in forming his economic team, castelo branco took to heart the advice that had been given to him by american officials. this, one sees in his indication for the planning ministry of roberto campos, a u.s.-educated monetarist economist. together with the minister of finances otávio bulhões, campos implemented reforms to both reduce inflation and make the brazilian environment more open to foreign capital. those included: public spending cuts, tax hikes on consumers and wage-freezing to lower inflation; massive privatizations; elimination of restriction on capital remittances to foreign banks; tax cuts to multinational profits; and the pulling out of subsidies and legislation that shielded national industries from foreign competition.