Ex-bureaucrat to head FSC, president's close aide to lead FSS as 1st financial leadership team
Lee Eog-weon, President Lee Jae Myung's nominee to head the Financial Services Commission, answers reporter questions at the Korea Deposit Insurance Corp. headquarters in Seoul, Thursday, while preparing for his confirmation hearing. Yonhap
President Lee Jae Myung has nominated a Financial Services Commission (FSC) chief from the government bureaucracy and appointed a close aide as head of the Financial Supervisory Service (FSS).
On Wednesday, Lee nominated Lee Eog-weon, former first vice finance minister, to head the FSC, the nation’s top financial regulator. On the same day, the FSC recommended lawyer Lee Chan-jin for the post of FSS governor, the country’s financial watchdog.
The FSC chairmanship, a minister-level position, requires a confirmation hearing by the National Assembly, whereas the FSS governorship, a vice minister-level post, does not. The FSS governor is appointed by the president following a recommendation from the FSC chairman.
Current FSC Chairman Kim Byoung-hwan convened a meeting on Wednesday to approve the recommendation of Lee Chan-jin, and the inauguration ceremony was held Thursday afternoon.
FSC chairman nominee Lee Eog-weon is a veteran economic policymaker from the Ministry of Economy and Finance, recognized for his steady, pragmatic leadership and expertise in macroeconomics.
He has held key posts at the ministry, including head of the Future Strategy Division and Price Policy Division.
From 2017 to 2022, he oversaw the nation’s macroeconomic strategies as head of the Economic Structure Reform Bureau and the Economic Policy Bureau for the Moon Jae-in administration.
In 2020, he became the presidential secretary for economic policy, and a year later was appointed first vice finance minister, where he played a central role in managing the government’s economic response to COVID-19.
On Thursday, speaking to reporters at the Korea Deposit Insurance Corp. headquarters in Seoul, where he is preparing for his confirmation hearing, the FSC chairman nominee said he would focus on expanding inclusive finance, steering the financial sector toward productive investments, revitalizing markets, managing household debt and enhancing consumer protections.
“This is a critical moment when finance must play a pivotal role in overcoming multiple crises and enabling Korea’s economy to achieve genuine growth. I will make it a priority to listen to the concerns of low-income earners, small merchants and market participants,” he said.
Lee Chan-jin, new governor of the Financial Supervisory Service (FSS), delivers an address during his inauguration ceremony at the headquarters in Seoul, Thursday. Yonhap
Lee Chan-jin, the new FSS governor, is a classmate of President Lee from the Judicial Research and Training Institute, where they were both members of the labor law society.
Lee has since maintained long-standing ties with the president, defending him in cases involving alleged illegal remittances to North Korea and violations of the Public Official Election Act. Additionally, he has been active in liberal civic groups such as Lawyers for a Democratic Society, also known as Minbyun.
Most recently, Lee Chan-jin contributed to shaping the new administration’s health care policies as a member of the State Affairs Planning Committee.
He is expected to align closely with the president’s policy vision, focusing on eradicating unfair trading in the stock market and helping to achieve the administration’s KOSPI 5,000 target.
He is also anticipated to work on eliminating unfair factors in the capital market and encouraging greater venture capital supply, supporting the government’s core financial policy goals.
Strengthening overall regulatory oversight of the financial sector is also likely.
In his inaugural address, Lee Chan-jin vowed to boost the financial sector’s venture capital support for small businesses and to encourage the industry to embrace new technologies to remain at the forefront of innovation.
"We will actively provide legal and regulatory support to ensure the safe use of artificial intelligence in finance and to foster the growth of the digital asset ecosystem," he said.
He also warned, "Any conduct that undermines market fairness and order, such as stock manipulation or abuse of dominant market positions, will be met with a strict zero-tolerance response."