Party-Government Consultative Meeting on Financial Services Commission Dismantling Proposal... "Aiming for September Approval"

Political Affairs Committee and Government Hold Meeting to Discuss Restructuring of the Financial Services Commission
"Government Listens to Committee's Opinions"
Aiming for Passage on the 25th

The ruling party and the government held a party-government consultative meeting to discuss the proposal to dismantle the Financial Services Commission. Lawmakers from the Political Affairs Committee of the Democratic Party of Korea plan to process the revised Government Organization Act, which includes this proposal, at the plenary session scheduled for the 25th.

Kang Junhyun, the Secretary of the National Assembly's Political Affairs Committee of the Democratic Party of Korea, is giving an opening remark at the 'Capital Market Issue Response and On-site Inspection' held at the Korea Exchange in Yeouido, Seoul on the 10th. Photo by Kang Jinhyung

After the party-government consultative meeting of the Political Affairs Committee held at the National Assembly in Yeouido on the 1st, Kang Junhyun, the Democratic Party lawmaker who serves as the ruling party's secretary on the committee, told reporters, "Regarding the organizational restructuring plan for the Financial Services Commission, the government listened to the opinions of the committee members," and added, "There was a certain level of consensus on the proposal put forward by the National Policy Planning Committee."

The proposal from the National Policy Planning Committee reportedly includes transferring domestic financial policy duties currently handled by the Financial Services Commission to the Ministry of Economy and Finance, and merging the Financial Services Commission and the Financial Supervisory Service into a new Financial Supervisory Commission.

Assemblyman Kang stated, "We discussed the division of roles and functions among the Financial Intelligence Unit (FIU), the Financial Supervisory Service, and the Financial Consumer Agency," adding, "It took a long time because there were supplementary issues to address when examining each detail." The party-government consultative meeting lasted about one hour and twenty minutes.

Assemblyman Kang also said that the goal is to include the Financial Services Commission restructuring plan in the revised Government Organization Act, which is likely to be processed at the plenary session on the 25th. He added, "Not only the Financial Services Commission, but also other issues related to government reorganization, such as the prosecution reform bill mentioned by the party leader, are expected to be included," and continued, "Since the plenary session on the 25th is the plan, we will do our best to meet that schedule."