Speaker Kim Jin-pyo Meets with Chair of US Congressional Information Security Forum... "Concerns over Inflation Reduction Act and Semiconductor Support Act"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-ju] On the 7th, Speaker of the National Assembly Kim Jin-pyo met with Robert Pittenger, Chairman of the Congressional Information Security Forum (former U.S. Congressman), at the National Assembly to convey concerns about the recently passed Inflation Reduction Act (IRA) and Chips and Science Act (CSA) in the U.S. Congress.

Speaker Kim stated, "Regarding the Inflation Reduction Act, by favoring North American electric vehicles and batteries, it places a burden both on the battery industry, which relies on supply sources outside the U.S. for battery raw materials and components, and on the automobile industry that exports electric vehicles to the U.S.," adding, "The major shareholders of Korea's top 30 conglomerates are U.S. funds, and if a law is enacted that only excludes Korean companies from benefits, those funds may sell off their stocks, making it difficult for investments in the U.S. to be properly executed."

He further said, "I hope Chairman Pittenger will convey these concerns to junior members of the House of Representatives and encourage efforts by both governments to resolve the issue so that the law can be implemented more flexibly."

Jaycee Boggs, the attorney accompanying Chairman Pittenger, responded, "We fully understand Korea's concerns regarding the Inflation Reduction Act," and added, "We are working to assist our client, a Korean company, in resolving this issue." Chairman Pittenger also proposed holding the Congressional Information Security Forum in Korea, stating, "We plan to gather high-level experts, business leaders, government officials, and think tank personnel in Korea for two days to hold meetings on various security issues."

In response, Speaker Kim said, "With more specific topics and plans, we can decide on whether and how to hold the event through consultations and reviews among working-level officials."

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