Constitutional Court held another trial of judicial review on Article 1 number 1, Article 5, Article 6, Article 7, Article 37, Article 55, Article 64, Article 65, and Article 67 Act 21/2011 about Financial Service Authority (UU OJK), Monday (12/1). The Agenda of the trial, led by Deputy Chief Justice Arief Hidayat, is Government-presented expert’s testimonial hearing.  

One of the experts, State Administration expert Yuliandri told that UU OJK is completely not challenging the Constitution. According to Yuliandri, by the absence of norm in Constitution which Applauds OJK, it doesn’t necessarily mean OJK is not validated. Moreover the Expert at Andalas University also said that there are several approach applied in law-making process. “Act may consist: first, order from certain Act. Second, validating international charter. Third, Processing MK’s verdict, and the last fulfillment of people’s necessity” Yuliandri said referring to Article 10 paragraph (1) Act 12/2011.   

Yuliandri said, UU OJK is an Act that took form as determined by Article 34 paragraph (1) Act 6/2009. “The duty of bank monitoring will be held by independent monitoring body that formed after an Act,” Yuliandri said. According to him, the regulation constituted OJK’s validity.  

Besides, the Act was formed after people’s necessity. OJK came into effect not just to oversee financial sector only, but national economic sector as well. Yuliandri sees UU OJK has regulated has firmed upon Article 33 1945 Constitution.

Transparent and Independent

In Accordance to its independency, Yuliandri said that it can be measured by retaining its self-governing mechanism. According to him, OJK independency won’t be challenged despite the fact that its budgeting derived from levies. He also hinted Supreme Court (MA) applies such levies but nothing may contend its decision.   

Meanwhile economic expert of Gadjah Mada University (UGM), Wihana Kirana Jaya said that there is no need to argue OJK’s independency, as long as it is managed transparently.   

Another UGM expert, Nindyo Pramono said UU OJK was formulated to avoid what happened in 1997-1998. Therefore, Nindyo said, OJK’s mechanism in overseeing financial sector is expected to indulge proper, well-managed, competitive, and credible system. “During the crisis, everyone condemned Bank of Indonesia to miss proper monitoring. It accelerated OJK’s formation,” Nindyo said. Closing his statement, he said OJK’s presence was intended to protect people’s interests. (Ilham/kun)