Abstract
Every amendment to the Bank Indonesia Law is caused by a situation that requires changes to the Law regulating the Central Bank in Indonesia as a solution. The spread of COVID-19 in Indonesia has also led to proposals to amend the Bank Indonesia Law. The purpose of the study is to find answers to the relevance of the proposed Amendment to Bank Indonesia Law to address the spread of COVID-19 to banking institutions in Indonesia. This type of research methods is normative legal research. In normative legal analysis, secondary data are used, consisting of primary and secondary legal materials. They are obtained from applicable regulations in Indonesia. The study results show that every change is always based on events that prove the weak implementation of existing rules with a regulatory and conceptual approach. The spread of COVID-19 is a situation, that has no practical basis and requires amendments to the Bank Indonesia Law as an alternative solution. Also, the proposed amendments are not yet relevant to address the impact of COVID-19 on banks because they have not yet realized and achieved the legal goals of providing benefits to the community. AcknowledgmentThanks to Universitas Atma Jaya Yogyakarta, Indonesia, for providing funding for research and publication.
Highlights
The study results show that every change is always based on events that prove the weak implementation of existing rules with a regulatory and conceptual approach
Bank Indonesia Law are the answer to banking There are at least 12 proposals for amendproblems in overcoming the impact of the ments to articles and two recommendations for COVID-19 pandemic
Based on the results and discussion above, it can be concluded that the proposed amendments to the Bank Indonesia Law are in essence the right of the Indonesia People’s Representative Council
Summary
The proposed amendments are the banking supervision function from the Financial Services Authority to Bank Indonesia, changes in the concept of Bank Indonesia independence, changes in the Formulation of Bank Indonesia’s Goals, and the Proposal to Establish a Monetary Board. The legal problem is formulated: Are the proposed amendments to the Bank Indonesia Law relevant as a solution to the impact of the spread of COVID-19 on banking institutions in Indonesia? This is stipulated in Article 55, paragraph 2 of the this study uses various regulations related to the Financial Services Authority Law, elucidation of proposed amendment to the Bank Indonesia Law. article 7 in conjunction with article 40 of the The conceptual approach is used because several
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