A lawmaker from Mexico's ruling party who proposed merging three regulatory bodies into one said on Sunday he would delay the initiative, after opponents criticized the move as a power grab that could jeopardize oversight.
Ricardo Monreal,
Senate leader of the president's National Regeneration Movement (MORENA), said he would wait to move ahead with his proposal to combine energy regulator CRE, antitrust watchdog the Federal Economic Competition Commission (COFECE), and telecoms regulator IFT.
The merged body would be called the National Institute of Markets and Competition for Wellbeing, have five board members and would generate annual savings of 500 million pesos ($22.4 million), according to a document presented by Monreal last week.