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Gov't reorganization plan to exclude reform of financial regulator

Published: 25 Sep. 2025, 16:27

Rep. Han Jeoung-ae, head of the Democratic Party's policy committee, speaks at the National Assembly in western Seoul on Sept. 25. [YONHAP]

The Democratic Party (DP), the government and the presidential office agreed on Thursday to exclude restructuring the financial regulator from a government reorganization plan amid strong objections from the People Power Party (PPP).

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

Under the initial reorganization plan, the DP sought to reorganize the 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.

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

She urged the PPP to cooperate in passing the revision to the Government Organization Act, saying it is rare to hold a filibuster for such a bill.

Yonhap