Assembly committee unanimously agrees on U.S. spending bill in rare show of bipartisan accord
Published: 09 Mar. 2026, 16:57
Updated: 09 Mar. 2026, 18:48
![Rep. Kim Sang-hoon, chair of the special committee, votes on the act on strategic investment management between Korea and the United States during a special committee meeting at the National Assembly in Yeouido, western Seoul, on March 9. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2026/03/09/621c27a5-5622-42ff-bbdc-f58d9ddb0a21.jpg)
Rep. Kim Sang-hoon, chair of the special committee, votes on the act on strategic investment management between Korea and the United States during a special committee meeting at the National Assembly in Yeouido, western Seoul, on March 9. [NEWS1]
A bill to establish a government body to oversee Korea’s planned $350 billion investment in the United States cleared a National Assembly special committee on Monday.
The committee unanimously approved an alternative version of the bill during a plenary meeting at the National Assembly in Yeouido, western Seoul, with lawmakers set to submit the legislation to a plenary session on Thursday.
The legislation calls for the creation and operation of a Korea-U.S. strategic investment corporation. The entity will oversee a $350 billion investment in the United States agreed to in a memorandum of understanding by Seoul and Washington in November last year, covering strategic industries such as shipbuilding and semiconductors.
Lawmakers also agreed to limit the work force of the investment corporation to fewer than 50 employees, down from the previously proposed 500. The bill also reduces the corporation’s initial funding from the originally proposed 3 trillion won ($2 billion) to 2 trillion won, with the government providing the full amount.
The bill also requires the government to report to relevant National Assembly standing committees and obtain approval before pursuing U.S. investments that are not commercially viable for reasons concerning national security or supply chains.
As part of the proposal, the bill calls for creating a Korea-U.S. strategic investment fund to finance projects in the United States through bond sales and loans from financial institutions.
During committee discussions, however, lawmakers from the Democratic Party and the main opposition People Power Party (PPP) disagreed over contributions from private companies to finance the initiative.
The original government plan included a proposal requiring companies to contribute, but lawmakers removed that provision. Instead, the bill states that the fund will raise money through contributions from the strategic investment corporation, assets managed by designated institutions and bond sales and loans from the government and financial institutions.
![Containers are stacked at Pyeongtaek Port in Pyeongtaek, Gyeonggi, on March 1. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/03/09/34996f6c-e8b3-432b-ab6e-e792372bde40.jpg)
Containers are stacked at Pyeongtaek Port in Pyeongtaek, Gyeonggi, on March 1. [YONHAP]
“Companies expressed significant concern about the funding plan,” Rep. Park Soo-young of the PPP said. “They argued that forcing them to contribute could place excessive pressure on them. That proposal was therefore removed.”
With the bill clearing the special committee, the National Assembly must pass it on Thursday before the president can sign it into law.
“There were several disagreements as this special committee carried out its work,” PPP Rep. Kim Sang-hoon, who chairs the special committee, said. “I thank all members for working together to reach a bipartisan agreement on the bill before the committee’s term ends.”
![U.S. President Donald Trump, left, speaks to reporters as Defense Secretary Pete Hegseth listens while traveling aboard Air Force One en route from Dover Air Force Base in Delaware on March 7. [AP/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/03/09/a0d912af-56d4-4511-85e4-d6e8e96ccbfd.jpg)
U.S. President Donald Trump, left, speaks to reporters as Defense Secretary Pete Hegseth listens while traveling aboard Air Force One en route from Dover Air Force Base in Delaware on March 7. [AP/YONHAP]
The bill also plays a key role in ongoing trade talks with the United States.
“The United States indicated that it is unlikely to publish a notice on tariff increases if Korea passes the act on investment in the United States and follows through on the agreement,” Industry Minister Kim Jung-kwan said on Sunday, after meeting with U.S. Commerce Secretary Howard Lutnick.
The National Assembly’s move comes after U.S. President Donald Trump threatened in January to raise tariffs on Korean goods, including cars, lumber and pharmaceuticals, from 15 percent to 25 percent, citing delays in passing the investment bill.
Updated, March 9 : Added details about the bill and U.S. President Donald Trump's position on Korea's investment.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY HAN YOUNG-HYE, PAIK JI-HWAN [[email protected]]
with the Korea JoongAng Daily
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