Daniel Vorcaro, the former owner of Banco Master, is set to testify before the Senate's Economic Affairs Committee (CAE) on March 10, as confirmed by his legal defense team to Senator Renan Calheiros, the committee's president. Originally, Vorcaro was expected to appear on March 3, but due to a scheduling conflict, his appearance needed to be rescheduled. This testimony comes in the wake of a scandal involving Banco Master, which was liquidated last year by Brazil's Central Bank, leading to significant financial repercussions estimated at R$ 50 billion to the Credit Guarantee Fund (FGC).

On February 24, Senator Calheiros and other CAE members met with Minister André Mendonça, the new rapporteur of the Master case in the Supreme Federal Court (STF), to discuss Vorcaro's access to travel arrangements. It was agreed that Vorcaro, who is under electronic monitoring with an ankle bracelet, could utilize the infrastructure of the Federal Police for his transport from São Paulo to Brasília. This arrangement signifies the detailed support and oversight that will accompany Vorcaro during his testimony, including the presence of legal representation as well as law enforcement escort.

The implications of this testimony are significant, as it not only marks an important step in the ongoing investigation of Banco Master but also reflects broader concerns regarding banking oversight and governance in Brazil. The fallout from the liquidation of Banco Master has raised questions about regulatory effectiveness, prompting scrutiny from legislators and the public alike. Vorcaro's insights during the Senate hearing could provide crucial information that may influence future regulations and the manner in which similar financial entities are overseen.