Mexican President Says Judicial Reform Bill Could Be Approved in September

Mexico's legislature could approve a bill to reform the judicial system in September, President Andres Manuel Lopez Obrador said, downplaying market "jitters" over the controversial initiative that sparked a depreciation in the Mexican peso.

"I think the new Congress could do it ... in September," Lopez Obrador told reporters on Tuesday at his daily press conference, about the potential passing of the bill, noting that September is the month of national celebrations.

The bill aimed at eliminating corruption in the judicial branch also has the backing of his successor Claudia Sheinbaum, the winner of the presidential election on June 2, Xinhua news agency reported.

Dismissing market "jitters" over the proposal and the peso's subsequent dip, Lopez Obrador said Mexico's economy is solid and the public finances are in good shape.

In addition, a healthy investment market requires a strong legal framework to thrive, he added.

"It may be that now there are these imbalances, but this is about having a true rule of law, which is what investors, not speculators, want. True business owners want the rule of law," he stressed.

Lopez Obrador and Sheinbaum met on Monday and agreed to promote broad discussion in the country around the proposed bill, which calls for constitutional amendments to allow judges, magistrates and ministers of justice to be elected by popular vote.