Bambang P.S. Brodjonegoro: JPSK Draft Bill should finish first

TEMPO.CO, Jakarta - Finance Minister, Bambang P.S. Brodjonegoro, claimed that he has not had an invitation from the Financial Commission of the House of the Representatives to discuss Bank Indonesia Law Revision. He said that the government now focuses more on finishing Draft Bill on Financial System Safety Net (JPSK). Speaking to Gustidha Budiartie in La Luce Restaurant, Jakarta, on Thursday, Bambang told his view on the draft as proposed by Head of the House’s financial commission chief, Fadel Muhammad.

Has the House asked the government to discuss BI Law Revision?

Officially, no. We did have informal invitation, but I always said that draft bill on JPSK must be prioritized.

Does it mean that BI Law is not yet a priority?

JPSK is the most essential and urgent in the line. BI Law is not. If they want to discuss it, please do. However, I need to see JPSK finishes first. Once JPSK is done, other legislations such as BI, Banking, and OJK will follow.

In the draft as distributed by the financial commission, are macroprudential and microprudential function merged into one in Bank Indonesia?

I have no comment on that matter. Needless to say, they were separated. BI handled macro and OJK handled micro. Communication and coordination were crucial if one was found lacking. It was because both macro and microprudential are distinctive. Both institutes should communicate, instead of blaming each other.

Does the government agree with the system proposed in the new legal draft?

I personally have little understanding on the new draft. This is different with the previous regulation. The government has the right to propose its own design. We will be invited and we can state whether we agree or not upon the draft.

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