Financial Services Authority (OJK) presence is not meant to enervate central bank function in maintaining Rupiah’s stability by undergoing sustainable, consistent, and transparent monetary policy. OJK plays big role in helping underway policy to comply national economic system. As cited by Zainal Arifin Mochtar who was presented in judicial review trial on Act 21/2011 (UU OJK) on Tuesday (10/28) at MK Plenary Room.

“OJK holds comprehensive role in stabilizing national economic system, OJK and Saving Guaranteeing Agency (LPS) play role to help each other maintaining stabilization of national economic,” he said.  

Eman Rajagukguk as another government’s expert said that independency of OJK does not come out absolutely. Its independency must be balanced with check and balances mechanism. OJK does not possess limitless independency.

“Independency to self govern body like other commission have means that OJK is not obliged to be overseen by another authority, but still OJK must complete annual report to be informed to DPR,” he said

Meanwhile, Sihabuddin explained that OJK was born by the necessity of financial development process, which is creating complex, dynamic, and retaliated financial system. Therefore, new body is needed to take care of such integrated financial system.

“Although the petition mentions that OJK was urged after IMF’s push as BI was considered failed in complying the function, but what happened is actually beyond the accusation. Even after the basis was determined in Article 34 Act 23/2009 (UU BI) not by 1945 Constitution with some consideration,” he explained

In short, the petition suggests the Plaintiff’s rights was harmed by the ruling of Article 1 letter 1, Article 5, Article 6, Article 7, Article 37, Article 55, Article 64, Article 65, and Article 66 UU OJK. As tax payer, he felt that OJK has over passed BI in its function. While it should be issuing banking regulation, other OJK’s competences are not valid, considering no other Article mentioning of which.  (Lulu Anjarsari/mh/kun)