Government desperate to approve pending economic bills before April election

An electronic sign installed at the Seoul office of the National Election Commission, Thursday, shows that 90 days remain before the April 10 general elections. Yonhap

The government faces its last remaining chance to convince the National Assembly to approve multiple, disputed bills on economic issues prior to the general elections scheduled for April 10.

The 21st National Assembly on Monday began its provisional session, which critics say will be the final chance to discuss pending bills before its four-year term ends, shortly after the general elections.

The bills were proposed by the conservative ruling People Power Party (PPP) but have been opposed by the liberal main opposition Democratic Party of Korea (DPK), which argues that they do not necessarily serve their purposes as insisted by the government.

The endorsement from the DPK is inevitable as the party holds a majority of Assembly seats.

Otherwise, the bills will automatically be scrapped and the relevant procedures will have to start from scratch again at the next Assembly.

“Unfortunately, the bills have a slim chance to win approval, as they collide with principles and values that the DPK pursues,” a political source said.

For instance, the government wants to revise an act concerning the state-run Korea Development Bank (KDB), to move its headquarters from Seoul to Busan in the name of balanced regional development.

The DPK has been de facto opposing the idea, citing opposition from the bank's union.

The party also says the government’s plan will disrupt Seoul from emerging as a global financial hub.

Under President Yoon Suk Yeol’s vision for private sector-driven economic growth, the government also wants a bill to be endorsed to delay a revised act concerning industrial disaster prevention from taking effect.

Approved by the majority-holding DPK, the law is intended to hold CEOs responsible in case of serious industrial accidents and punish them accordingly.

It initially targeted CEOs from larger businesses with more than 50 employees and was revised to newly include the firms that employ less than 50 workers.

If no corresponding measures are taken, it will take effect on Jan. 27.

In an attempt to boost the real estate market, the government seeks to scrap a law introduced by the former liberal Moon Jae-in government on those who win rights in a housing lottery to purchase newly built apartments in pricey areas of Seoul or Gyeonggi Province.

The law mandates the winners to reside in their apartments for a certain period in a bid to curb speculation. However, the Yoon administration has been against the measure.

The ruling party said it will persuade the opposition to convene a meeting of the chairmen and floor leaders of the two parties concerning the pending bills.