Appointment of Financial Services Commission Chair Delayed Until After President Yoon's Inauguration... Declaration of Position Is Key

President-elect Yoon Suk-yeol is leaving the office of the 20th Presidential Transition Committee in Tongui-dong, Seoul. Photo by Transition Committee Press Corps

[Asia Economy Reporter Bu Aeri] The appointment of the Financial Services Commission (FSC) chairman, a key member of the new government's 'economic team,' is expected to take place after President-elect Yoon Seok-yeol's inauguration. However, the decision on the current FSC Chairman Ko Seung-beom's future, who still has time left in his term, has become a crucial factor in the appointment process.

A representative from the Presidential Transition Committee stated on the 16th, "Although the FSC chairman holds a 'ministerial-level' position, they are not considered a Cabinet member," adding, "The decision will be finalized after the inauguration." According to the current Presidential Transition Act, the president-elect can nominate 'Prime Minister and Cabinet member candidates.' Cabinet members refer to ministers of 18 ministries such as the Ministry of Strategy and Finance, Ministry of Education, Ministry of Foreign Affairs, and Ministry of Justice. Although the FSC chairman holds a ministerial-level position, under current law, the president-elect cannot nominate them as a Cabinet member.

President-elect Yoon also stated on the 13th during the announcement of the second round of appointments, "As the president-elect, I am not subject to parliamentary confirmation requests," regarding the FSC chairman, and added, "The appointment of the FSC chairman will be handled and reviewed separately." While Yoon has completed nominations for ministers of the 18 ministries, appointments for the Blue House staff, including the senior secretary for economic affairs, remain pending.

However, even after President-elect Yoon's inauguration, it will be difficult to proceed with the appointment until Chairman Ko's decision on his future is made. Especially since Yoon criticized the Democratic Party of Korea for pressuring him to resign during his tenure as Prosecutor General, despite his term being legally guaranteed, breaking precedent will not be easy. Legally, the FSC chairman's term is three years.

Ultimately, Chairman Ko's decision on his future, with more than two years left in his term, is expected to be the key factor. The Transition Committee has already stated that appointments of ministerial-level chairpersons will be "handled according to precedent." A Transition Committee official said, "In the past, when a new government was launched, chairpersons voluntarily resigned."

In fact, the last FSC chairman of the Park Geun-hye administration, Im Jong-ryong, and the last FSC chairman of the Lee Myung-bak administration, Kim Seok-dong, each served only 2 years and 4 months and 2 years and 1 month, respectively, before leaving. A political insider said, "Given Chairman Ko's character, it seems highly likely he will step down voluntarily." Former Vice Minister of Strategy and Finance Choi Sang-mok, who served as the secretary of the Transition Committee's first economic division, is currently being considered for the next FSC chairman position.

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