JPSK may not be approved soon

The bill on the financial system safety net (JPSK) is not likely to be approved by the current House of Representatives, which will end its term on Wednesday, after the government and the House disagreed on two articles.

“We will send a letter to the House speaker stating that the bill is not yet finalized,” A. Hafiz Zawawi, chairman of the House's commission XI overseeing financial affairs, said after a meeting at 11 p.m. Monday.

Article 30 states that “The secretariat of the Financial System Stability Committee (KSSK) that was formed by the 2008 regulation-in-lieu-of-law on the JPSK should hand over KSSK documents and papers to the secretariat of the Financial System Stability Forum (FSSK) that will be formed based on this law".

Article 31 states that "When this law becomes effective, the 2008 regulation-in-lieu-of-law on the JPSK will be revoked and stated to be not in effect".

Seven out of the 10 factions refused to pass the articles. Only President Susilo Bambang Yudhoyono's Democratic Party faction asked to delay the discussion – the Reform Star Party faction and the Democratic Pioneer Star faction did not attend the discussion.

If the bill is not endorsed Wednesday, it will be discussed by new lawmakers, mostly comprising Yudhoyono's Democratic Party, said lawmaker Dradjad H. Wibowo.