Gov't reorganization plan to exclude reform to financial regulator

Rep. Han Jeong-ae, head of the Democratic Party of Korea's policy committee, speaks at the National Assembly in western Seoul, Thursday. Yonhap

The ruling Democratic Party of Korea (DPK), the government and the presidential office agreed Thursday to exclude restructuring the financial regulator from a government reorganization plan amid strong objections from the main opposition People Power Party (PPP).

Under the initial reorganization plan, the DPK had sought to reorganize the Financial Services Commission (FSC) and its functions by passing a government reorganization bill at the National Assembly.

But the PPP has voiced strong opposition to the bill, vowing to launch a filibuster to block it.

"The separation of the FSC's policy and oversight functions and the creation of the financial consumer agency will not be included in the reorganization of the government this time," Rep. Han Jeong-ae, head of the DPK's policy committee, said in a briefing.

Han said the functions would be put back to their original place in consideration of the PPP's opposition, noting that the issue should not be a source for political strife.

She urged for the PPP's cooperation to pass the revision to the Government Organization Act, saying it is rare to hold a filibuster for such a bill.