[1mm Financial Talk] Boosting Support for Yoon Seok-yeol's Team? ... Illegal Private Lending Meeting Without Financial Services Commission

[Image source=Yonhap News]

President Yoon Seok-yeol, who has been actively engaging in public welfare activities, held a meeting to emphasize the eradication of illegal private loans. However, the Financial Services Commission, a ministerial-level financial organization, was absent from the meeting, sparking various speculations within the financial sector.

On the afternoon of the 9th, President Yoon visited the Financial Supervisory Service (FSS) in person to hold the 'Illegal Private Loan Public Welfare Field Meeting.' Attendees included Han Dong-hoon, Minister of Justice; Lee Sang-min, Minister of the Interior and Safety; Bang Ki-seon, Director of the Office for Government Policy Coordination; Kim Chang-gi, Commissioner of the National Tax Service; Yoon Hee-geun, Commissioner of the National Police Agency; and Lee Bok-hyun, Governor of the Financial Supervisory Service. Although Kim Joo-hyun, Chairman of the Financial Services Commission, had a schedule to attend the National Assembly's Political Affairs Committee plenary session, no officials from the Financial Services Commission were present. This led to interpretations that the meeting was designed to empower Governor Lee, who is part of the 'Yoon Seok-yeol faction.' A financial sector official commented, "Without the Financial Services Commission, Governor Lee can stand out even more."

This is the first time in about 12 years since 2011 that a sitting president has visited the FSS. Moreover, the nature of the visit was completely different. Former President Lee Myung-bak visited at the time to reprimand the FSS over the savings bank corruption scandal, making it a visit with a strong 'reprimand' character. However, President Yoon's visit this time took on a 'public welfare frame,' seemingly strengthening the FSS's position. At the meeting, President Yoon directly mentioned Governor Lee and other officials, stating, "We must thoroughly punish illegal private loans and confiscate all illegal profits," and ordered, "Severely punish malicious criminals so that they regret their crimes for life, and if necessary, push for legal amendments and tougher sentencing guidelines."

Considering the sudden scheduling, some view the visit as a response to the urgency of illegal private loan crimes. President Yoon has recently emphasized 'public welfare' and shown a strong will to respond firmly to crimes exploiting the public. Governor Lee also urgently postponed a regional social contribution agreement ceremony with Sejong City and Hanwha General Insurance, which was originally scheduled to be held at Sejong Special Self-Governing City Hall that day.

President Yoon's visit has heightened interest in Governor Lee's future moves. As a rush of presidential office aides preparing to run for office is expected to intensify, there has been much speculation recently about Governor Lee joining the presidential office. A former prosecutor, Governor Lee has worked closely with President Yoon for a long time, from the 2006 Hyundai Motor slush fund case to the 2016 special prosecution investigation into the state affairs manipulation scandal. However, Governor Lee is still considered a strong candidate for the ruling party in next year's general election. Because of this, some speculate that Governor Lee might run in a challenging district first and then move to the presidential office.

President Yoon Suk-yeol held a meeting on illegal private loans and public welfare at the Financial Supervisory Service in Yeouido, Seoul, on the 9th. The photo shows President Yoon and Lee Bok-hyun, Governor of the Financial Supervisory Service, entering together.
[Image source=Yonhap News]

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