Kwon Seong-dong "Creating an Atmosphere for Voluntary Interest Rate Cuts through Non-Face-to-Face Low-Interest Rate Transition" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy reporters Lee Ji-eun and Kwon Hyun-ji] Kwon Seong-dong, floor leader of the People Power Party, proposed on the 23rd the establishment of a ‘non-face-to-face one-stop low-interest rate transition infrastructure’ as a way to create an autonomous atmosphere of interest rate reduction through competition among banks in a high-interest rate environment.

At the floor countermeasure meeting that day, Floor Leader Kwon said, "In a situation where it is uncertain how long the high-interest rate environment will continue, we must find a wise way to reduce the interest burden on the people."

He added, "President Yoon Seok-yeol has also continuously emphasized loans and low-interest rate transitions for the common people and vulnerable groups," and said, "As a government that respects the market, rather than unilateral pressure on banks, we must create an autonomous atmosphere of interest rate reduction through competition among banks." He continued, "Busy office workers spend several hours and have to visit multiple banks just to refinance a loan," and said, "It is necessary to build infrastructure that allows people with high-interest loans to conveniently and safely move to low-interest loans through a non-face-to-face one-stop process."

He said, "It is necessary to have a service that shares repayment information and repayment processing in real time among financial companies so that borrowers can transfer loans without visiting banks and provides all citizens with a comparison of interest rates from all financial institutions," adding, "Through this, financial competition can be promoted to create an environment where banks autonomously lower interest rates."

Floor Leader Kwon also pressured the opposition party by mentioning the special inspector and the recommendation of directors for the North Korean Human Rights Foundation, continuing from the previous day. He said, "They must clearly explain to the public the reasons for refusing to recommend directors for the North Korean Human Rights Foundation," and added, "The People Power Party urged the launch of the North Korean Human Rights Foundation throughout the five years of the Moon administration and demanded the recommendation of foundation directors during the regular National Assembly schedule negotiations, but the Democratic Party refused." He continued, "What about the special inspector? We insisted on the appointment, but the Moon administration did not do it."

In response, Park Hong-geun, floor leader of the Democratic Party of Korea, said, "I hope the old practice of linking the appointment of directors of the North Korean Human Rights Foundation with the appointment of the special inspector will no longer be repeated," and "I propose that the People Power Party start the special inspector recommendation procedure." He said, "Appointing a special inspector does not mean that various suspicions, including preferential contracts to unofficial aides and acquaintances and even the involvement of the judiciary, will be covered up," but added, "Nevertheless, we must prepare so that no further problems arise with the appointment of the special inspector."

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