[3] Liberal Mario Echandi tried to be the candidate from then-ruling National Union Party (PUN), but his candidacy was denied by the Electoral Tribunal due to purported irregularities in the adherents' signatures.

[3] As PUN was unable to participate, the only other candidacy alternate to Figueres was made by the Democratic Party, which nominated wealthy industrial magnate Fernando Castro Cervantes.

Figueres, a social democrat, reached a deal with Otilio Ulate in which the Junta would govern with all powers (executive, legislative, judicial) for 18 months, introducing a wide array of reformist policies and would convene the election of a Constituent Assembly.

The Constituent Assembly of Costa Rica, elected in December, 1948 approved a new Constitution, based on the previous one but with several changes, after the first, more progressive draft was rejected.

Furthermore, Figueres' decision to nationalize all banks and a 10% wealth tax were controversial and led to a failed coup attempt by Public Security Minister Edgar Cardona Quirós, in what is now known as the es:Cardonazo.