Ruling Party and Government Actively Push for Semiconductor Act and Financial Investment Tax Abolition... Han Dong-hoon: "Government Must Make Citizens Feel the Results"

Promotion of 5 Key Public Welfare Legislative Tasks in the Regular National Assembly
Including the Abolition of the Mobile Phone Distribution Act and the Youth Crisis Support Act Selected

The People Power Party and the government agreed on the 29th during the regular National Assembly session to pass the Semiconductor Industry Special Act and the K-Chips Act (Restriction of Special Taxation Act) for securing overwhelming technological superiority and strategic support, and to abolish the financial investment income tax.

Kim Sang-hoon, chairman of the Policy Committee, told reporters after the 'Party-Government Meeting to Review Legislative Tasks for Livelihood' held at the National Assembly that day, "We agreed to actively promote five major legislative tasks related to people's livelihood in this regular National Assembly session."

The five legislative tasks include legislation to revive the livelihood economy, legislation directly related to people's livelihood, legislation to solve birth-related issues, legislation for public safety, and legislation for balanced regional development.

First, besides the Semiconductor Industry Special Act and the K-Chips Act, the party and government will push for the passage of laws to foster advanced and energy industries, such as the 'National Power Grid Expansion Act' to ensure stable power supply to advanced industries including semiconductors, the Artificial Intelligence (AI) Industry Promotion Act, the Nuclear Power Industry Support Special Act, and the High-Level Radioactive Waste Management Act.

Among the tasks directly related to people's livelihood, they decided to abolish the Device Distribution Act, which restricts competition among mobile communication operators and increases the burden on citizens purchasing devices. Additionally, laws such as the Crisis Youth Support Act, Labor Vulnerable Support Act, Local Tax Special Act to reduce acquisition tax on newly built small housing, the Private Rental Housing Act introducing 20-year long-term private rental housing, and the Essential Regional Medical Gap Resolution Act will also be pursued.

To address the low birthrate issue, the establishment of the Population Strategy Planning Department, the Local Education Autonomy Act and Local Education Finance Grant Act to lay the foundation for consistent integrated early childhood education promotion, and the Childcare Support Act introducing a qualification system for childcare providers and expanding care services will be passed in this regular National Assembly session.

For eradicating deepfake sex crimes, the 'Information and Communications Network Act' mandating the establishment of preventive measures, the Electronic Financial Transactions Act and Large-Scale Distribution Business Act including follow-up measures such as improving fund management systems to prevent recurrence of the T-Mef (Timon·Wemakeprice) unsettled payment incident, the 'Criminal Act' establishing public intimidation and carrying weapons in public places to prevent indiscriminate heinous crimes, and the 'Civil Defense Basic Act' containing grounds for support for damage recovery caused by North Korean anti-South balloon waste were selected as public safety legislative tasks.

For balanced regional development, the Korea Development Bank Act to relocate the bank's headquarters from Seoul to Busan, the Busan Global Hub City Special Act, the Regional Balanced Investment Promotion Act, and the Metropolitan Transportation Act will also be pursued as legislative tasks.

[Image source=Yonhap News]

The party and government formalizing these legislative tasks reflects their intention to deliver tangible results that the public can feel ahead of the midpoint of President Yoon Seok-yeol's administration. In his opening remarks at the party-government meeting, Representative Han Dong-hoon said, "The first year in power was about normalizing the abnormal, the second year was about driving reform tasks," and emphasized, "From the third year in power, we must let the public feel the achievements our government has pursued one by one."

Han added, "If politics can do just one thing, the People Power Party will choose people's livelihood without hesitation," and pledged, "Although it will take a long time for our policy efforts to show results in people's livelihood, we will quietly do our work."

Floor leader Choo Kyung-ho also emphasized the responsibility as the ruling party, saying, "After the first National Assembly audit of the 22nd session concludes, we must now seriously review the budget and bills to produce results for people's livelihood."