Assemblyman Shin Jeong-hoon Proposes Bill Mandating Single Home Ownership for High-Ranking Officials

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Representative Shin Jeong-hoon (The Democratic Party of Korea·Naju Hwajun) announced on the 17th that he has taken the lead in proposing a revision to the "Public Officials Ethics Act" institutionalizing the obligation for high-ranking public officials to dispose of real estate other than their actual residence and actual ownership.

This revision includes provisions that designated sellers by law, such as Cabinet members, members of the National Assembly, heads of local governments, and first-grade public officials, must dispose of all real estate that is not their actual residence single home and actual ownership.

Actual ownership is limited to one home where the individual directly resides in the case of housing, and legal grounds have been established to set up a Real Estate Blank Trust Management Committee to review and decide the actual ownership status of real estate other than housing, such as buildings and land.

Also, when the trust is terminated, the capital gains will be forfeited to the national treasury, fundamentally blocking any economic benefits from price differences during the term of office and any direct or indirect involvement in the management, operation, or disposal of trust property.

In particular, for members of the National Assembly, even if it is their actual residence, if they own real estate outside their electoral district, the list and real estate information will be published in the National Assembly bulletin to guarantee voters' right to know.

Representative Shin said, "If the revision is enacted, it will not only enhance trust in government policies but also put an end to the chronic speculation controversies repeatedly occurring at hearings, resulting in a positive effect of protecting the national talent pool."

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