Policy Inquiry Focused on Kwon Chil-seung's Confirmation Hearing... "Loss Compensation Should Proceed with a 'Two-Track' Approach" (Comprehensive)

Policy-Related Inquiries Flood in on Loss Compensation System and Multiple Voting Rights
"Loss Compensation Requires Legislation and 4th Disaster Relief Fund... Speed Is Crucial"
Regarding Retroactive Application, "Impossible Without Legislation"

[Image source=Yonhap News]

[Asia Economy Reporters Kim Bo-kyung and Lee Jun-hyung] Kwon Chil-seung, nominee for Minister of SMEs and Startups, expressed the opinion that both the legalization of the loss compensation system and the provision of the 4th disaster relief fund are necessary.

Nominee Kwon made these remarks on the 3rd during a confirmation hearing held by the National Assembly's Industry, Trade, Energy, SMEs and Startups Committee. Policy-related questions were the focus of the hearing that day.

At the hearing, Yoon Young-seok, a member of the People Power Party, asked Kwon, "Is the loss compensation you are considering in the form of disaster relief funds, or are you referring to loss compensation based on a special law under Article 23 of the Constitution?"

In response, Kwon said, "I think both are necessary," but emphasized, "Right now, speed is very important." He added, "I believe it will take considerable time to legalize the loss compensation system and actually pay the beneficiaries."

When Rep. Yoon confirmed, "So you mean both the disaster relief fund method and compensation through the enactment of the loss compensation law are necessary?" Kwon replied, "We need to take a two-track approach." He continued, "Whether it is compensation or disaster relief funds, finding a method that can be implemented quickly is the right approach in the current situation."

Regarding the loss compensation system for small business owners and self-employed individuals, Kwon said that providing the 4th disaster relief fund through a supplementary budget might be the fastest method. He also expressed the view that the process and method should not be overly fixated on, noting, "The legislative process will take a considerable amount of time."

Furthermore, Kwon stated, "I believe it will take time for the legislative process to establish the legal framework for loss compensation," and added, "If we use the 4th disaster relief fund method, a supplementary budget will be necessary. That could be the fastest way."

Regarding the retroactive application demanded by the small business sector, he said, "Without legislation, implementation is impossible," and noted, "There are various methods in foreign cases. There is no globally agreed-upon method."

On extending the maturity of loans for SMEs and small business owners, he emphasized, "It should be done when necessary." He said, "The burden of loan repayment is increasing," and added, "I understand that the Ministry of SMEs and Startups is conveying its opinions at the Financial Services Commission's 'Financial Risk Response Team' meetings."

He continued, "Considering the current situation and mutual fairness, the side effects of not extending the loan maturity are greater than those of extending it," and stressed, "If it needs to be done, it should be done."

He also mentioned the necessity of introducing multiple voting rights. He explained, "If we only talk about whether to accept multiple voting rights or not, the discussion can be oversimplified," and added, "To raise sharks, you need a tank big enough for sharks to live in."

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