The adoption of the progress report on the confirmation hearing for Shin Hyun-song, nominee for Bank of Korea governor, fell through on the 15th.
The National Assembly's Strategy and Finance Committee could not narrow differences between the ruling and opposition parties and ended the hearing without adopting the report. Since the introduction of confirmation hearings for a Bank of Korea (BOK) governor nominee in 2014, this is the first time the report has not been adopted.
At the hearing, the ruling and opposition parties clashed over Shin's expertise and ethics. The Democratic Party of Korea highlighted Shin as an "international finance expert who has brought glory to the nation," stressing his suitability, while the People Power Party and other conservative opposition parties focused on allegations related to Shin's family.
Park Sung-hoon of the People Power Party said, "After being accepted to Oxford University in July 1978, the nominee deferred enrollment and transferred to Korea University two months later in September," adding, "Transferring to Korea University just two months after high school graduation without any university study record defies common sense."
Kwon Young-se of the People Power Party noted, "It seems personal affairs have not been properly settled because there has not been much time living in Korea." Park Dae-chul, also of the People Power Party, said, "If the entire family holds foreign citizenship and the nominee also spent most of life overseas, the phrase 'a black-haired foreigner governor' is bound to come up."
Cheon Ha-ram of the Reform Party said of the nominee's eldest daughter, "Despite losing Korean nationality by acquiring British citizenship in 1999, a nationality-loss report was not filed," adding, "If she then filed a false move-in report as a domestic resident for an apartment in Gangnam-gu in 2023 in this status, it is a clear violation of the Resident Registration Act."
The Democratic Party defended Shin by emphasizing his expertise.
Jeong Il-young of the Democratic Party of Korea said, "We should not drag things out over issues unrelated to the job from 40 to 50 years ago." Lawmaker Jin Sung-joon also assessed him as "an international finance expert who combines theory and practice."
Lawmaker Lee So-young said, "He did not enter because he needed a Korea University credential; after being accepted to Oxford University, he returned home to fulfill military service and continued his studies, so it is excessive to raise an issue now about something from half a century ago." She added, "He has brought glory to the nation in terms of career and academic achievements, and questioning not even his own nationality but his family members' nationalities does not help the national interest."
At the hearing, Shin said, "I apologize for causing concern to the public over personal matters," and explained, "It was my fault that administrative procedures were not properly handled because of long years abroad, but there was no act of intentionally seeking profit." He added, regarding concerns about conflicts of interest related to holding foreign-currency assets, "I will dispose of all of them in the short term."
The Strategy and Finance Committee ended the hearing without adopting the progress report on Shin. Materials requested by lawmaker Cheon Ha-ram regarding the nominee's eldest daughter—such as data from the National Health Insurance Service, immigration records, and real estate contract and subscription details—were not submitted due to a lack of consent from the parties involved.
Committee Chair Lim Lee-ja of the People Power Party requested additional materials by the 16th. The schedule for adopting the report will be set through consultations between the ruling and opposition parties.