 |
금융위원회 전경. (사진=연합뉴스) |
[Alpha Biz= Kim Jisun] Seoul, September 25 – South Korea’s government restructuring bill, which includes the abolition of the Prosecutors’ Office, division of the Ministry of Strategy and Finance, establishment of a Ministry of Climate, Environment and Energy, and reorganization of the Ministry of Gender Equality and Family, has been submitted to the National Assembly plenary session. With the ruling People Power Party set to launch a filibuster, the bill is expected to pass on September 26 under the Democratic Party’s majority.
Democratic Party policy chief Han Jeong-ae announced that the party has decided not to include financial authority reforms in the current restructuring package. These reforms had originally proposed separating the Financial Services Commission’s policy and supervisory functions and creating a new Financial Consumer Protection Agency.
Han explained: “At a time when financial stability is crucial to overcoming economic challenges, leaving the financial system in flux for more than six months would not help recovery. There was broad consensus on this point.”
Because the ruling People Power Party chairs the National Policy Committee, which oversees amendments to the Financial Services Commission Act, even if the Democratic Party placed the reform bill on the fast-track process, it would take about six months. Instead, the party plans to hold further discussions with the ruling party on future financial authority reforms.
Observers note that the government’s decision to defer financial restructuring reflects President Lee Jae-myung’s influence. Concerns had been raised that transferring certain financial policy functions to the restructured Ministry of Finance and Economy could paradoxically expand its authority, even as budget functions are being shifted to the Prime Minister’s Office.
A government official commented: “We must create a KRW 150 trillion National Growth Fund and redirect capital concentrated in real estate into productive finance. These policies are essential in today’s uncertain global trade and financial environment.”
알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)
