Ruling Party: "Restoring Balance to the Principle of Beneficiary Pays"
Opposition: "Concerns Raised Over Higher Loan Barriers"
On December 12, the People Power Party launched an unlimited debate (filibuster) at the National Assembly plenary session to block the passage of the Banking Act amendment, which would prohibit banks from factoring insurance premiums and contributions into loan spreads. The People Power Party is opposing all bills, including non-contentious ones, with filibusters in response to the Democratic Party’s push for judicial and media reform legislation.
The People Power Party resumed the filibuster as soon as the Banking Act amendment was brought up for discussion immediately after the passage of the Criminal Procedure Act amendment at the plenary session that day. The core of the Banking Act amendment is to prevent banks from passing on legal costs to consumers by prohibiting the inclusion of reserve requirements, deposit insurance fees, and various guarantee institution contributions when calculating loan spreads.
The Democratic Party designated the amendment as a fast-track bill last April after its progress was blocked because the relevant standing committee chairs (the Industry and Political Affairs Committees) were members of the People Power Party.
Min Byungdeok, the Democratic Party lawmaker who sponsored the bill, explained in his proposal, "They say the customer is king, but it seems that financial consumers are not treated as such," adding, "The amendment seeks to restore a balance between banks’ pursuit of profit, the public nature of finance, social responsibility, and the principle that beneficiaries should bear the costs."
Lee Heunseung, a member of the People Power Party, is starting a filibuster as the Banking Act amendment bill is submitted at the December extraordinary plenary session held at the National Assembly in Yeouido, Seoul on December 12, 2025. Photo by Kim Hyunmin
On the other hand, Lee Heunseung, a four-term senior lawmaker from the People Power Party and the first speaker in the filibuster, criticized, "Negative opinions such as 'the effects are uncertain' and 'it will raise the threshold for loans' are being raised," and questioned, "Is it responsible for lawmakers to pass an amendment without proper debate and review?"
Regarding the ongoing filibuster situation, he pointed out, "Democracy has seriously regressed amid extreme political conflict between the ruling and opposition parties, and as political deadlock continues, parliamentary politics has failed to function properly," adding, "It is not unreasonable for the public to perceive the National Assembly as an arena for political strife and verbal abuse, rather than as a representative institution."
He further emphasized, "Our politics has degenerated into a zero-sum game focused solely on seizing power, rather than on policies for the people," and "It has become a battlefield for the next administration, rather than a forum for cooperation."
The Democratic Party submitted a motion to terminate the filibuster at 3:34 p.m., immediately after it began. The plan is to end the filibuster and put the Banking Act amendment to a vote after 3:34 p.m. on December 13, exactly 24 hours later. Under the National Assembly Act, a vote must be held 24 hours after a motion to end a filibuster is submitted, and the filibuster can be forcibly ended if at least three-fifths of all lawmakers agree.
Afterwards, the Police Officers' Duties Execution Act amendment is expected to be brought up, followed by another filibuster. This amendment would allow police officers to warn individuals and, in urgent cases, restrain them if they enter restricted areas to distribute leaflets or materials that could provoke military or diplomatic tensions in border regions.
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