Commission XI of the Indonesian House of Representatives together with the government officially began discussing the Draft Law (RUU) on amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK).
In the discussion, the government will be represented by Minister of Finance Purbaya Yudhi Sadewa, Minister of State Apparatus and Bureaucratic Reform (PAN-RB) Rini Widyantini, Minister of State Secretary Prasetyo Hadi, and Minister of Law Supratman Andi Agtas.
The main agenda of the meeting includes the submission of the Problem Inventory List (DIM) from the government and the formation of a working committee (panja).
The Chairman of Commission XI of the Indonesian House of Representatives, Misbakhun, explained that the working committee consisted of eight factions with a total of 30 members determined based on the proportion of each faction.
"The chairman of the Panja is led by Mr. Mohammad Hekal from the Gerindra Party Faction. The Panja will later provide the government with a further schedule regarding the schedule of discussion," he said in a meeting, Wednesday, February 4.
Meanwhile, Minister of Finance Purbaya Yudhi Sadewa said that changes to the P2SK Law were needed so that the substance was in line with the direction and spirit of the Constitutional Court (MK) decision.
He added that this revision is considered important to maintain policy continuity, provide legal certainty, and clarify the division of tasks and authorities between institutions in the financial sector.
"This is expected to support the deepening and stability of the national financial system, as well as increase public confidence in the financial sector," he said on the same occasion.
He also revealed that the government together with financial sector authorities, namely Bank Indonesia (BI), Financial Services Authority (OJK), and Deposit Insurance Corporation (LPS), had discussed the draft bill to amend the P2SK Law proposed by the DPR.
In addition, Purbaya said that the government had also held public consultations involving industry players, academics, and the community.
He assessed this momentum as an important opportunity to improve a number of weaknesses in the P2SK Law, especially in dealing with dynamics and turmoil in the capital market.
Purbaya emphasized the importance of regulations that are able to encourage market participants to be more adaptive and responsive to potential disruptions in the financial system.
"So I think this is a good step for all of us to improve this P2SK Law so that all policies are clear, all institutional authorities are clear and the synchronization of policies between institutions is also clear. This is what the market will see in the future as well as actors in the financial world," he said.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
