A meeting was held between the party and government regarding the reorganization plan of the Financial Services Commission.
Members of the National Policy Committee affiliated with the Democratic Party of Korea discussed the government's organizational restructuring plan focused on the dissolution of the Financial Services Commission at the National Assembly on 1st.
Representative Kang Jun-hyun, who serves as the secretary of the Democratic Party's National Policy Committee, noted, "This meeting was arranged to hear the opinions of the committee members regarding the organizational restructuring plan discussed by the Presidential Committee on Policy Planning, as it includes the Financial Services Commission," and added, "There was a certain level of agreement on the proposals that were discussed multiple times at the committee."
The Presidential Committee on Policy Planning had made a proposal to divide the Ministry of Economy and Finance into the Ministry of Finance and the Budget Office, and to merge the domestic financial portion of the Financial Services Commission with the Ministry of Economy and Finance. It is reported that the plan also included the elevation of the Financial Consumer Protection Office under the Financial Supervisory Service to an independent agency, known as the Financial Consumer Protection Agency.
Representative Kang stated, "There are many parts that need to be addressed in the proposal, and we discussed how to handle the functions of the FSS and the Financial Consumer Protection Agency, as well as what to do with the Financial Intelligence Unit (FIU)."
He said, "There are many parts of the Government Organization Act, the Financial Services Commission Act, and the Banking Act that need to be amended, so there is a lot of homework to do," adding, "In order for the proposal to pass the National Assembly, both ruling and opposition parties need to agree, and there will be many procedures for discussion."
The current Government Organization Act is scheduled to be processed in a plenary session of the National Assembly on the 25th. In response to a question about whether the economic ministry reorganization plan could pass within this regular session, Representative Kang replied, "We are trying to do it according to the plan."