The Democratic Party Drives Legislation for 100 Days... Supporting the Yoon Administration's Governance

Priority Advancement of Bills for Small Businesses Including Delivery Price Linkage System
"First Propose... Start Negotiations After Assembly Formation"
Speeding Up Economic Revitalization Measures Such as Tax Cuts and Loan Interest Rate Reduction

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Hyun-ji] The People Power Party will launch a 100-day legislative drive to support the Yoon Seok-yeol administration's governance. They plan to prioritize legislation aimed at protecting the vulnerable, such as the delivery price linkage system and virtual asset investor protection bills.

On the 6th, Sung Il-jong, chairman of the People Power Party's Policy Committee, told Asia Economy in a phone interview, "We will first quickly propose bills and start consultations once the National Assembly is organized." Sung also stated on KBS Radio that day, "The party will strongly push forward a support system including legislation over the next 100 days." He had previously mentioned on the 2nd, right after the local elections, that a '100-day operation' would be implemented to ensure the success of the Yoon Seok-yeol administration.

Sung identified legislation for the vulnerable, such as the delivery price linkage system and virtual asset investor protection bills, as top priorities. Regarding the delivery price linkage system, he said, "Although a bill has already been proposed, we plan to introduce a more advanced bill." The delivery price linkage system automatically reflects raw material price increases in delivery prices and has been the biggest wish of small and medium-sized enterprises. Related bills have been jointly proposed by People Power Party lawmakers including Kim Jeong-jae and Han Mu-gyeong, as well as Kim Gyeong-man from the Democratic Party of Korea.

On legislation to protect virtual asset investors, he explained, "We plan to hold party-government consultations within this week," adding, "This will not be done through amendments to the Electronic Financial Transactions Act or the Act on Reporting and Using Specified Financial Transaction Information, but by enacting a new law under an appropriate name."

They also intend to accelerate measures to revitalize the economy. Sung said, "We are considering various forms such as resolving inflation factors through tariff and fuel tax cuts and lowering student loan interest rates from the current 2.5-3% range to around 1%." Additionally, plans to promote a special law for new towns and foster future growth industries were announced.