Lee Bok-hyun, Financial Supervisory Service Chief: "Bank Windfall Tax Is Like Cutting the Goose's Belly"

Lee Bok-hyun, Governor of the Financial Supervisory Service [Image source=Yonhap News]

Lee Bok-hyun, Governor of the Financial Supervisory Service, criticized the so-called 'bank windfall tax law' promoted by the Democratic Party of Korea as "cutting open the belly of a goose."

On the afternoon of the 23rd, Governor Lee attended the '70th Anniversary Ceremony of the Korea Financial Investment Association' held at the Fairmont Ambassador Seoul in Yeouido, Seoul, and told reporters, "The windfall tax bill recently discussed (mainly by the Democratic Party of Korea) does not consider the individual financial institutions' situations at all and aims to uniformly and permanently seize profits."

He explained, "I am aware of the discussions on contributions and windfall taxes in various countries in relation to recent rapid macroeconomic changes. I believe that discussions on contributions should also take place in our society," but added, "However, some political circles' claims are perceived as wanting to cut open the belly of a goose." He continued, "It seems like a situation where the village has suffered famine for decades and wants to share the goose eggs, but the discussion is about cutting open the belly of the goose," and pointed out, "That logic is evident in the mention of abuse of power. It is hard to accept accusations of abuse of power regarding discussions aimed at living together."

Regarding the statement made the previous day by Lee Jae-myung, leader of the Democratic Party of Korea, that "rent-seeking is a show of strength, and the windfall tax is a consensus," Governor Lee responded that "we are discussing with financial holding companies under the premise that the soundness and proper operation of financial institutions must be guaranteed." The day before, Lee Jae-myung claimed, "The Financial Services Commission chairman and the Financial Supervisory Service governor pressured the heads of financial holding companies to pay contributions. In terms of the 'Yoon Seok-yeol special prosecution style,' this is abuse of power."

He also revealed that investigations are underway into unfair trading cases involving 'Finfluencers' (financial influencers). Governor Lee said, "We have detected and are investigating two to three cases where so-called Finfluencers, YouTubers with hundreds of thousands of subscribers, and operators of leading chat rooms use their influence to recommend specific listed stocks, induce general public purchases, and then realize profits by selling through nominee accounts," adding, "We will conclude the investigations promptly."

Furthermore, he emphasized, "While it is not for us to evaluate those who lead certain trends in the market, using that opportunity to pursue illegal private gains or spread false information is like a loach muddying the entire water and is a market-disturbing act that must be strictly punished. We will establish a cooperative relationship with the prosecution." However, when asked whether Park Soon-hyuk, known as the 'Battery Ajusshi,' was included among the investigation targets, he refrained from commenting, saying, "It is not appropriate to disclose the targets or stocks involved."

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