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Abstract

This paper analyses the legal validity of Bank Indonesia's Floating Rate Notes (BI-FRN) following the Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law) from a public law viewpoint. Doctrinal legal research utilises statutory, conceptual, and comparative methodologies, augmented by literature network visualisation, to pinpoint structural deficiencies. The network analysis reveals a significant divide between technical financial transactions and administrative legal oversight. The findings indicate that Article 11 of the P2SK Law enforces a stringent priority clause that centres monetary policy solely on Rupiah stability. This legal barrier prohibits abuse of power by requiring fiscal authorities to be accommodating. A comparison analysis with the United States Federal Reserve System establishes a strong normative basis for implementing stringent controls. The report advocates for the creation of a formal coordination committee to implement an appropriate independent-cohesive governance model that ensures enduring legal certainty for domestic market participants.

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