People Power Party Freshman Lawmaker: "Swift Passage of Loss Compensation Act... Ready to Make Sacrifices"

On the 29th, first-term lawmakers of the People Power Party are issuing a statement at the National Assembly for the prompt processing of the Loss Compensation Act.
(Photo by Asia Economy DB)

[Asia Economy Reporter Kum Bo-ryeong] First-term lawmakers of the People Power Party raised their voices for the swift passage of the 'Loss Compensation Act.'

On the 29th, first-term lawmakers of the People Power Party issued a statement at the National Assembly, saying, "We are willing to engage in any negotiation and are prepared to make significant concessions and sacrifices," and strongly urged, "We strongly call for the establishment of a bipartisan cooperative system that can expedite the passage of the Loss Compensation Act."

The Loss Compensation Act includes provisions to compensate losses suffered by industries affected by the government's business suspension and restriction measures due to COVID-19. The first-term lawmakers said, "We bow our heads and offer our deepest apologies to the 7 million small business owners and self-employed individuals for failing to pass the Loss Compensation Act during this April session of the National Assembly."

They continued, "For some reason, the relevant standing committee's bill subcommittee scheduled for the 22nd was postponed to the 27th at the request of the Democratic Party of Korea, and even then, the agenda adjustment failed, resulting in the bill subcommittee not being held at all," explaining, "Now, a nail of anger born from distrust of the National Assembly and government has been driven into the hearts of small business owners and the self-employed."

The first-term lawmakers also stated, "The Loss Compensation Act is the most critical livelihood issue our society currently faces. It is a matter of life and death for the people that cannot be dismissed as mere political strife," and asserted, "The leadership of both ruling and opposition parties must recognize the seriousness of the issue and swiftly overcome the National Assembly's dereliction of duty through political grand compromise."

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