The People Power Party reaffirmed its position that National Assembly ratification should come first regarding the ruling party's push for a special law on investment in the United States.
Floor leader Song Eon-seog of the People Power Party held a "meeting of standing committee chairs and secretaries to review the special law on investment in the United States" at the National Assembly on the 2nd and said, "The Lee Jae-myung administration ignored the National Assembly's ratification process and abruptly submitted the special law on investment in the United States to the National Assembly," adding, "Trying to make the law first without the National Assembly's consent to ratification is, in a word, an insult to the National Assembly and the people."
Song said, "The government is effectively saying it will cover $20 billion a year in investment in the United States with fiscal resources," noting, "It is also a problem that they are creating a separate corporation for parachute appointments and not even attempting to designate it as a public institution." Song said, "Because this is a grave matter involving taxpayers' money and the country's future, the Lee Jae-myung administration and the ruling party should halt attempts to enact a special law and first follow the National Assembly ratification procedures set by the Constitution."
Policy committee chair Kim Do-eup also said, "If follow-up implementation of the joint fact sheet gets underway in earnest, the expansion of our corporations' investment in the United States will become an unavoidable structure," adding, "Job creation at home will decline, and regional economies and domestic demand recovery will inevitably be delayed." Kim said, "Corporations are highly likely to use the fact sheet as a pretext to shift to overseas investment," stressing, "We need industrial policies that allow corporations to choose to invest domestically."
Rep. Park Soo-young, a secretary of the Strategy and Finance Committee, also said, "The Lee Jae-myung administration is trying to bypass the National Assembly's consent to ratification for a $350 billion memorandum of understanding (MOU) concluded in haste," noting, "Unlike the idea of covering the fund solely from Bank of Korea foreign asset management revenue, the bill would allow the mobilization of public finances through government borrowing fund, guarantees, and bond contributions."
Park said, "This is a clear violation of the Constitution that skips the National Assembly's consent to ratification procedures," emphasizing, "The bill itself is a lawless zone."