Lee Nak-yeon Proposes Handling of 'Fair Economy 3 Laws'; Kim Jong-in Says "Solutions Will Emerge Through Consultation"

[Asia Economy Reporter Jeon Jin-young] The opposition party has hinted at the possibility of discussing the Fair Economy 3 Acts (Fair Trade Act, Commercial Act, and Financial Group Supervision Act) promoted by the government and the ruling party. On the afternoon of the 10th, Lee Nak-yeon, leader of the Democratic Party of Korea, said at a party meeting, “There was a conversation that did not exclude consultation (with Kim Jong-in, Emergency Committee Chairman of the People Power Party).” Earlier that day, Lee and Kim attended a luncheon meeting of party leaders hosted by National Assembly Speaker Park Byeong-seok.

[Image source=Yonhap News]

In his opening remarks at the party meeting, Lee said, “Regarding the Fair Economy 3 Acts, Chairman Kim is widely recognized as ‘Mr. Economic Democratization,’ so he agreed to proceed,” adding, “Chairman Kim responded that a solution would emerge through consultation.”

He continued, “I proposed to Chairman Kim that about 37 common campaign pledges and party platform policies be legislated in this regular session of the National Assembly, and Chairman Kim agreed,” adding, “It was decided to discuss this through the policy committee chair channels of both parties, with Speaker Park presiding over the first meeting. The Legislative Research Office will provide practical support.”

Since both ruling and opposition parties have acknowledged the necessity of the 4th supplementary budget bill, smooth processing is expected. Lee said, “It is scheduled to be submitted to the National Assembly on the 11th, but to ensure maximum execution before Chuseok, it would be best if it passes by next Friday, the 18th,” adding, “Chairman Kim did not specify a date but said there would be no difficulty in passing it as soon as possible.”

Regarding the redistribution of National Assembly standing committee chair positions, which has caused conflict between the ruling and opposition parties, Lee said, “We have agreed to negotiate again.” He added, “Joo Ho-young, floor leader of the People Power Party, said that asking to take back the standing committee chair is an insult. I am not sure about the truth of this, and especially since we went through 2 to 3 months of hardship during the opening negotiation process, it seems inappropriate to repeat such twists and turns, so we decided to negotiate again.”

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