FSS Emergency Committee: "Legislative Response TF Is Rushed, Must Be Suspended"... Large-Scale Outdoor Protest Planned

Members of the Financial Supervisory Service Labor Union and employees condemned the government’s organizational reform plan to designate the Financial Supervisory Service as a public institution and to separate the Financial Consumer Protection Agency from the Financial Supervisory Service in the lobby of the Financial Supervisory Service in Yeouido, Seoul, on the 10th. Photo by Yonhap News Agency

The Emergency Response Committee of the Financial Supervisory Service (FSS) on September 18 called for the suspension of the legislative response task force (TF) established under the government’s organizational reform plan for the FSS, stating, "The period allotted for the task force to review the bills is only about two days, resulting in a hasty and poorly managed process."

In a statement released to the public on the same day, the committee argued, "It is said that more than 50 laws, including the Act on the Establishment of the Financial Supervisory Commission and the Banking Act, need to be revised for the reorganization of the financial supervisory system, with over 9,000 provisions to be amended. Reviewing all of this within such a short period of two days is unreasonable."

The committee further criticized, "Although the reorganization is being promoted under the pretext of strengthening financial consumer protection, in reality, it is an admission that this is a rushed legislative process aimed at undermining the financial system."

The committee stated, "The establishment of the Financial Consumer Protection Agency is a serious deterioration of the financial consumer protection function and is in direct opposition to the will of all FSS employees. Continuing to operate the task force would mean supporting a superficial reorganization of the financial supervisory system and actively abandoning financial consumer protection."

Meanwhile, the committee is also holding a rally during lunchtime on this day in front of Korea Development Bank, across from the National Assembly in Yeouido. It is reported that more than 700 FSS employees will gather. This marks the first time in 17 years that FSS employees have headed to the vicinity of the National Assembly since the protest against the amendment of the financial supervisory organization in 2008.

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