Lee Chanjin Emphasizes "Discussion and Consensus"
Vows No Abrupt Actions Affecting Financial Market Stability
Highlights Venture Capital Expansion and Strict Market Order
Pledges Stronger Consumer Protection and Systemic Reforms
On August 14, Lee Chanjin, the newly appointed chief of the Financial Supervisory Service, stated, "Please do not expect any actions from me that could cause instability in the capital market or the financial market."
After his inauguration ceremony at the Financial Supervisory Service in Yeouido, Seoul, that afternoon, Lee told reporters, "Let me first clarify that I am by no means an aggressive person," making this point clear.
He further emphasized, "I am not someone who makes decisions and executes them alone," adding, "I am accustomed to collective decision-making and working through consensus after discussions."
Lee’s emphasis on 'discussion' and 'consensus' during his first meeting with the press after taking office is seen as a conscious contrast to his predecessor. Like his predecessor Lee Bokhyun, Lee Chanjin also comes from a legal background.
Both men are considered surprise appointments, as neither has experience in the financial industry and both are known as close associates of the president. Lee Chanjin was in the same class as President Lee Jaemyung at the Judicial Research and Training Institute, and he also served as a defense attorney in cases such as the North Korea remittance allegations.
Lee said he would soon arrange an opportunity to discuss pending issues. This is interpreted as an intention to present a united front in close cooperation once the new Financial Services Commission chairman takes office.
In his inauguration speech, he reaffirmed the new administration’s policy priorities, including expanding the supply of venture capital and strictly punishing stock price manipulation. He stated, "I feel the weight of responsibility in taking on such a significant role at a critical time," and added, "I will do my utmost to ensure that the financial industry both supports the national economy’s transformation and becomes a key driver of growth."
Lee Chanjin, the new Financial Supervisory Service chief, is visiting the press room on the afternoon of the 14th to greet reporters.
He first stated, "We will expand the supply of venture capital to small and venture companies by introducing venture capital supply funds and a mutual growth index for small and medium-sized enterprises (SMEs)." The mutual growth index quantifies the extent to which the financial sector cooperates and coexists with SMEs, and its introduction has been recommended by the SME sector. The Democratic Research Institute, the ruling party’s think tank, also recently suggested introducing the index to encourage the financial sector’s participation in national policy priorities.
He also stressed the importance of establishing a fair market order. Lee said, "We will support the successful implementation of the recently passed amendments to the Commercial Act in the National Assembly, creating an order where the rights and interests of both major and minority shareholders are equally respected." He further emphasized, "We will respond strictly and with zero tolerance to actions that undermine market order and fairness, such as stock price manipulation or abuse of monopoly power."
Regarding the real estate project financing (PF) issue, he stated, "Under the previous administration, real estate PF loans became distressed," and added, "We will promptly resolve the remaining PF bad loans to normalize housing and construction finance, and fundamentally improve related systems to prevent recurrence."
He also said, "We will break the vicious cycle between debt and housing prices," announcing that the policy of managing total household debt will continue.
Amid discussions at the National Policy Planning Committee about separating the Financial Consumer Protection Bureau under the Financial Supervisory Service into an independent Financial Consumer Protection Agency, Lee’s commitment to significantly strengthening consumer protection functions is also notable.
Lee stated, "We will focus on innovating the operational system of the Consumer Protection Bureau and enhancing its expertise and efficiency," adding, "We will significantly strengthen the monitoring of consumer protection practices in the financial sector and actively utilize supervisory and inspection functions when necessary."
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