The resignation of Lee Chun-seok, a member of the Democratic Party of Korea, as chairperson of the National Assembly's Legislation and Judiciary Committee due to allegations of 'stock name transaction' has prompted the Democratic Party leadership to begin the process of selecting a successor for the committee chair. This was a rejection of the People Power Party's demand to hand over the position to the opposition.
Moon Jin-seok, the Democratic Party's floor leader, met with reporters at the National Assembly on the 6th and responded, "The chairperson of the Legislation and Judiciary Committee is our party's share, so no matter how many times the opposition demands it, it is a position we cannot give up."
Typically, the chairperson of the standing committee is entrusted to a three-term lawmaker, but there is speculation that a drastic selection for the Legislation and Judiciary Committee chair could occur regardless of tenure.
Kim Byeong-ki, the floor leader, stated via social media that "Given the exceptional circumstances, we will request the chairperson's position from the most seasoned and experienced person who can ensure that the judicial reform proceeds without a hitch, rather than following the general selection principles."
According to 'The Fact', the lawmaker conducted real-time transactions of stocks such as Naver using a mobile phone on the 4th. The stock account contained shares worth 100 million won, including 537 shares of Kakao Pay, 150 shares of Naver, and 420 shares of LG CNS. This account was in the name of Cha, an aide who has long assisted the lawmaker.
As the 'stock name transaction allegations' spread, the lawmaker announced the previous day via social media that he would leave the Democratic Party and step down from the chairperson position. After the lawmaker's resignation, the People Power Party demanded, "The chairperson's position must be transferred to the opposition so that the Democratic Party can be checked (Representative Joo Jin-woo)."