Yeo: "'Jeonse Fraud Special Act' Processing Should Be Established as a Parliamentary Operation Principle"

Emphasis on Bill Processing Centered on Standing Committees
Ruling and Opposition Parties Compromise Considering Urgency
Opposition: "We Will Take Responsibility for Supplementary Legislation"

Park Kwang-on, the floor leader of the Democratic Party of Korea, evaluated on the 25th that the legislative process for the enactment of the 'Jeonse Fraud Special Act,' which will be processed at the National Assembly plenary session, "I hope it becomes a principle for our floor operation in the future." He expressed hope that the legislative procedure, based on discussions between the ruling and opposition parties in the standing committees and coordinated by the floor leadership of each party, would become a standard framework.

Before the plenary session held in the afternoon, Park said at the party members' meeting, "Even if there were in-depth discussions in the standing committee, there have been many precedents where issues were resolved by a blanket agreement between floor leaders. We will maximize the role of the floor in supporting so that issues can be resolved within the standing committee until the end."

[Image source=Yonhap News]

Earlier, as victims of Jeonse fraud died by extreme measures one after another, the National Assembly accelerated efforts to prepare countermeasures against Jeonse fraud regardless of party lines. Following the promise by the leadership of both major parties to pass the special law, the Land, Infrastructure and Transport Committee, the relevant standing committee, coordinated detailed plans based on three Jeonse Fraud Special Acts proposed by the ruling party, the Democratic Party, and the Justice Party.

It took about a month from the government and ruling party's proposal of the special bill on the 27th of last month until it passed the plenary session on the 24th. During this process, the ruling and opposition parties engaged in lengthy discussions over the scope of subjects and priority repayment. Ultimately, considering the urgency of the matter, both sides reached a partial compromise. This included expanding the scope of application of the special law as requested by the opposition and allowing long-term interest-free loans if priority repayment funds were not paid. However, the purchase of deposit claims through a method of advance support followed by subrogation was not included in the bill.

Regarding this, Park said, "The Jeonse Fraud Special Act is not the end but the beginning," adding, "Victims think the law is insufficient, and lawmakers also created the agreement because the passage of this law was inevitable. Therefore, the Democratic Party will take responsibility and continue to supplement it in the future."

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