The National Assembly’s National Policy Committee held a confirmation hearing for Lee U-geon, the nominee for the first Financial Services Commission (FSC) Chair under the Lee Jae-myung administration, but it was adjourned just 30 minutes after it began. The hearing was deemed inappropriate by some since the government is currently discussing dismantling the FSC, which could make the nominee’s position obsolete.
The ruling People Power Party harshly criticized nominee Lee, dubbing him a “10-day leader” and a “demolition supervisor” due to the potential dissolution of the FSC. Consequently, the committee decided to pause the hearing until the committee members could confirm the stance of the presidential office on the matter.
The hearing occurred amid discussions regarding a government reorganization plan to transfer policy functions of the FSC to the Ministry of Strategy and Finance and merge its supervisory functions into a new “Financial Supervisory Commission,” effectively dissolving the current FSC.
During the hearing, opposition lawmakers demanded a clear statement from the government regarding the potential dismantling of the FSC. People Power Party members questioned the purpose of conducting a confirmation hearing for a position that might not exist in a few weeks.
In response to these concerns, ruling party members clarified that discussions are still in the proposal stage and have not been finalized. The committee agreed to reconvene the hearing after obtaining a definitive statement from the presidential office on the future of the FSC.