'Short Selling Card' Leads Ruling Party's Push to Fully Block the Yellow Envelope Act... Opposition's Counterattack with Han Dong-hoon Impeachment

Yoon Jae-ok to Hold Unlimited Debate at Plenary Session on 9th
People Power Party Aims to Seize Initiative
Democratic Party Suggests Possible Impeachment of Lee Dong-gwan and Han Dong-hoon

Following the People Power Party's launch of the 'New City Special Committee' to promote the incorporation of Gimpo City into Seoul and the announcement of megaton-level policies such as the temporary ban on short selling, the party has declared its intention to strongly block the passage of contentious bills such as the 'Yellow Envelope Act' and the 'Broadcasting 3 Acts' in the National Assembly. Meanwhile, the Democratic Party of Korea is countering with the 'impeachment card' against Justice Minister Han Dong-hoon and Broadcasting and Communications Commission Chairman Lee Dong-gwan, as tensions rise ahead of the plenary session scheduled for the 9th.

On the 6th, Yoon Jae-ok, floor leader of the People Power Party, told reporters after a party caucus meeting at the National Assembly that they would block the legislation of a total of four bills, including the Yellow Envelope Act (amendments to Articles 2 and 3 of the Labor Union and Labor Relations Adjustment Act) and the Broadcasting 3 Acts (Broadcasting Act, Broadcasting Culture Promotion Act, and Korea Educational Broadcasting System Act), through a filibuster (unlimited debate) decided on the 3rd.

Floor Leader Yoon explained, "Regarding the so-called runaway legislation of the Yellow Envelope Act and the Broadcasting 3 Acts, the members agreed to coordinate overlapping content as much as possible to make it clearer and more concise, so that we can effectively explain the problems of these laws to the public."

Earlier, Floor Leader Yoon decided at last week's caucus meeting to require first- and second-term lawmakers to participate in the filibuster at the plenary session on the 9th. For each of the four bills, at least 15 members will participate for more than 3 hours each. Accordingly, a total of 60 People Power Party lawmakers?20 for the Yellow Envelope Act and 40 for the Broadcasting 3 Acts?are expected to engage in a filibuster lasting at least 180 hours during this plenary session.

Previously, after losing the by-election for the mayor of Gangseo District, Seoul last month, the People Power Party launched an Innovation Committee and put forward major agendas to seize control of state affairs ahead of the general election. On this day, the party officially launched the 'New City Project Special Committee' to incorporate parts of Gyeonggi Province adjacent to Seoul, including Gimpo City. Initially planning to incorporate only Gimpo City into Seoul, the scope of the incorporation area has now been expanded. The special committee is chaired by five-term lawmaker Cho Kyung-tae, with two-term lawmaker Song Seok-jun serving as vice-chair. The committee consists of 15 members, including seven incumbent lawmakers. The People Power Party also hinted at the possibility of increasing the number of members depending on the progress.

The ruling party is also intensifying its opposition with the 'short selling card.' The government decided to temporarily ban short selling until June next year, and the market reacted immediately. On the first day of the full short selling ban, a 'sidecar' (program trading quote suspension) was triggered in the KOSDAQ market. In the KOSDAQ market, a sidecar is triggered when the KOSDAQ150 futures index rises more than 6% compared to the base price and the KOSDAQ150 index rises more than 3% compared to the final figure of the previous trading day, and both conditions persist simultaneously for one minute. This is the first time in about three years and five months since June 16, 2020.

In response, the Democratic Party of Korea once again pulled out the 'impeachment card.' On this day, Hong Ik-pyo, floor leader of the Democratic Party, mentioned the push for impeachment motions against Lee Dong-gwan, chairman of the Broadcasting and Communications Commission, and Han Dong-hoon, Minister of Justice. Earlier, the Democratic Party had passed an impeachment motion against Minister of the Interior and Safety Lee Sang-min. Floor Leader Hong said on MBC Radio, "(The impeachment of the Yoon Suk-yeol administration cabinet) is under internal review and will probably materialize soon," adding, "We plan to submit it as early as the plenary session on the 9th of this month."

In response, Floor Leader Yoon said, "Following the legislative rampage of bills directly referred to the plenary session, they have pulled out the card of impeaching cabinet members, which I think is an intention to obstruct state administration," adding, "It is really excessive. How long has it been since we (floor leaders of both parties) signed a gentleman's agreement to avoid political strife and show a dignified and trustworthy 21st National Assembly to the public, yet they continue to show off their power? It is frustrating."