'Personnel Hearing Passing' Financial Services Commission Chairman Faces Opposition's Verification Offensive... Ruling Party Says "One Hearing"

Finance Minister Kim Joo-hyun's Vetting Sparks Ruling and Opposition Clash
Loan Association President's Career and Multi-Million Salary from Samjeong KPMG Questioned

Financial Services Commission Chairman Kim Ju-hyun attended the full meeting of the Political Affairs Committee held at the National Assembly on the 28th and drank water as if feeling anxious. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Sim Nayoung] On the 28th, at the National Assembly's Standing Committee on Finance and Economy full meeting, the ruling and opposition parties clashed over the verification of Kim Juhyun, the Chairman of the Financial Services Commission, who was appointed without a confirmation hearing. The opposition launched a verification offensive that was not possible during the confirmation hearing, while the ruling party insisted that the focus should be on policy questions amid the economic crisis.

Democratic Party lawmaker Kim Seongju referred to Chairman Kim's history as the head of the Credit Finance Association, saying, "Since the Credit Finance Association represents the interests of the private sector, there remain doubts about how (Chairman Kim) will protect financial consumers," and pointed out, "How would you view it if a weapons sales lobbyist were nominated as Minister of National Defense?"

In response, Chairman Kim emphasized, "The issue of protecting financial consumers is a task assigned to the Financial Services Commission," and added, "As long as I serve as chairman, it is my natural duty to focus on consumer protection."

Regarding the 380 million KRW salary Chairman Kim received while serving as an advisor at Samjeong KPMG from September 2018 to June 2019, fellow party member Park Seongjun raised concerns about the high advisory fees, citing cases such as former Supreme Court Justice Ahn Daehee, who was nominated as Prime Minister but fell out of favor due to similar issues.

Chairman Kim responded, "I am aware of the public's criticism that I received a large amount of compensation, and I feel apologetic."

The People Power Party raised objections to this Q&A, which resembled a confirmation hearing. Lawmaker Song Seokjun of the People Power Party said, "This is a time to receive reports on recent changes in the duties of the Financial Services Commission and others to aid legislative activities, but looking at the opposition's questions, it is confusing whether this is a work report or a confirmation hearing," and added, "We tried to respond to the hearing confidently, but due to delays in the formation of the committee caused by political strife, the hearing could not be held. Despite this, instead of self-reflection by the political circles, it is deeply regrettable that the work report is being turned into a confirmation hearing."

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