Party and Government Aim to Process Economic Ministry Reorganization Plan in September Plenary Session

[Financial News] The party and government held a consultation on the 1st and decided to continue discussions with the goal of submitting the government organization act amendment, which includes the reorganization of the Ministry of Strategy and Finance and financial authorities, to the plenary session on the 25th.
Democratic Party lawmaker Kang Jun-hyun, a secretary of the National Assembly's Political Affairs Committee, met with reporters immediately after the party-government consultation and said, "We will try to prepare the reorganization plans for the Ministry of Strategy and Finance, Financial Services Commission, and Financial Supervisory Service in line with the schedule for the plenary session on the 25th." 
Lawmaker Kang said, "We discussed the reorganization plans for the Financial Services Commission and the Ministry of Strategy and Finance, which have been discussed several times by the National Planning Committee, and there was a certain level of consensus on them," he roughly outlined the content of the consultation.
However, he added, "Internally, there are many parts that need to be addressed," and "We discussed the need to address the division of roles and functions in the process of separating the Financial Supervisory Service and the Financial Consumer Protection Agency." 
He also mentioned, "The Financial Services Commission Establishment Act needs to be revised, and there are many laws, including the Banking Act, that need to be amended," and "Today's discussion is not something that can be concluded in one or two hours, and there needs to be a lot of discussion and procedures in the future," indicating the need for further party-government discussions.  
Meanwhile, it is reported that the National Planning Committee has prepared a draft for the reorganization of economic ministries and reported it to the government. 
According to the draft by the National Planning Committee, the budget allocation function of the Ministry of Strategy and Finance will be transferred to the Planning and Budget Office under the Prime Minister's Office. The Financial Services Commission will be effectively dismantled, with its policy and supervisory functions transferred to the Ministry of Strategy and Finance and the Financial Supervisory Service, respectively. The Financial Supervisory Service, which takes over the supervisory function of the Financial Services Commission, will be reorganized into the Financial Supervisory Commission. 
Meanwhile, the party-government consultation on this day was attended by Democratic Party members of the Political Affairs Committee, Woo Sang-ho, Chief Secretary for Political Affairs at the Presidential Office, and Kim Byung-wook, Secretary for Political Affairs at the Presidential Office. 

gowell@fnnews.com Kim Hyung-gu Reporter