Policy Chief Kim Yongbeom's Deep Understanding of Financial Policy
Trusts the FSC Without Forcing Policy Revisions
Stands Out for Policy Expertise and Communication with Bureaucrats
Leads to Effective Results in the 6.27 Lending Regulations
Observers attribute the Financial Services Commission's rapid rollout of financial policies and its growing prominence to its close communication with the Presidential Policy Office. They analyze that the high level of understanding of financial policy by the Policy Chief, who is also well-versed in the workings of the bureaucracy, combined with the policy expertise of FSC officials, has enhanced the effectiveness of these policies.
According to the National Policy Planning Committee and the financial industry on the 22nd, the Presidential Office approved the FSC's household debt management plan, reported in June, without any internal conflict. Typically, the Presidential Office intervenes considerably in the details when it receives reports on real estate-related financial policies, but this time was unusual.
The financial industry is paying attention to the fact that the Policy Chief, who has a deep understanding of financial policy, oversees overall economic policy. Policy Chief Kim Yongbeom is well known as the CEO of Hashed Research Center, but he is also a quintessential elite economic bureaucrat.
After graduating from Seoul National University with a degree in economics, he entered public service by passing the 30th civil service exam. He went on to serve as Secretary General of the FSC, Vice Chairman of the FSC, and First Vice Minister of the Ministry of Economy and Finance, establishing himself as a seasoned economic bureaucrat. He is well-versed not only in financial policy but also in economic planning, fiscal policy, and taxation. For this reason, he is considered someone who understands the speed and scope of lending regulations and the FSC’s policy design capabilities better than anyone else.
FSC officials have direct or indirect experience working with Chief Kim. Trust in Chief Kim within the FSC is known to be high. The strength of the Chairman-Secretary General-Financial Policy line has also played a significant role. FSC Chairman Kim Byunghwan is well known as a policy expert. He is highly knowledgeable in macroeconomics and economic policy planning, as well as financial policy, largely because he spent his entire tenure as a deputy director in the Financial Policy Bureau, despite his background at the Ministry of Economy and Finance.
FSC Vice Chairman Kwon Daeyoung is a figure who needs no introduction. He has always stepped in and quietly taken charge during crises such as the restructuring of Taeyoung Construction, real estate project financing (PF), and the 6·27 lending regulations. Having led important issues such as fintech (finance + technology), inclusive finance, and the innovation economy, he is regarded as a "true player" among both the financial industry and journalists. Vice Chairman Kwon credited the success of the 6·27 lending regulations, which were praised by President Lee Jaemyung, to the working-level staff, saying, "The staff did it all."
It is also significant that capable officials such as Shin Jinchang, Director General of Financial Policy, Kang Youngsoo, former Financial Policy Director, and Kwon Yui, Financial Policy Director?who actually designed the 6·27 policy?form the core of the financial policy team. These individuals are considered top talents who enjoy great trust within the FSC.
A senior FSC official said, "The successful implementation of the lending regulations was possible thanks to the Presidential Office’s understanding of and ability to communicate about policy," adding, "For major issues, there can be intervention from above, but when the FSC reported the lending regulations, they had full trust in us and did not interfere."
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