Jang Dong-hyuk Meets Lee Hyoung-il, Urges "Reconsidering the Future Response Fund and Legislating Fiscal Rules"

[Financial News] Jang Dong-hyuk, leader of the People Power Party, met with Lee Hyoung-il, Deputy Prime Minister and Minister of Economy and Finance, on the 2nd and called for a complete reconsideration of plans to establish the Future Response Fund and for fiscal rules to be legislated.
At the National Assembly that day, Jang met with Lee and said, "Officials at the Ministry of Economy and Finance have worked to safeguard sound fiscal management, but now, out of the blue, they say they are going to create the Future Response Fund as the president's personal stash. If we allow this Future Response Fund, on what grounds will we stop each ministry and region from asking for budgets of 20 billion won or 30 billion won in the future?"
He said, "I wonder whether Ministry of Economy and Finance officials have ever felt as bewildered and futile as they do now during their years of public service. If the president is allowed to create and spend an enormous amount of money through the Future Response Fund without being subject to anyone's control, how hollow will the sound fiscal management that the ministry has upheld by invoking the National Finance Act and the Local Finance Act and discussing budget management rules become?"
Jang added, "Where exactly is the sound fiscal management that economic ministry officials upheld despite criticism from officials in other ministries? What did they throw it away for? It is exasperating beyond words."
He continued, "I believe the Future Response Fund must be carefully reconsidered from the ground up. Because you have risen to this position with the pride of having protected South Korea's finances throughout your public service in the economic ministries, I believe the Lee Jae-myung administration's economic policies must also be fundamentally reconsidered from the ground up."
Jang also stressed to Lee the need to legislate fiscal rules. "This National Assembly must legislate fiscal rules. This is an issue that must be resolved regardless of which administration is in power," he said. "Fiscal rules are necessary, if only to prevent the government from taking increased tax revenue from the recent semiconductor boom, turning it into a Future Response Fund, and spending it as a personal stash."
Lee responded, "I believe the ruling and opposition parties and the government all share the same commitment to the national economy. I ask the party leader to join forces for economic growth and people's livelihoods."
He also said, "We will listen directly to the voices of the public and businesses and swiftly implement policies once decisions have been made, producing tangible results." He added, "As the ministry with overall responsibility for the economy, we will make every effort to stabilize prices, the foundation of people's livelihoods, and ease polarization throughout society, including in housing and jobs."

[email protected] Lee Hae-ram Reporter