Kim Byung-hwan, Financial Services Commission Chairman, Silent on Question About Participation in Martial Law-Related Cabinet Meeting

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance (left), Lee Chang-yong, Governor of the Bank of Korea (right), and Kim Byung-hwan, Chairman of the Financial Services Commission (center), are leaving the meeting room with serious expressions after a closed-door emergency macroeconomic and financial issues meeting held on the 4th at the Korea Federation of Banks in Jung-gu, Seoul. Photo by Jo Yong-jun

Financial Services Commission Chairman Kim Byung-hwan remained silent when asked by reporters whether he participated in the Cabinet meeting regarding President Yoon Seok-yeol's declaration and lifting of martial law, and when he was notified.

On the 4th, after concluding the emergency macroeconomic and financial issues meeting (F4 meeting) held at the Seoul Banking Hall in the morning, Chairman Kim did not respond to reporters' questions about his attendance at the Cabinet meeting prior to the martial law declaration. Although the Financial Services Commission Chairman is not legally a Cabinet member, it is customary for heads of major economic departments to attend Cabinet meetings.

As debates over the procedural legitimacy of the martial law declaration continue, the holding of the Cabinet meeting and confirmation of attendees have emerged as key issues. Chairman Kim only stated in official materials that "the financial authorities, together with policy financial institutions, financial-related organizations, and financial associations, will take all possible measures to prevent the spread of instability in the financial market and ensure that the financial market operates normally and stably."

Meanwhile, the financial sector is reported to have activated an emergency response system immediately after the martial law declaration due to concerns over increased volatility in the financial market. The Financial Services Commission maintained a 24-hour emergency duty system and strengthened market monitoring. Professor Heo Jun-young of Sogang University's Department of Economics pointed out, "When a significant national decision such as the declaration of martial law is made, prior preparation for financial market stability is essential," adding, "If the Financial Services Commission Chairman participated in the decision-making process, he should have also been involved in preparing countermeasures to stabilize the market."