Sources: Repórter Diário and Brazil public holidays. After almost a month of proposals and counter-proposals, yesterday, the government and opposition reached an agreement declaring May 11, 2007, "Dia Nacional de Frei Galvão", and pointing out that it is neither a national holiday (feriado nacional), nor an optional holiday (ponto facultativo), nor even a religious observance day (dia-santo). That is to say, the day will have no impact of business life, and we have accordingly removed it from our list of Brazil holidays.
In a related story, the municipality of São Paulo did consider, for awhile, declaring a municipal holiday on May 11, if only to alleviate traffic congestion, but it had to abandon the idea as according to law 9.093/1995, only the Federal Government may declare civil holidays, and each city is limited to declaring 5 municipal public holidays, one on the anniversary of the foundation of the city, and 4 religious ones. But São Paulo has already declared 4 municipal holidays, through its municipal law 13.707 of 2004: January 25 (foundation anniversary), Good Friday, Corpus Christi, All Souls' Day (November 2), and the Day of Black Consciousness (Dia da Consciência Negra) on November 20.