Jeong Il-young "Lee Chang-yong, BOK Governor Candidate, Annual Education Expenses for Three Children 250 Million Won"

by Seo Sojeong

Published 19 Apr.2022 11:42(KST)

National Assembly Confirmation Hearing

Lee Chang-yong, nominee for Governor of the Bank of Korea, is attending the confirmation hearing held at the National Assembly on the 19th, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Seo So-jung] It has been claimed that the total tuition fees for the three children of Lee Chang-yong, the nominee for Governor of the Bank of Korea, amount to 2.06 billion KRW, with annual education expenses reaching 250 million KRW.

On the morning of the 19th, at the Personnel Hearing held in the plenary meeting room of the National Assembly's Planning and Finance Committee, Jeong Il-young, a member of the Democratic Party of Korea, pointed out, "The annual education expenses for Lee's eldest son, eldest daughter, and second daughter reach 250 million KRW," adding, "This is a lifestyle unimaginable for the middle class and ordinary citizens."

Jeong said, "Considering the education expenses, there are concerns about whether he can sincerely understand the difficulties of the lower-income class while promoting the Bank of Korea's monetary policy," and added, "Although he disclosed the assets of his eldest son, he refused to report the assets of his second daughter, which goes against the principles of our administrative government."

Jeong also expressed concern, saying, "All three of the nominee's children received most of their education overseas, including in the United States, attending private schools that require considerable tuition fees," and "While the nominee seems to have the expertise, there are worries about whether he can genuinely empathize with and manage the lives of the middle class and ordinary citizens."

In response, nominee Lee stated, "The children's education expenses exceed 200 million KRW annually, which I believe is a major problem of the American education system," and explained, "University tuition fees are $70,000 to $80,000 per person, so it was an unavoidable choice while they were abroad."