Venezuela's vice-president bestowed economic decision-making capacity
The decree authorizes the executive vice-president to rule in the economic arena
In compliance with Official Gazette 40,077, issued on December 21, upon Venezuelan President Hugo Chávez's consent, Executive Vice-President Nicolás Maduro is entitled to take actions in the economic arena.
As set out in decree 9,315, signed on December 9 and published in the gazette, Maduro may approve additional credits to the budget, with prior authorization from the National Assembly, and pass decrees for the transfer of funds from the budget to ministries. He is also authorized to approve operations for public loans.
The Venezuelan vice-president may also order expropriations or compulsory acquisition prior authorization from the president.
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.