April 27, 2024
Finance
Yim’s chances of becoming economic chief hampered
[THE INVESTOR] Yim Jong-yong‘s chances of securing the position of deputy prime minister for the economy were hampered after President Park Geun-hye withdrew her earlier nomination of Kim Byong-joon as prime minister.
Park on Tuesday gave into demands from critics and opposition to take back her surprise nominations of some of the key Cabinet positions last week. She had named Kim as the new premier along with Yim -- who is the current chairman of the Financial Services Commission -- and Park Seung-joo as the new public safety minister, amid the intensified influence-peddling scandal involving her old friend Choi Soon-sil.
With the president taking back her prime minister nomination, the confirmations for Yim and Park also appear unlikely.
“(The two’s nominations) also need talks with the National Assembly,” a source at the Cheong Wa Dae said Wednesday.
The People’s Party, the third largest party, has been urging the main opposition Democratic Party of Korea that a confirmation hearing for Yim should be held as early as possible in order to renew the economic control tower amid global uncertainties such, as the US presidential election.
The Democratic Party of Korea, however, is maintaining that Yim is an “accomplice to the current economic crisis” and that it cannot agree with the nomination.
Many economic experts here viewed Yim’s nomination as reasonable considering his leadership and policymaking capabilities as a veteran technocrat, but there has been fierce opposition from the Korea Financial Industry Union and Financial Consumer Agency.
The KFIU has been demanding Yim resign from not only the nominee but also the chairman of the Financial Services Commission in a statement released on Monday.
“Yim was incapable as the FSC chairman and was busy flattering the government,” it said. “He should take responsibility for fake financial reforms, failed corporate restructuring and the soaring household debt problems.”
Members of the economic and financial branches seemed nervous about the potential extension of their leadership vacuum.
“In the face of the ‘Trump shock,’ we need a veteran technocrat to prevent the economy from teetering,” said an official at the FSC, who declined to be named, referring to the surprise lead of US presidential candidate Donald Trump over his rival Hillary Clinton early Wednesday, Korean time.
“We haven’t heard anything yet about the nomination, and the nominee will be doing what he can do for now (as FSC chief and deputy prime minister nominee).”
Yim, for the time being, tended to his duty, presiding over an emergency meeting to review the financial markets upon the US presidential election in the afternoon.
By Song Su-hyun/The Korea Herald (song@heraldcorp.com)
Park on Tuesday gave into demands from critics and opposition to take back her surprise nominations of some of the key Cabinet positions last week. She had named Kim as the new premier along with Yim -- who is the current chairman of the Financial Services Commission -- and Park Seung-joo as the new public safety minister, amid the intensified influence-peddling scandal involving her old friend Choi Soon-sil.
With the president taking back her prime minister nomination, the confirmations for Yim and Park also appear unlikely.
“(The two’s nominations) also need talks with the National Assembly,” a source at the Cheong Wa Dae said Wednesday.
The People’s Party, the third largest party, has been urging the main opposition Democratic Party of Korea that a confirmation hearing for Yim should be held as early as possible in order to renew the economic control tower amid global uncertainties such, as the US presidential election.
The Democratic Party of Korea, however, is maintaining that Yim is an “accomplice to the current economic crisis” and that it cannot agree with the nomination.
Many economic experts here viewed Yim’s nomination as reasonable considering his leadership and policymaking capabilities as a veteran technocrat, but there has been fierce opposition from the Korea Financial Industry Union and Financial Consumer Agency.
The KFIU has been demanding Yim resign from not only the nominee but also the chairman of the Financial Services Commission in a statement released on Monday.
“Yim was incapable as the FSC chairman and was busy flattering the government,” it said. “He should take responsibility for fake financial reforms, failed corporate restructuring and the soaring household debt problems.”
Members of the economic and financial branches seemed nervous about the potential extension of their leadership vacuum.
“In the face of the ‘Trump shock,’ we need a veteran technocrat to prevent the economy from teetering,” said an official at the FSC, who declined to be named, referring to the surprise lead of US presidential candidate Donald Trump over his rival Hillary Clinton early Wednesday, Korean time.
“We haven’t heard anything yet about the nomination, and the nominee will be doing what he can do for now (as FSC chief and deputy prime minister nominee).”
Yim, for the time being, tended to his duty, presiding over an emergency meeting to review the financial markets upon the US presidential election in the afternoon.
By Song Su-hyun/The Korea Herald (song@heraldcorp.com)
