially denominated in Swiss Francs, and the law on personal insolvency.

Other initiatives of Zamfir, such as the law on capping interest rates or the law on limited credit recovery, are in various phases in the Parliament.

All the laws were declared as aimed at defending the debtors, but studies revealed that at least some of them have a negative macroeconomic impact.

(Photo: Hotnews/ Wikipedia)