The House of Representatives Passes the Financial Omnibus Law

The House of Representatives (DPR) Passes the Financial Omnibus Law (2022)

The government through the House of Representatives (DPR) is trying to continue to maintain the stability of the national financial system. One of these efforts is to regulate financial system regulations contained in the financial omnibus law.

Today, Thursday (15/12/2022). The DPR approved the financial omnibus law or the Draft Bill on the Development and Strengthening of the Financial Sector (RUU PPSK) to become a Law (UU) at the Level II Plenary Session of the Level II Talks.

The chairman of the DPR RI, Puan Maharani, in a plenary meeting asked members for their approval of the ratification of the PPSK Bill twice.

“We will once again ask the members whether the Draft Law on the Development and Strengthening of the Financial Sector can be approved and to be passed into law? Agreed!” Puan said while tapping the gavel.

In more detail, the laws amended through the PPSK Bill include the Banking Law, the Financial System Crisis Prevention and Management Law (PPKSK), the LPS Law, the BI Law, the OJK Law, the Capital Markets Law, the Commodity Futures Trading Law, the Law on Government Bonds, the Law Sharia Banking, Law on Indonesian Export Financing Institutions, Law on Insurance, and Law on Guarantees.

The PPSK Bill increases the number of members of the LPS and OJK commissioners. The LPS board of commissioners will be seven people, while the OJK will be 11 people.

The PPSK Bill also mandates the establishment of OJK and LPS supervisory bodies, such as those currently owned by Bank Indonesia. PPSK Bill consists of 27 chapters and 341 articles.

Previously, the PPSK Bill was agreed upon in the level I discussions at the Commission XI DPR RI working meeting (raker) with the government, namely the Minister of Finance, Sri Mulyani Indrawati; Minister of Investment/ Head of BKPM, Bahlil Lahadalia, and other representatives from the government.

“The Commission XI working meeting with the government decided to approve the results of level I discussions on the Bill on PPSK to be continued at the level II discussion stage at the DPR RI Plenary Meeting to be approved and enacted as law,” said Deputy Chairman of Commission XI DPR RI, Dolfie Othniel Frederic Palit in his report in a meeting with the government, Thursday (8/12/2022).

Furthermore, the Minister of Finance (Minister of Finance), Sri Mulyani Indrawati, expressed her gratitude to all board members and leadership of the DPR RI, especially the chairman and members of Commission XI who had initiated the PPSK Bill process. This includes excellent cooperation in deliberating the bill.

“Discussions between the government and parliament within the working committee or the Draft Bill Committee always prioritize the interests of the community and are carried out through an open, productive, constructive, and dynamic discussion process,” she said.