Eun Sung-soo's Final Request: "Think Only of the People"

Eun Sung-soo, Chairman of the Financial Services Commission, Retirement Ceremony on the 30th
Highlights Achievements During Term Including COVID-19 Response and Innovative Finance

Eun Sung-soo, Chairman of the Financial Services Commission, is attending a closed-door 'COVID-19 Financial Sector Issues Meeting' held on the 10th at the Korea Federation of Banks in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Jin-ho Kim] "If we think only of the people, without worrying about who will get the credit or who will take responsibility, there is no limit to what we can achieve and where we can reach."

Leaving the Financial Services Commission (FSC) after just over two years in office, Eun Sung-soo, the FSC Chairman, made a final request to his juniors to become a 'Financial Services Commission for the people.'

At the farewell ceremony held at the Government Seoul Office on the 30th, Chairman Eun said, "As a senior public official, I want to share with my juniors a phrase that I have deeply cherished in my heart for the last time."

The phrase quoted by Chairman Eun is a famous saying by former U.S. President Ronald Reagan. He introduced it as a phrase passed on by a senior public official when he was appointed president of the Korea Investment Corporation (KIC), and one he has always deeply engraved in his heart during his tenure as president of the Export-Import Bank and as FSC Chairman.

Reflecting on the past two years, Chairman Eun said, "Thanks to the devoted efforts of my juniors, we have accomplished quite a lot," and added, "I take pride in our contribution to overcoming the COVID-19 crisis." He evaluated, "We calmed market instability early through an unprecedented financial stability measure worth 175 trillion won plus," and "Our swift policy response prevented a chain bankruptcy of key industries and large-scale employment instability."

However, he said, "Many people are still struggling due to COVID-19, so my steps as I leave are not light."

He also recalled the momentum for financial innovation that continued from former Chairman Choi Jong-gu. Chairman Eun said, "Through the highest regulatory sandbox achievements among all ministries, finance has firmly established itself as the vanguard of innovation," and added, "This was possible because we believed it would lay the foundation for competition and innovation in the financial sector."

He further said, "With the recent emergence of big tech, fundamental changes are occurring in the financial landscape, and I hope the fierce competition between tradition and innovation will lead to a happy ending of financial development and consumer satisfaction."

He noted remarkable achievements in consumer protection and finance for the underprivileged. He cited the lowering of the legal maximum interest rate, expansion of mid-interest loans, and the enforcement of the Financial Consumer Protection Act as representative examples.

Additionally, he emphasized efforts to establish a foundation for supplying innovation in areas such as New Deal finance and the Innovation Finance National Representative 1000. Chairman Eun said, "Since the digital and green economy are core areas leading changes in the global economic order, continuous attention will be needed going forward."

He once again stressed his affection for the FSC staff who worked with him for over two years. He said, "Many achievements would have been impossible without the dedication and teamwork of the FSC staff," and added, "I especially want to express my gratitude to those who quietly fulfilled their duties in less visible areas such as personnel, planning, and the Financial Stability Support Group."

Meanwhile, Chairman Eun’s baton will be passed to Ko Seung-beom, former member of the Bank of Korea’s Monetary Policy Committee. Ko Seung-beom, the third head of the financial authorities under the Moon Jae-in administration, is expected to take office on the 31st.

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