House: Govt Slow in Preparing Financial Safety Net Bill

TEMPO.CO, Jakarta - Fadel Muhammad, the House of Representatives' (DPR) finance and banking committee chief, said the government is too slow in drafting the on Financial System Safety Net (JPSK).

Fadel said it is urgent for legislators to discuss the law immediately, as the current global economy requires the state to have a legal umbrella to refer to during a time of financial crises.

Until yesterday, however, the DPR has yet to receive the bill's draft whereas legislators will soon enter a recess period on Saturday, April 25.

Finance Minister Bambang Brodjonegoro dismissed Fadel's remark. The minister said the government has completed the JPSK Law and they eill immediately submit it to Senayan.

"It is finished, it is in the process of submission to the Parliament," Bambang told Tempo via text message.

Bambang is certain that the bill could be discussed by the parliament soon. But he did not say when the bill would be submitted.

Meanwhile, Bank Indonesia governor Agus Martowardojo hopes the bill can be submitted before the DPR enters its recess period. This bill, he said, must be prioritized as it has repeatedly been rejected by parliament even though it is such an important law; needed to anticipate financial crises.  

Fadel said the Indonesian financial system requires a protocol in dealing with possible chaos. "The world economy is weakening and prone to collapse. Our country needs financial architecture," he said.

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