Parliament Prepares to Finalise Financial Sector Development and Strengthening Bill
The positive performance of non-oil and gas commodity trade continues to serve as a pillar of the economy. The Deputy Speaker of the House of Representatives (DPR), Sufmi Dasco Ahmad, revealed that Parliament has completed the introduction of the Draft Law on the Development and Strengthening of the Financial Sector (PPSK) to be brought to the nearest Plenary Session.
This matter was discussed during the leadership meeting of the DPR and the DPR Consultative Body held on Wednesday (3/5). “For today’s legislation, we are finalising the delivery of the PPSK Law to be passed in the nearest plenary session,” Dasco told reporters.
Previously, the Chairman of Commission XI of the DPR, Mukhamund Misbakhun, stated that the Finance Commission has agreed to the formation of a working committee (panja). This committee will hold internal meetings to determine the schedule for further discussions.
He explained that this revision is an initiative of the DPR, stemming from the judicial review decision regarding Law Number 4 of 2023 concerning the PPSK. As this is a DPR-led initiative, the list of identified problems is being submitted by the government.
“The presidential letter has appointed the Minister of Finance, the Minister of PAN-RB, the Minister of State Secretary, and the Minister of Law to discuss this PPSK Law both collectively and individually,” said Misbakhun.
Meanwhile, the Minister of Finance, Purbaya Yudhi Sadewa, emphasised that the PPSK Law is drafted using an omnibus law approach as a comprehensive effort to strengthen the regulatory framework of the financial sector. This approach is aimed at increasing regulatory coherence and strengthening the effectiveness of supervision, as well as encouraging synergy and coordination between institutions within the national financial system.
He added that during its implementation process, the PPSK Law has undergone testing mechanisms at the Constitutional Court. The ruling provided several important constitutional affirmations, particularly regarding the regulation of authority and governance mechanisms within the financial sector.
Purbaya stated that the government and Parliament, through the PPSK Law, are committed to maintaining the balance and unity of the national economy, while simultaneously driving economic progress through the optimisation of the development and strengthening of the financial sector.