"Did They Preemptively Declare Martial Law?"... 18 Days After Yoon Impeachment Vote, Financial Chiefs Summoned to National Assembly

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Geumyungwiwonjang·Geumyunggamsogwonjang·Gongjeongwiwonjang sohan

Yonhap News

The National Assembly's Political Affairs Committee will summon the heads of financial authorities on the 18th, following the vote on the impeachment motion against President Yoon Seok-yeol, to conduct a hearing on current issues. The committee's ruling and opposition party secretaries plan to focus on whether the financial authorities were aware in advance of the declaration of martial law and the impact on the financial market.

According to the National Assembly and financial authorities on the 12th, the Political Affairs Committee will hold a plenary session on the morning of the 18th and summon Kim Byung-hwan, Chairman of the Financial Services Commission; Lee Bok-hyun, Governor of the Financial Supervisory Service; and Han Ki-jung, Chairman of the Fair Trade Commission. The three opposition parties (the Democratic Party, the Innovation Party for Justice, and the Social Democratic Party) held a press conference on the 9th, demanding that Prime Minister Han Duck-soo and Director of the Office for Government Policy Coordination Bang Ki-seon also be summoned. However, during negotiations between the ruling and opposition parties, it was decided that only heads of financial and economic institutions under the Political Affairs Committee would attend.

The plenary session was originally scheduled for the 13th. However, with the impeachment vote expected on the 14th, and the ruling party likely to hold a final party meeting the day before as well as a National Assembly plenary session scheduled, the meeting was postponed until after the vote.

The plenary session will focus solely on assessing the economic situation without other agenda items. A Political Affairs Committee official explained, "There will be a hearing to diagnose and review the economic situation, including finance such as the exchange rate, and to examine the government's response measures."

The heads of financial authorities are also expected to be questioned about their prior knowledge of the martial law declaration. An opposition lawmaker from the Political Affairs Committee said on the 10th after an on-site inspection of the Korea Exchange, "If the financial authorities had no prior indication, it would be evidence that the Yoon Seok-yeol administration declared martial law without giving the economic and financial sectors time to prepare. Conversely, if they were prepared, they will also be held accountable for the martial law."

In particular, the opposition is focusing on the fact that market stabilization measures such as the Stock Market Stabilization Fund and the Bond Market Stabilization Fund were immediately mentioned right after the declaration of martial law. Depending on whether the financial authorities had prior knowledge, it could gauge the Yoon Seok-yeol administration's level of preparation for martial law and the possibility of the financial authorities' involvement.

However, as the impeachment situation rapidly escalates?such as People Power Party leader Han Dong-hoon switching to support impeachment after President Yoon's fourth national address?there is also a possibility that the Political Affairs Committee's schedule may change again. Professor Lee Jun-han of Incheon National University's Department of Political Science and Diplomacy said, "In the very difficult situation of the financial and foreign exchange markets due to the martial law aftermath, there should be a session to review what preparations have been made to manage the economy stably through a hearing on current issues and to communicate this to the public."