Ruling and Opposition Parties Agree to Pass 'Jeonse Fraud Special Act' at Plenary Session on the 25th

Speaker of the National Assembly, Ruling and Opposition Floor Leaders 3+3 Meeting
If No Agreement in Standing Committees, Floor Leaders to Negotiate
Acceleration Expected in Amending Public Officials Ethics Act for Virtual Assets

The ruling and opposition parties have agreed to pass the Special Act on Jeonse Fraud on the 25th. Although there are contentious issues between the parties, such as the purchase of Jeonse guarantee bonds, they decided to handle the related law through leadership-level discussions. The parties also agreed to accelerate the amendment of the Public Officials Ethics Act to include virtual assets in public officials' property declarations.

On the 11th, Speaker Kim Jin-pyo, along with the floor leaders, chief deputy floor leaders, and floor spokespersons of both parties, held a 3+3 meeting presided over by the Speaker. After the meeting, Yoon Jae-ok, floor leader of the People Power Party, told reporters, "We have agreed to hold a plenary session on the 25th to handle the Special Act on Jeonse Fraud and other livelihood bills."

Lee Yang-su, chief deputy floor leader of the People Power Party, said, "Although the exact date cannot be specified, the Land, Infrastructure and Transport Committee's bill subcommittee will discuss it again," adding, "As the floor leaders of both parties stated, if the subcommittee fails to reach an agreement, negotiations will then be conducted at the leadership level."

[Image source=Yonhap News]

In their public remarks, all floor leaders from both parties proposed leadership-level discussions if there was no progress on the Special Act on Jeonse Fraud at the subcommittee level.

Regarding this, the chief deputy floor leader said, "Since a fourth death has occurred today, the floor leaders of both parties agreed to make efforts to reach a prompt agreement," adding, "Whether it is handled in the standing committee or by the leadership, we will do our best to reach a quick conclusion regardless of the procedure." He also said, "Several contentious issues have already been agreed upon," and "We plan to proceed swiftly with discussions on the remaining issues."

When asked by reporters whether the inclusion of virtual assets in public officials' property declarations was discussed, Floor Leader Yoon explained, "Floor Leader Park Kwang-on of the Democratic Party and I share the same view, and we will take measures to expedite the bill review in the relevant standing committee, the Public Administration and Security Committee."

Meanwhile, regarding the National Assembly plenary committee for electoral system reform, the chief deputy floor leader explained, "Speaker Kim has formally requested the floor leaders of both parties to form a subcommittee," adding, "It is expected that discussions will take place among the chiefs."

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