Boediono: Law on Financial Stability Urgent

16 October 2014 18:34 WIB

TEMPO.CO, Jakarta - Vice President Boediono again stresses the importance of having a law on Financial Stability Safety Net (RUU JPSK), especially in anticipation of possible future crises.

The law, he said, will regulate institutions that are vital for dealing with financial crises such as the Finance Ministry, Bank Indonesia, the LPS, and the Financial Services Authority.

"Without the regulation, these institutions will not have the courage to make decisions [for fear of being blamed should something go wrong]. Even with a legal umbrella [they could still] be blamed," Boediono told Tempo last weekend.

Finance Minister Chatib Basri previously said that the RUU JPSK is one a crucial agenda that must be discussed further in the Financial System Stability Coordination Forum. Unfortunately, the discussion of this draft was rejected by the parliament during last September's plenary session.

ANGGA SUKMA | GANGSAR PARIKESIT

Financial Industry Boediono

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