Failure to Adopt the Hearing Report for Kim Byunghwan, Nominee for Financial Services Commission Chairman

Political Affairs Committee's Ruling and Opposition Party Secretaries Fail to Reach Agreement

The adoption of the confirmation hearing report for nominee Kim Byung-hwan, Chairman of the Financial Services Commission, has been postponed. This is because the ruling and opposition party coordinators failed to reach an agreement on the report adoption in the National Assembly's Standing Committee on Finance and Economy, which has jurisdiction over the matter.

The National Assembly's Standing Committee on Finance and Economy was scheduled to hold a plenary session on the 24th to discuss the adoption of the hearing report for nominee Kim. However, Chairman Yoon Han-hong stated, "Since the ruling and opposition coordinators have not reached an agreement, the agenda will not be submitted."

Lawmaker Kang Min-guk of the People Power Party said during a procedural statement, "In a situation of high interest rates, high inflation, and high exchange rates, the public is expressing difficulties. The National Assembly should receive a work report from the Financial Services Commission Chairman and provide opinions or reprimands, but receiving a report from the vice chairman itself is regrettable and apologetic to the public."

The opposition party is reportedly raising issues regarding the insufficient submission of materials related to nominee Kim's military service and the fact that his experience is limited to the Ministry of Economy and Finance and other fiscal fields.

Even if the Standing Committee on Finance and Economy does not adopt the hearing report, the President can still appoint the nominee as chairman. According to the National Assembly Confirmation Hearing Act, the National Assembly must complete the hearing process within 20 days from the date the President submits the confirmation hearing request. If the report is not adopted within this period, the President may request the National Assembly to resubmit within 10 days. If the National Assembly does not comply within this period, the President may appoint the nominee regardless of whether the report is adopted.

Kim Byung-hwan, nominee for the Financial Services Commission chairman, is responding to lawmakers' questions at the confirmation hearing held by the National Assembly's Political Affairs Committee on the 22nd. Photo by Kim Hyun-min kimhyun81@

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