[Exclusive] FSS Governor Nominee Chanjin Lee: "I Will Fulfill Core Supervisory Duties While Reflecting National Policy Agenda"

"I Will Listen Diligently"
Emphasizing a Willingness to Listen

Lee Hanju, Chairman of the National Policy Committee (left), and Lee Chanjin, nominee for Financial Supervisory Service Governor. Photo by Yonhap News

Chanjin Lee, nominee for Financial Supervisory Service (FSS) Governor, stated on August 13, "While reflecting the government's national policy agenda, I will fulfill my primary supervisory duties as FSS Governor."

In a phone interview with Asia Economy that afternoon, Lee said, "I will faithfully follow the government's policy direction," adding, "Some aspects of the national policy agenda have already incorporated my pledges, so I plan to focus on those areas." He also emphasized his willingness to listen attentively, saying, "I will listen diligently."

On the same day, Byunghwan Kim, Chairman of the Financial Services Commission, nominated Lee for appointment as the new FSS Governor following a temporary FSC resolution. The FSS Governor is nominated by the FSC Chairman and appointed by the President.

Lee is a classmate of President Jaemyung Lee from the 18th Judicial Research and Training Institute and has a history of working together in the Labor Law Society. During the Roh Moo-hyun administration, he served as a civilian member of the Ministry of National Defense Truth and Reconciliation Committee in 2005 and was the Executive Director of the People's Solidarity for Participatory Democracy in 2010. He is particularly known for his experience in civic organizations, including serving as Vice President of Lawyers for a Democratic Society (Minbyun).

For these reasons, the financial industry views his nomination as a "surprise" appointment. This is because he has relatively little experience in the financial sector and has been vocal on labor, welfare, and social issues. As a member of the National Pension Fund Management Committee, Lee showed interest in pension reform, health and welfare, and public healthcare. On the National Policy Planning Committee, he led the Social Affairs Division 1, focusing mainly on public healthcare, the 4.5-day workweek, and labor issues.

However, there are also assessments that Lee is highly knowledgeable about capital market issues due to his role as a member of the National Pension Fund Management Committee. A financial industry official stated, "Attorney Lee has not worked directly in the financial sector, but as he has served for a long time on the National Pension Fund Management Committee, he has made many decisions related to financial policy," adding, "He has strong expertise in areas such as commercial law amendments, minority shareholder protection, and the asset management industry."

Based on precedent, Lee is expected to begin work at the FSS starting tomorrow afternoon, after receiving presidential approval. He is expected to receive a business briefing and deliver his inaugural address immediately. Since the resignation of former Governor Bokhyun Lee on June 5, the FSS has been without a chief for over two months. Lee is expected to quickly familiarize himself with his duties and implement his pledges in the near future.