Ruling Party: "Broad Reflection of Business Community Opinions" vs Opposition: "Worst Timing Amid Economic Crisis"

Fair Economy 3 Laws, Hearing Opinions from Ruling and Opposition Lawmakers

[Asia Economy Reporter Seong Giho] Amid voices from the ruling party, which holds 176 seats, expressing agreement with the purpose of the "Fair Economy 3 Acts (Fair Trade Act, Commercial Act, Financial Group Supervision Act)," there is also a stance to reflect the voices of the business community, drawing attention to whether there will be changes during the bill review process.

Lee Jeongmun, a member of the National Assembly's Political Affairs Committee from the Democratic Party of Korea, who is reviewing the Financial Group Supervision Act bill, said in a phone interview with Asia Economy on the 10th, "The Fair 3 Acts are not bills hastily created by the government but have been prepared for a long time, so I actively agree with the legislative intent," adding, "Also, since we fully understand the concerns from the business sector, those aspects will be broadly reflected in the review process." Lee serves as the vice-chairman of the ruling party's Policy Committee and is also a member of the Special Budget and Accounts Committee.

Most ruling party lawmakers agree with the government bill and intend to actively work towards its passage. Hong Seongguk, a Democratic Party member involved in reviewing the Financial Group Supervision Act bill, said, "Since the 2008 financial crisis, there has been a global trend of strengthening regulations," and added, "Our country has some legal deficiencies, so this bill aims to supplement those parts."

On the other hand, opposition party lawmakers said they would carefully review the bill, arguing that it would further negatively impact the economy already struggling due to the novel coronavirus infection (COVID-19). Yoon Changhyun, a member of the People Power Party, criticized, "The timing is very bad given the difficult economic situation caused by COVID-19," and said, "The most problematic element of the bill is that it suppresses investment." Yoon, a leading economic expert of the 21st National Assembly, previously served as president of the Korea Institute of Finance. He emphasized, "Costs that should be used for investment might instead go toward regulatory compliance costs to adhere to the bill," and added, "If the government wants to revive the economy, this bill should be put away in a drawer."

Lee Young, a People Power Party lawmaker and ICT venture expert, also pointed out, "There are many punitive elements embedded, which could stifle corporate activities." Lee is involved in reviewing the Fair Trade Act amendment. He stressed, "No matter how good a medicine is, the patient's basic strength must be supported, and there must be no rejection reaction for good results," adding, "Considering the destructive power and impact the bill may bring, communication with the field must take place."

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