Lee Byung-rae Likely to Be First Financial Supervisory Service Chief under Yoon Administration... Yoon Jong-won as Minister for Government Policy Coordination

Lee Byung-rae, Vice President of the Korean Institute of Certified Public Accountants

[Asia Economy Reporter Song Hwajeong] Lee Byeong-rae, Vice Chairman of the Korean Institute of Certified Public Accountants, is reportedly the leading candidate for the first Financial Supervisory Service (FSS) chief under the Yoon Seok-yeol administration. Yoon Jong-won, President of IBK Industrial Bank of Korea, has been virtually confirmed as the Minister of the Office for Government Policy Coordination.

According to ruling party and financial industry sources on the 24th, Lee Byeong-rae, Vice Chairman of the Institute of Certified Public Accountants, has been nominated as the inaugural FSS chief of the new government. Vice Chairman Lee graduated from Daejeon High School and Seoul National University with a degree in Trade (Class of '81), and entered public service through the 32nd Administrative Examination. He has held various positions including Director of Financial Policy, Spokesperson, Director of Financial Services Bureau, Director of the Financial Intelligence Unit (FIU), and Standing Commissioner of the Securities and Futures Commission, and also served as President of the Korea Securities Depository.

Yoon Jong-won, President of IBK, has been selected as the Minister of the Office for Government Policy Coordination, who will assist the Prime Minister and coordinate overall government administration. Yoon is a seasoned economic bureaucrat with experience in macroeconomics, domestic and international finance, fiscal policy, industry, and structural reform. He has served as Director of Economic Policy Bureau at the Ministry of Strategy and Finance, Economic and Financial Secretary at the Blue House, Executive Director at the International Monetary Fund (IMF), Ambassador Extraordinary and Plenipotentiary to the Organisation for Economic Co-operation and Development (OECD), and Chairman of the Pension Fund Management Committee. During the Moon Jae-in administration, he served as Chief Secretary for Economic Affairs at the Blue House. Yoon has previously worked with Prime Minister Han Duck-soo in past governments.