Financial Services Commission, Longest-Serving Vice Chairman Possible... Deputy Minister Kim So-Young Exceeds 2-Year Term

Average Term of Former Vice Chairpersons: 1 Year 6 Months
Only 2 Vice Chairpersons, Jeong Chan-woo and Kim So-young, Served Over 2 Years

[Image source=Yonhap News]

Kim So-young, Vice Chairman (Deputy Minister) of the Financial Services Commission, has reached the 2 years and 5 months mark of her term. She is serving the second longest term among all vice chairpersons, following former Vice Chairman Jeong Chan-woo. The financial industry is paying close attention to whether she can become the first vice chairman to complete the official 3-year term.

According to financial authorities and the Political Affairs Committee on the 4th, Kim's term is set to end in May 2025. She took office in May 2022 and has now served 2 years and 5 months. She is setting the second longest record for a vice chairman, following former Vice Chairman Jeong Chan-woo, who served 2 years and 10 months during former President Park Geun-hye’s administration.

The Financial Services Commission has had 10 vice chairpersons starting with the first, former Vice Chairman Lee Chang-yong, in March 2008 up to Kim. Although the official term for a vice chairman is 3 years, the average term length of past vice chairpersons is about 1 year and 6 months, roughly half of the official term.

Looking at the terms of past vice chairpersons, former Vice Chairman Jeong Chan-woo (March 2013 to January 2016) holds the longest tenure with 2 years and 11 months. At that time, Jeong was known as a powerful figure within the financial authorities. While he faced criticism for exerting direct and indirect influence over personnel in the financial sector, he was also recognized for his considerable efforts on behalf of the Financial Services Commission.

Kim, with 2 years and 5 months in office, is the only political appointee besides Jeong to have served more than 2 years. Like Jeong, Kim comes from the Presidential Transition Committee (Economic Division 1). Born in 1967, Kim is older than Financial Services Commission Chairman Kim Byung-hwan and is a senior alumnus from Seoul National University’s Department of Economics. He served as a professor in the economics department at Seoul National University and acted as an 'economic mentor' to President Yoon Suk-yeol. Since taking office as vice chairman, he has focused on policies to advance the capital market.

During the Moon Jae-in administration, former Vice Chairman Kim Yong-beom (July 2017 to May 2019) also served for 1 year and 10 months, exceeding the average term. Following him, Lee Chang-yong served 1 year and 8 months, Kwon Hyuk-se 1 year and 4 months, Shin Je-yoon 7 months, Chu Kyung-ho 1 year and 6 months, Jeong Chan-woo 2 years and 11 months, Jeong Eun-bo 1 year and 7 months, Kim Yong-beom 1 year and 11 months, Son Byung-doo 1 year and 7 months, and Do Kyu-sang 1 year and 7 months.

With Kim’s term surpassing 2 years, market attention is focused on whether she will complete the official 3-year term. Since Chairman Kim Byung-hwan took office in July, the Financial Services Commission is preparing for its first year-end personnel reshuffle this December. If there is no change in the vice chairman position at that time, it is widely expected that Kim will complete her term.

If Vice Chairman Kim completes her term, current Grade 1 (Standing Commissioner) public officials will effectively have to leave without promotion. The Financial Services Commission is known for severe personnel stagnation, with promotions delayed by about 4 to 5 years compared to other ministries.

Meanwhile, the term of Kang Seok-hoon, Chairman of the Korea Development Bank, is also 3 years and will expire in early June next year. The term of Lee Bok-hyun, Governor of the Financial Supervisory Service, is also 3 years and will expire in early June next year.

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