President's Emergency Financial Order Issuance, Low Feasibility

[Asia Economy Reporter Won Dara] Although there have been remarks within the Democratic Party of Korea suggesting that "the president's emergency financial command authority should be considered to respond to the novel coronavirus infection (COVID-19)," doubts are being raised about its feasibility.

On the 1st, at the joint election countermeasures committee meeting of the Democratic Party and the Together Citizens' Party held at the Gyeonggi Province Party Office in Suwon, Gyeonggi Province, Democratic Party lawmaker Jeong Seong-ho said, "In preparation for delays in the supplementary budget bill (추경안) due to opposition party resistance, the president's emergency financial command authority should also be considered."

However, the ruling party has stated that it has not been considered. A staff member from the office of Lee Chun-seok, chairman of the National Assembly's Planning and Finance Committee from the Democratic Party, said, "I am not aware of such information." The office of Kim Jung-woo, the ruling party's secretary of the Planning and Finance Committee, also responded, "This is the first time we have heard of it." The Democratic Party leadership also evaluated it as an overreach. A senior ruling party lawmaker said, "According to Article 76 of the Constitution, the emergency financial command authority requires the consent of the National Assembly," adding, "If the National Assembly does not agree to the supplementary budget bill, would it agree to the emergency command authority? It does not make sense."

Lee Nak-yeon, co-chairman of the Democratic Party's joint election countermeasures committee, dismissed the idea on the morning of the 30th of last month after the central election countermeasures meeting at the National Assembly, saying, "The emergency financial command is activated when the National Assembly cannot be convened." A Democratic Party official said, "The activation of the emergency financial command authority does not align with the current ruling party stance," adding, "If the ruling party activates the emergency financial command authority, it would result in the Democratic Party, including National Assembly Speaker Moon Hee-sang, denying itself."

Historically, the emergency financial command authority has been invoked only once. In 1993, former President Kim Young-sam activated it when he abruptly implemented the real-name financial system. At that time, former President Kim revealed that he activated the command authority to secretly push forward the real-name financial system.

Lawmaker Jeong's remarks are also interpreted as a response to the United Future Party's criticism of the second supplementary budget bill for COVID-19, which includes the emergency disaster relief fund budget, as a "vote-buying act for the general election."

Kim Jong-in, the United Future Party's general election committee chairman, said on the 31st of last month during a visit to Dongdaemun-gu, Seoul, "(The emergency disaster relief fund) is something they plan to do by borrowing money," and Park Hyung-joon, co-chairman of the election committee, criticized at the election strategy meeting, saying, "It is clearly vote-buying aimed at the general election," and "They intend to beg for votes by distributing money."

Meanwhile, the Democratic Party plans to convene a one-point National Assembly session within this month to process the second supplementary budget bill. On the 31st of last month, Democratic Party floor leader Lee In-young stated at the COVID-19 National Crisis Overcoming Committee executive meeting, "The party and government will promptly prepare and submit the second supplementary budget bill for the emergency disaster relief fund payment to the National Assembly," adding, "We will do our best to have the supplementary budget processed by April at the latest." However, since it is currently an election period, the Democratic Party expects the government's submission of the second supplementary budget bill to occur immediately after the April 15 general election.

This content was produced with the assistance of AI translation services.