Financial Services Commission Chairman Hearing... Ruling and Opposition Parties Clash Over FSC Reform Amidst 'Dissolution Prospects'

Opposition: "Why Hold a Hearing for Someone Who Will Work for Ten Days?"... Ruling Party: "No Basis for Dissolution Argument"

PPP Committee Chairman: "Must First Confirm the Presidential Office's Stance," Session Adjourned 10 Minutes After Opening

Lee Eok-won, Nominee for FSC Chairman, Attends the Personnel Hearing (Seoul=Yonhap News) Reporter Hwang Kwang-mo = Lee Eok-won, nominee for Financial Services Commission Chairman, attends the personnel hearing held at the National Assembly's Political Affairs Committee on the 2nd. 2025.9.2 hkmpooh@yna.co.kr

During the personnel hearing for Lee Eok-won, the nominee for Financial Services Commission (FSC) Chairman, held at the National Assembly's Political Affairs Committee on the 2nd, the ruling and opposition parties engaged in a heated debate over the potential dissolution of the FSC as part of financial regulatory body reforms.

Rep. Kang Min-guk of the People Power Party (PPP) initiated the discussion by stating, "Yesterday, the Presidential Office and Democratic Party's Political Affairs Committee members held consultations on the financial supervision system reform plan, with the main points of discussion being the dissolution of the FSC and the transfer of policy functions to the Ministry of Economy and Finance."

He further pressed, "Is this nominee (Lee) a demolition crew chief sent to tear down the building (FSC)? Clarify the government's and the Democratic Party's clear stance."

Rep. Lee Yang-soo of the same party questioned, "There are reports that the Democratic Party plans to process the government organization act amendments, including the FSC dissolution bill, at the plenary session on the 25th. It takes about 10-15 days for an appointment to be confirmed, and if we hold the hearing today, will this hearing be to let him (the nominee) work for only ten days?" He then requested a postponement of the hearing.

The Democratic Party countered, stating that the reported financial regulatory body reform plan is not a finalized version and insisted that the hearing should proceed as scheduled.

Rep. Kang Jun-hyun acknowledged, "It is true that a government-party meeting was held yesterday. We discussed the separation of the FSC, which falls under the jurisdiction of the Political Affairs Committee, as part of the government organization reform plan," but added, "We discussed the plan, but it is not at the decision-making stage. We did not say we would process the bill on the 25th."

Rep. Park Beom-kye emphasized, "The President nominated Mr. Lee after the National Planning Committee discussed the FSC organizational reform issue. The dissolution arguments mentioned in some media outlets have no basis. Reforms to the FSC are not possible without the consent of the opposition party members."

Rep. Yoon Han-hong, Chairman of the Political Affairs Committee and a member of the PPP, declared, "Rather than us arguing back and forth, it would be better to reconfirm the stance of Yongsan (the Presidential Office)." He then declared a recess approximately 10 minutes after the opening, at around 10:48 AM, to confirm the Presidential Office's direction on organizational reforms.

It was reported that Democratic Party members of the Political Affairs Committee had discussed government-led organizational reforms for economic ministries, including the dissolution of the FSC, with the government and the Presidential Office the previous day, and confirmed plans for the National Assembly to process the relevant government organization act on the 25th.

Delayed Personnel Hearing (Seoul=Yonhap News) Reporter Hwang Kwang-mo = Lee Eok-won, nominee for Financial Services Commission Chairman, sits at the National Assembly's Political Affairs Committee on the 2nd, as the personnel hearing has not commenced. 2025.9.2 hkmpooh@yna.co.kr