Democratic Party Supreme Council Meeting
"Bringing Up the Veto Even Before the Full Legislation and Judiciary Committee Meeting"
Reiterates the Need to Establish a Parliamentary Trade Support Committee
Lee Jae-myung, leader of the Democratic Party of Korea, criticized the ruling party, which proposed exercising the right to request reconsideration (veto) on the amendment to the Commercial Act even before the plenary session's resolution on the 26th, saying, "Unconditionally opposing first and seeing later, do you think the public will support this?" and "Who proposed it is not important."
At the Democratic Party's Supreme Council meeting held at the National Assembly that day, Lee said, "The amendment to the Commercial Act, which includes the duty of loyalty to shareholders, passed the Legislation and Judiciary Committee's subcommittee," adding, "The passage of the Commercial Act amendment is the first step toward a advanced capital market in South Korea. When a fair and transparent capital market is activated, an economic virtuous cycle structure will be created, allowing our companies and economy to leap forward, and the chronic Korea discount will also be resolved."
However, he criticized the People Power Party for opposing the amendment to the Commercial Act. He said, "The ruling party raised the veto on the Commercial Act amendment even before the full meeting of the Legislation and Judiciary Committee and the plenary session's resolution," and criticized, "How can you take responsibility for state affairs with an attitude of opposing opposition party proposals and policies without clear policy goals or economic vision?" He continued, "What does it mean to be the ruling party if not to take responsibility? Is it acceptable to just obstruct the opposition party?" He added, "I hope they stop political strife and discuss productive policies for the future of the community." He also said, "The result of using the veto as a trump card has led to misfortune for all of South Korea," and "We need to regain balance."
He also criticized Lee Bok-hyun, Governor of the Financial Supervisory Service, and Han Dong-hoon, former leader of the People Power Party, who had expressed support for the amendment to the Commercial Act. Lee said, "Governor Lee, former leader Han, and even President Yoon said it was necessary, so why oppose it now?" and pointed out, "Opposing like this makes it difficult even to remain the perennial opposition party."
Meanwhile, Lee expressed concern about the Trump administration in the United States pressuring domestic companies to invest and urged the formation of a parliamentary trade support committee. He said, "During the turmoil caused by the internal conflict, domestic companies visited the U.S. to seek self-help measures and returned facing unimaginable levels of investment pressure," adding, "The U.S. Secretary of Commerce said that if companies invest more than $1 billion (about 1.43 trillion KRW) each, they would expedite review and approval, but despite companies' hard efforts, it shows the limits of national leadership." Lee emphasized, "Parliamentary support is essential to respond to the Trump administration's trade pressure," and "Regardless of party lines, lawmakers with expertise in trade should actively step forward."
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