National Assembly Financial Policy Research Group Selected 'Financial Supervision System Reform' as a Key Task

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[Asia Economy Reporter Wondara] The National Assembly Financial Policy Research Group has decided to focus on researching the reform of the financial supervisory system this year.

On the 26th, the National Assembly Financial Policy Research Group announced through a press release that it selected three major research tasks for 2021: ▲ reform of the financial supervisory system ▲ review of non-face-to-face financial services (from the perspective of protecting financially vulnerable groups) ▲ support for self-employed individuals and small and medium-sized enterprises (SMEs) and expansion of mid-interest rate loans.

A representative of the Financial Policy Research Group explained, "The reform of the financial supervisory system was discussed until the 19th National Assembly and the early 20th National Assembly, but discussions have virtually come to a halt. We judged that it is necessary to bring this issue back to the discussion table this year." The reform of the financial supervisory system was proposed as member legislation in the 19th and 20th National Assembly, and in 2014, a public hearing was held at the level of the National Assembly's Committee on Finance and Economy.

The Financial Policy Research Group recently emphasized that as financial companies reduce the number of branches or expand smartphone application platform products, protection for financially marginalized groups must be strengthened, and support for the self-employed, SMEs, and expansion of mid-interest rate loans is also necessary.

Lee Si-seong, chairman of the Financial Policy Research Group, said, "Although there were various changes in the financial industry and policies due to COVID-19 last year, the setting of policy agendas reflecting these changes was practically insufficient. The research group, composed of aides who assist National Assembly members on the front lines, will supplement these aspects through the three major tasks."

Meanwhile, the Financial Policy Research Group, established in February 2017, is an officially registered staff research group under the National Assembly Secretariat and currently has 18 aides as official members. It is the only National Assembly research organization dedicated solely to financial policy research.

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