As the extreme standoff continues between the ruling and opposition parties over next year’s budget review and the impeachment of the Board of Audit and Inspection Chairman and prosecutor, none of the six livelihood bills that the ruling and opposition parties agreed to pass during this month’s regular National Assembly session have yet passed the National Assembly threshold. The ruling and opposition parties are planning to make efforts to pass the bill by the 10th, the last day of the regular National Assembly session, but as the Democratic party of Korea’s plan to process the reduced budget bill in 2 days becomes a reality, there are concerns that if the ruling and opposition parties clash to the extreme, the passage of the bill cannot be guaranteed.
According to the National Assembly on the 1st, five cases, including the amendment to the Depositor Protection Act, the Loan Buisness Act, the National Electric Grid expansion Act, the Special Act on Support for youth at Risk, the Building Act, and the Military and Civil Servant Accident Compensation Act, which the ruling and opposition parties agreed to handle during the regular session of the National Assembly on the 13th of last month, are still pending in the standing committee. there is. The only bill that has passed the relevant standing committee is the Military and Civil Servant Accident Compensation Act.
The amendment to the Loan Business Act includes strengthening the loan business equity capital standard from 10 million won to 100 million won for individuals and from 50 million won to 300 million won for corporations. The purpose is to eradicate illegal private lending resulting from the proliferation of small-scale loan companies by raising the barrier to entry for loan companies. As the reality of an illegal private loan association was recently revealed, the ruling and opposition parties decided to work together to deal with it. However, it was reported that the resolution was delayed as the government expressed its disapproval of the Democratic Party’s argument for nullifying related contracts to eradicate illegal lending, calling it ”excessive intervention.” The National Assembly’s Political Affairs Committee plans to hold a bill subcommittee meeting on the 2nd to discuss the amendment to the Loan business Act again.
The amendment to the Depositor Protection Act,which raises the depositor protection limit from the current 50 million won to 100 million won for the first time in 23 years,was reviewed by the National Assembly Political Affairs Committee subcommittee. If the depositor protection limit is raised to 100 million won, funds will be concentrated in secondary financial institutions with high interest rates. It has been reported that the review is being delayed due to concerns that the market may be distorted.
The Special Act on Expanding the National Power Grid (Power Grid Act) to supply power to high-tech industries such as semiconductors has not yet passed the subcommittee of the National Assembly Trade, Energy, small and Medium Venture Business Committee. The Building Act, which requires the submission of structural safety confirmation documents when changing the structure of a building, and the Special act on Support for At-Risk Youth, which establishes a support system for at-risk youth, also failed to pass the so-called standing committee threshold. The Soldiers’ Accident Compensation Act and the Civil Servants’ accident Compensation Act,which provide bereavement pensions commensurate with the rank to which soldiers and civil servants were promoted when they die in the line of duty,have passed the National Defense Committee and are awaiting review by the Legislation and Judiciary Committee of the National Assembly.
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Reporter Choi Hye-ryeong [email protected]
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How could the failure to pass the proposed bills impact the public and future legislative negotiations?
Interview between Time.news Editor and Political Expert
Editor: Welcome, everyone, to this special interview on the current political climate in our National Assembly.We have with us Dr. Han Soo-jeong, a political analyst and expert on legislative affairs. Thank you for joining us, Dr. Han.
Dr. Han: Thank you for having me. It’s a pleasure to be here.
Editor: Let’s dive right in. We’re seeing a notable standoff between the ruling and opposition parties concerning the budget review and some high-stakes impeachment proceedings.What’s your assessment of the situation?
Dr. Han: The tension in the National Assembly right now is palpable. The deadlock not only involves budgetary concerns but also critical reforms tied to various livelihood bills. With the session coming to a close, the urgency to pass these bills is becoming increasingly apparent, but the ongoing clashes are complicating matters.
Editor: Absolutely. You mentioned the urgency of passing those bills. Which bills are currently at the forefront of the negotiations?
Dr. Han: There are six key livelihood bills that have been agreed upon but still remain pending. Among them are amendments to the Depositor Protection Act and the Loan Business Act. These bills are crucial, especially considering the recent revelations about unlawful private lending operations.
Editor: The amendment to the Loan Business Act caught my attention as it seeks to raise the capital requirements for loan companies. Can you elaborate on why this is considered necessary?
Dr. Han: certainly. By raising the equity capital requirements, the government aims to deter small-scale loan companies that frequently enough resort to illegal lending practices. This kind of regulation can greatly reduce the entry of predatory lenders into the market. However, the ruling and opposition parties seem to disagree on some aspects—specifically, the government’s concerns regarding what they call ”excessive intervention” in nullifying existing contracts related to these loan businesses.
Editor: And what about the Depositor Protection Act? it’s been a long 23 years since the last amendment. Why the cautious approach this time?
dr. Han: The proposed increase in the deposit protection limit from 50 million won to 100 million won is indeed a significant change. While it offers more security to depositors, there are worries that this may distort the market dynamics, especially by concentrating funds in secondary financial institutions, which could drive interest rates up. It’s a complex balancing act that lawmakers are trying to manage.
Editor: As we approach the last day of the National assembly session, there are concerns that these critical bills may not pass. what are the implications if that happens?
Dr. Han: If the bills fail to pass, it would represent a significant setback for the parties involved. It would also impact the public, especially those relying on the reforms proposed in these bills for better financial security.Moreover, it may lead to increased discord between the parties, making future negotiations even more challenging.
Editor: Given all these complexities, what do you think the next steps will be for both parties as they navigate this standoff?
Dr. Han: I anticipate that there will be renewed negotiations, possibly more intense than we’ve seen so far. Each party will have to find a middle ground to address the pressing issues while minimizing the fallout from the impasse. They may also look to leverage public opinion to pressure each other to compromise.
Editor: Thank you, Dr. Han. Your insights are invaluable as we continue to monitor this evolving situation. We hope for a resolution that benefits the public and supports our financial stability.
Dr. Han: Thank you for having me. It’s essential to stay informed and engaged as these developments unfold.
Editor: And thank you to our audience for tuning in. Stay with us for more updates on this critical issue in our National Assembly.