Lee Bok-hyun, the head of the Financial Supervisory Service, expressed his resignation to Kim Byung-hwan, the Chairperson of the Financial Services Commission, after the collapse of the commercial law amendment. However, he said he would not immediately step down, as he was dissuaded by Kim and other officials, including Choi Sang-mok, the Minister of Economy and Finance, and Lee Chang-yong, the Governor of the Bank of Korea. His future appears to be determined after the impeachment verdict against President Yoon Suk-yeol.
On the morning of the 2nd, Lee stated on CBS Radio's 'News Show with Kim Hyun-jung' that he conveyed his position to the Chairperson of the Financial Services Commission after being asked about his future. Lee has repeatedly opposed exercising the veto on the commercial law amendment 'with his position at stake,' and he revealed that he expressed his resignation to Chairperson Kim after acting Prime Minister and Deputy Prime Minister Han Duck-soo exercised the veto the previous day.
Lee stated, 'But whether they discussed it or not, Choi Sang-mok, the Minister of Economy, and Lee Chang-yong, the Governor of the Bank of Korea, contacted me and said, "The market conditions are tough; we must not act rashly."' He added, 'I mentioned that I am also a public official and that I have made commitments, but they suggested that since there will be announcements regarding U.S. tariffs tonight, we should meet tomorrow morning for the F4 meeting (macro-economic and financial issues discussion). That's the situation for now.' This indicates that he has withdrawn his resignation for the moment and plans to continue his duties.
He emphasized, 'I cannot afford not to attend the F4 meeting tomorrow, and I need to observe the market conditions, not just the tariff issues but also the offshore exchange rates.' He also noted, 'Among the various issues I am monitoring is the distribution issues of Homeplus, which requires exercising inspection and investigation rights and making adjustments at the administrative level, indicating that there are many urgent matters to address.'
Lee also mentioned that after the impeachment ruling on the 4th, 'Whether the president comes or not cannot be ignored,' and he continued, 'As the appointing authority is the president, no matter what position I express, I believe it is wise to communicate directly with the president if possible.' Known as the youngest prosecutor within the 'Yoon Suk-yeol faction,' Lee had avoided mentioning the president after the declaration of the state of emergency following Dec. 3, but during this interview, he used the word 'president' a total of eight times. Lee stated, 'Protecting shareholder value and advancing the capital market are crucial policies that the president has been directly pursuing, and I am confident that had the president been present, he would not have exercised the veto on the commercial law amendment.'
For now, the final decision regarding his future has been postponed until after the impeachment ruling, but there are observations within and outside the financial sector that Lee is likely to complete his remaining two-month term until June due to market uncertainties and numerous issues at hand. A financial sector official noted, 'Based on Lee's statements today, it seems difficult to definitively assess his resignation, and he hinted that further discussions regarding resignation might take place at the F4 meeting. Given the unstable political environment following the impeachment verdict, market volatility may increase, which could lead to him completing his term.'
Even if his resignation is not accepted, Lee's term is set to end on June 5. In the interview, regarding questions about future political ambitions and his next steps, he stated, 'There were honestly people who encouraged me to run in the 22nd (general election). When I discussed it with my family, we concluded that it would be better not to. After more than 25 years in public service, I think it would be good to broaden my perspective in the private sector.'