"You did an excellent job with the June 27 measures"
Kwon Dae Young, Secretary General, who led the loan regulations
On July 4, President Lee Jae Myung visited Daejeon and publicly praised the Secretary General of the Financial Services Commission, who led the "June 27 Household Debt Management Measures."
President Lee Jae Myung is speaking at a meeting held in a town hall format titled "Public Communication Campaign Part 2, Listening to the Heart of Chungcheong" at the Daejeon Convention Center on the 4th. Kwon Dae Young, Secretary General of the Financial Services Commission, is speaking. Photo by Yonhap News
During a town hall meeting held at the Daejeon Convention Center on the afternoon of July 4 under the theme "Public Communication Campaign: Listening to the Heart of Chungcheong," President Lee mentioned Kwon Dae Young, Secretary General of the Financial Services Commission, who was present at the event, saying, "So this is the person who implemented the real estate loan restriction measures. You did an excellent job."
The town hall meeting was organized to hear the opinions of small business owners and self-employed individuals who are struggling due to the economic downturn, and to discuss solutions for resolving their bad debts. The Financial Services Commission participated in the event as the main government agency, including its "bad bank" initiatives.
While listening to complaints from small business owners who are diligently repaying their debts, President Lee asked Secretary General Kwon to stand up and explain the relevant policies. He introduced him as the official who created the latest loan regulations and gave him high praise.
On June 27, the Financial Services Commission announced household debt stabilization measures that included limiting the maximum amount of mortgage loans in the Seoul metropolitan area to 600 million won. As real estate prices in the Seoul metropolitan area saw the largest increase in over six years, the commission unveiled unprecedented loan regulations and applied the new rules the very next day. It is known that Secretary General Kwon personally led the development of these measures.
Since the launch of the new administration, the Financial Services Commission has been recognized as the central government agency that has produced the fastest and most effective policies related to the people's livelihoods.
On this day, Secretary General Kwon stated, "I understand the complaints of those who are repaying their debts faithfully. We have provided a lot of policy support for them as well," adding, "We have worked to reduce interest rates, extend loan maturities, and more. Most recently, we provided 1.5 million won in interest reductions, deposited directly into their accounts, through the banking sector."
Meanwhile, it has been reported that the National Planning Committee recently prepared a draft for restructuring economic ministries and submitted it to the Presidential Office. There is strong consideration of separating the budget function of the Ministry of Economy and Finance to create a Ministry of Finance and Economy and a Planning and Budget Office, while transferring domestic financial policy authority from the Financial Services Commission to the Ministry of Economy and Finance.
Some observers suggest that if the major policies of the Financial Services Commission are transferred to the Ministry of Economy and Finance, it may become difficult to produce important financial policies?such as those concerning household loans, corporate restructuring, small business owners, high-tech industries, and real estate project financing (PF)?as quickly and efficiently as is currently possible.
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