Misbakhun talks about the urgency of revising the P2SK law, stresses that it will not change BI's independence

Jakarta – The draft law regarding amendments to Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (P2SK), which was originally a proposal of Commission XI of the DPR, has now become a bill proposed by the DPR RI. What is the urgency for the P2SK Act to be revised? “If you ask about the urgency, there are two decisions of the Constitutional Court that will be issued in 2023 on the P2SK law. The first is about the judicial review case at the Constitutional Court about investigations at the OJK, then the second is about budget at the LPS, and the mandate of the Constitutional Court must be completed within the 2, 0 in 2 years. 2025, we settled it immediately,” said Chairman of Commission XI DPR RI Mukhamad Misbakhun to detikcom on the Pradana Traces program aired on Tuesday (14/10/2025). SCROLL TO CONTINUE CONTENT Misbakhun said that apart from the fact that it was time to review it because of the Constitutional Court’s decision, it was a good moment for him to review the Act. He revealed that there are things that have been improved in the law. “Even if it is not comprehensive, comprehensive, we saw what was most urgent to improve in the P2SK law when it was opened by the constitutional court, we saw that there were various functions of Bank Indonesia, then in relation to our digital assets, crypto, and then in relation to various OJK matters, in relation to finance, we improved it in the insurance sector that Raja sector imposed,” said. Confirm that this does not change BI’s independence. Furthermore, Misbakhun also emphasized that the revision of this law does not change the independence of Bank Indonesia (BI). He admitted that he was surprised by the rumors circulating. “I was surprised when the market reacted as if we wanted to change BI’s independence, we didn’t change BI’s independence at all, we just always remind everyone, what article will we change BI’s independence? We don’t want to change independence,” he emphasized. “We are aware that independent central banking is a practice that exists in all central banks in the world, and we are aware of it,” he added. Misbakhun said there are other things he wants to achieve with the revision of this law. He ensured that this change was carefully thought through by the DPR in accordance with the DPR’s function, namely correction and oversight. “What we want to do is polarization between the central bank and the state, because there is a president as head of state, there is a DPR as checks and balances, and it must be regulated, and there must be a review. And then, most importantly, there is the state constitution, BI cannot be independent alone, beyond the goals of the state, it can be independent in the process, but not independent of the state’s goal, but not independent of the state ‘s goal is not. declare it won’t work,” he concluded. Pradana’s footprints are a portrait of the first year’s dedication to the country. This inspiring talk show will feature government and private sector stakeholders who have been committed to advancing the country over the past year. Check out the full content at detik.com/jejak-pradana (zap/imk)