The head of the Financial Supervisory Service, Lee Bok-hyun, who opposed the exercise of veto power 'by putting his job on the line' regarding the revision of the Commercial Act passed under the leadership of the Democratic Party of Korea, is rapidly increasing his exposure to the media. The time given to this director until the Prime Minister Han Duck-soo, who is acting on behalf of President Yoon Suk-yeol, decides whether to exercise the veto on April 5, is only 2 weeks. This is to repeatedly explain the necessity of passing the revision of the Commercial Act, but there are criticisms that he is excessively focused on politically entangled issues, despite numerous urgent matters.
On the 26th, this director appeared on MBC Radio's "Kim Jong-bae's Intensive Focus" for an interview. It was just a week after holding a press conference at the FSS headquarters on the 19th. Next week, he will appear on CBS Radio's "Kim Hyun-jung's News Show." In addition, it has been reported that there are arrangements being made for him to appear on the YouTube channel "Sampro TV."
During the radio interview on this day, this director again stated, "If the government exercises its veto on the revision of the Commercial Act, the stock and foreign exchange markets will also be shaken." When asked by the host, "If the veto is exercised, will you really resign?" he said, "There is this week and next week left," and stated that he would deliver the materials he made to persuade the Ministry of Economy and Finance, the Prime Minister's Office, and others. The government maintains that it must minimize market side effects through the amendment of the Capital Markets Act, and he aims to overturn this within 2 weeks.
The Financial Services Commission immediately showed signs of displeasure. During a monthly press conference that morning, Commissioner Kim Byeong-hwan commented on this director's statements, saying, "It is something that will be ultimately decided by the acting president after hearing the opinions of various relevant agencies, including the Ministry of Justice," adding, "It is not appropriate to speak publicly on such matters." There are also criticisms that it is inappropriate for this director to have conducted an interview just 2 hours before Commissioner Kim's press conference. Typically, when a minister such as the Commissioner of the Financial Services Commission makes a statement to the media, it is customary for the head of the FSS, who is at the vice-ministerial level, to refrain from making separate statements to enhance the visibility.
The controversy began 2 weeks ago. On the 13th, this director stated that he would 'oppose it by putting his job on the line' concerning the veto on the Commercial Act revision. After a barrage of criticism from the ruling party, this director convened a press conference a week ago to gather reporters. He then fired back, saying, "In terms of not having final decision-making authority, we are all 'one of them,' and we are all giving our opinions as N to 1, but it is frankly an overreach for the FSS to have to give its opinion or not.'
While it may be possible to use the media as a channel for expressing views, there are criticisms that increasing the frequency of appearances and the level of statements cannot be seen as a purpose for stabilizing the financial market. This director's statements have escalated since the Dec. 3 emergency martial law situation. He mentioned using the expression 'spicy taste' regarding the management assessment related to the acquisition of Woori Financial Group by an insurance company at the end of December last year. He explained that the reason for delaying the announcement of the FSS inspection results was "to show a spicier taste."
Considering the seriousness of the matter, careful statements are more important than ever, yet the elevation of statement levels is viewed as a concern for the political chill (a drain of power at the end of a term). Known as the youngest prosecutor in the 'Yoon Seok-youl faction,' this director has been called a de facto director since taking office. Now that he is in the midst of the impeachment situation, it is said that he is making stronger statements to maintain discipline. Some speculate about a potential entry into politics. A financial industry insider noted, "There are talks that he may resign under the pretext of the Commercial Act revision and join hands with former People Power Party representative Han Dong-hoon to step into the political arena, but we will have to see if that materializes."