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BOK governor appointment stalls over daughter's nationality issue
Shin Hyun-song, the nominee to head the Bank of Korea, arrives at his office at Hanwha Investment & Securities Plaza in Seoul, Friday. Yonhap
By Jun Ji-hye
The National Assembly failed to adopt the confirmation hearing report for Bank of Korea (BOK) governor nominee Shin Hyun-song, Friday, with objections from opposition parties centered on legal concerns over his daughter’s nationality and passport.
Rival parties agreed to revisit the issue Monday.
The National Assembly Strategy and Finance Committee had already postponed adoption once on Wednesday, the day of Shin’s confirmation hearing, marking the first such delay since the introduction of the parliamentary confirmation system for BOK governors in 2014.
Despite renewed discussions on Friday afternoon, lawmakers remained divided and failed to adopt the report.
Rep. Lim Lee-ja of the main opposition People Power Party, who chairs the committee, said, “The BOK governorship is too critical to be left vacant, yet some lawmakers oppose adopting the report. Public concerns over the allegations cannot be dismissed, even given Shin’s international reputation.”
Shin previously served as head of the Monetary and Economic Department at the Bank for International Settlements, after building his career across academia and leading global institutions such as Princeton University, the International Monetary Fund and the Federal Reserve Bank of New York.
All of his family members, except himself, hold foreign citizenship.
Rep. Chun Ha-ram of the minor conservative Reform Party argued that Shin’s daughter unlawfully renewed a Korean passport after losing her nationality. While Shin’s son formally reported his loss of nationality and was exempt from military service, his daughter did not file such a report and instead renewed her passport in 2022, he noted.
“Shin said his daughter had not benefited from Korean citizenship, but this contradicts records showing her use of the reissued passport, raising questions about the accuracy of his statements,” Chun said.
Lawmakers from the ruling Democratic Party of Korea defended Shin, describing him as a globally respected scholar who relinquished a high-paying position to serve the country. They also called criticism linking his daughter’s personal matter to Shin’s qualifications excessive.
As the confirmation process drags on, the likelihood of a leadership vacuum at the central bank is increasing.
Incumbent governor Rhee Chang-yong is scheduled to step down Monday, and even if the report is approved later that day, it remains unclear whether Shin can take office immediately Tuesday.