BI: Draft Bill Revision to Affirm Power Division Between BI, OJK

TEMPO.CO, Jakarta - The hearing on Financial Commission last June ended up with heat as some members of the commission protested revision of the the Bank Indonesia draft bill that they had never heard before. “We have never had any discussion. How can it be a design already,” said House member from the National Democratic Party of Struggle, Maruarar Sirait. “Whose interest is this?”

The draft actually came from a familiar figure in the commission, chief Fadel Muhammad. He claimed that the draft was made so that his friend at the commission had a guideline in designing bills. “Anyone can propose. We are still expecting inputs,” he said.

Nevertheless, Maruarar’s protest is not merely on procedural matterm instead it is about the content. “The draft seems like a competition. We can see conflict of interest,” said Ara.

The new draft seems like giving greater authority to Bank Indonesia, by merging macroprudetial and microprudential function under one roof. Moreover, BI is given a wider access to regulating market and financial sectors, previously an authority of the ministry of finance and OJK.

“All functions of OJK are in the draft, except the investigation part,” he said.

GUSTIDHA BUDIARTIE | AYU PRIMA SANDI | RETNO SULISTYOWATI