President Lee Meets Lee Okwon: "His Father Named Him Okwon, Thinking 'Manwon' Was Too Little?"

Lee Okwon Attends First Cabinet Meeting as New Financial Services Commission Chairman
President Lee Welcomes Him, Sharing the Story Behind His Name
Also Instructs, "Find Ways to Revitalize Regional Finance"

President Lee Jaemyung shared an anecdote related to the name of Lee Okwon, the new chairman of the Financial Services Commission. Previously, when Lee was nominated as chairman, there was online buzz about the uniqueness of his name. On the 16th, Lee attended the Cabinet meeting for the first time since his inauguration and was introduced to the ministers.

Lee Okwon, the new chairman of the Financial Services Commission, is delivering his inaugural speech at the inauguration ceremony held on the 15th at the Government Complex Seoul in Jongno-gu, Seoul. Photo by Jo Yongjun

Chairman Lee stated, "The role of the Financial Services Commission is more important than ever in overcoming the structural challenges of low growth and polarization facing the Korean economy, and in opening a new future of sustainable growth as emphasized by the President. I feel a great sense of responsibility to be entrusted with such a significant duty during this period of major transformation." He continued, "We will swiftly advance the national financial policy agenda, which includes transitioning to productive finance that connects capital to future opportunities, inclusive finance that offers chances to the financially vulnerable, and trustworthy finance that safeguards financial stability and market order."

After hearing Lee's remarks, President Lee said, "I heard yesterday that Chairman Lee's father initially considered naming him 'Manwon' (meaning 'ten thousand won'), but thought it was too little, so he named him 'Eokwon' (meaning 'one hundred million won') with a forward-looking mindset. He joked, 'Maybe he should have named him 'Jowon' or 'Gyeongwon' (meaning 'trillion won' or 'quadrillion won'), but at the time, those seemed too idealistic.'" The President's explanation of the naming story drew laughter from other Cabinet members, and Chairman Lee nodded in agreement.

During the subsequent Cabinet meeting, President Lee asked the Financial Services Commission to develop ways to promote regional development through policy finance. He asked Chairman Lee, "Is it possible to offer lower policy finance interest rates in regional areas?" Chairman Lee replied, "We will strengthen measures such as providing preferential interest rates through policy financial institutions." President Lee further commented, "The disappearance of regional banks is also a problem," and instructed, "Find ways to support and revitalize local finance, foster its growth, and develop plans to provide financial support benefits to local businesses."

President Lee Jae-myung is taking a commemorative photo with Lee Okwon, Chairman of the Financial Services Commission, after presenting the appointment letter at the Yongsan Presidential Office on the 15th. Photo by Yonhap News

Born in 1967, Chairman Lee graduated from Kyungshin High School in Seoul and earned a degree in economics from Seoul National University, followed by a Ph.D. in economics from Missouri State University in the United States. He entered public service through the 35th civil service exam. Starting in 1992, he held key positions in macroeconomic policy, including roles at the Ministry of Finance’s Customs Bureau, the Economic Policy Bureau of the Ministry of Finance and Economy, the International Finance Bureau, and as director of the Price Policy Division, Comprehensive Policy Division, and Human Resources Policy Division of the Future Economy Strategy Bureau. During the Moon Jaein administration, he served as Secretary for Economic Policy at the Presidential Office and was later promoted to First Vice Minister of Economy and Finance.

Previously, on August 13, Kang Hoonshik, Chief Presidential Secretary, said upon Lee’s nomination, "Based on his extensive experience as an economic official, Chairman Lee will faithfully implement the Lee Jaemyung administration’s financial philosophy, including financial policies that address the needs of ordinary people and the revitalization of a sound capital market."