Kwon Dae-young, the new vice chairman of the Financial Services Commission, said on the 21st, "I will focus on implementing the new government's national philosophy and tasks," adding that, particularly regarding the weak aspects of our society (such as debt arrears), "I will help with recovery while adhering to financial principles."
Vice Chairman Kwon met with reporters that day and said, "The policy priority of the Financial Services Commission is on restoring livelihoods." He mentioned debt adjustment and expanding the New Start Fund, which the Yoon Suk-yeol government emphasizes in the field of financial policy, as core tasks. President Lee Jae-myung announced the appointment of Kwon as the new vice chairman of the Financial Services Commission the previous day.
As the newly appointed vice chairman, Kwon emphasized that helping financially vulnerable individuals was a priority. He specifically stated, "I will pay more attention to social minorities in debt issues."
Previously, the Financial Services Commission announced a debt forgiveness program totaling 16 trillion won, which will write off arrears for amounts under 50 million won that remain unpaid for more than seven years through a bad bank, an institution specializing in acquiring and managing distressed assets established by the Korea Asset Management Corporation (KAMCO).
Additionally, Vice Chairman Kwon noted that it is important to "find growth momentum based on restoring livelihoods" and added that "finance should contribute to creating a society where everyone prospers equally." He also mentioned, "I will ensure that funds flow toward productive areas in the capital markets through financial administration."
Vice Chairman Kwon also remarked, "I believe the DNA of the Financial Services Commission is the stability of the financial system," emphasizing that "financial stability is something that must always be worked hard at." This is interpreted as a commitment to managing skyrocketing household debt.
Regarding the reorganization of the Financial Services Commission, he stated, "There are many tasks to be done, and I believe that is my duty. I am not in a position to discuss the reorganization," but he expressed gratitude for the employees who are working hard on urgent tasks such as restoring livelihoods.