Assemblyman Yoon Jae-gap Proposes Law to Restrict Promotion and Appointment of High-Ranking Officials with Multiple Homes

Among Over 240,000 High-Ranking Officials Required to Register Assets, Those Owning Two or More Houses Targeted

Yoon Jae-gap, Member of the National Assembly of the Democratic Party of Korea (Haenam, Wando, Jindo)

[Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] Yoon Jae-gap, a member of the National Assembly (Democratic Party of Korea, Jeonnam Haenam·Jindo·Wando), announced on the 21st that he has taken the lead in proposing the "Partial Amendment to the Public Officials Ethics Act," which restricts the appointment and promotion of high-ranking public officials who own multiple houses in speculative overheated districts.

The government has been introducing various real estate measures to stabilize the soaring real estate prices day by day. However, market reflection remains distant.

In particular, as controversies regarding high-ranking public officials' real estate holdings continue, some quarters are even raising issues of trust in government policies.

Accordingly, Assemblyman Yoon Jae-gap has taken the lead in proposing the "Partial Amendment to the Public Officials Ethics Act," which requires public officials obligated to register their assets who own two or more houses, with at least one located in a "speculative overheated district" or "adjustment target area" under the Housing Act, or a "designated area" under the Income Tax Act, to sell one house within a specified period. Failure to comply may result in personnel restrictions such as promotion or appointment limitations.

Assemblyman Yoon Jae-gap said, "Despite the government's strong real estate measures, there is a widespread perception in the market that high-ranking public officials owning multiple houses in 'speculative overheated districts' such as Gangnam and Seocho will hesitate to propose or implement policies that would cause them personal loss."

He also emphasized, "The amendment will strengthen the system to prevent high-ranking public officials from engaging in real estate speculation and will enhance public trust in the public service and government policies."

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