Lee Jae Myung Administration's Second-Year National Assembly Audit Begins... Ruling and Opposition Parties Set for an "All-Out" Clash

[Financial News] This year's National Assembly audit begins on the 6th. The Lee Jae Myung administration's overall governance will come under scrutiny following the launch of his administration. The ruling Democratic Party of Korea is expected to highlight the achievements of the Lee Jae Myung administration and the failures of the previous administration, while the People Power Party is expected to launch an all-out offensive targeting real estate and state affairs overall.
■The People Power Party on the "offensive," the Democratic Party on the "defensive"According to political circles on the 4th, the Democratic Party of Korea has defined this year's National Assembly audit as one focused on policy and people's livelihoods.
It is expected to particularly emphasize that the government's three major mega-projects and the Future Response Fund represent strategic investments for balanced regional development and the growth of future industries.
At the same time, the strategy is to highlight the fallout from policies pursued under the Yoon Suk Yeol administration and counter the opposition's offensive over "the failures of the Lee Jae Myung administration." Regarding real estate policy, the party is expected to stress that the supply shortage was caused by the previous Yoon Suk Yeol administration and Seoul Mayor Oh Se-hoon.
The People Power Party plans an all-out review based on the suspected landmine explosion in the Korean Demilitarized Zone (DMZ), the overhaul of the criminal justice system, the crisis in the jeonse and monthly-rent housing market, and controversy over the introduction of single-stock leveraged exchange-traded funds (ETFs). It is also expected to focus on the ballot-paper shortage during the June 3 local elections and reform of the National Election Commission (NEC).
The Legislation and Judiciary Committee of the National Assembly is expected to be the main battleground in this year's audit. Chief Justice Cho's refusal to comply with a request to re-recommend a candidate for Supreme Court justice is a key issue in the committee's audit of the Supreme Court of Korea.
The Democratic Party of Korea has gone on the offensive, alleging that Chief Justice Cho violated the public's right to a trial and faces allegations of violating the Constitution and laws by, among other things, convening a meeting of senior officials during the December 3 emergency martial law. In contrast, the People Power Party claims that President Lee Jae Myung infringed on the chief justice's authority to recommend candidates and that the ruling party is intimidating the judiciary to cancel the indictment in President Lee Jae Myung's case and block his trial.
■Legislation and Judiciary Committee Audit Expected to Hit Snags from the StartAt the Steering Committee's audit, the vetting process is likely to become an issue over the failed nominations of former ministerial candidates Yong Hye-in and Kim Seung-won.
At the Political Affairs Committee, the ruling and opposition parties are expected to clash over allegations that Kim Seung-won, a former nominee for justice minister, solicited approval for a new-drug clinical trial, as well as allegations of stock manipulation involving pharmaceutical company GENENCELL.
In addition, at the Defense Committee, the People Power Party—which characterizes the cause of the DMZ explosion as a security policy that took a "soft line toward North Korea"—will face off against the ruling party, which emphasizes the importance of integrating the military academies and transferring wartime operational control.
The Honam region's mega-projects and investments in the United States are expected to be key issues for the Trade, Industry, Energy, SMEs, and Startups Committee and the Finance and Economy Planning Committee.
The ruling and opposition parties are also escalating their dispute over the designation of witnesses. The ruling party led the designation of Chief Justice Cho as an ordinary witness in the Legislation and Judiciary Committee. The committee requested that he appear as a witness at the Supreme Court of Korea audit scheduled for the 6th.
The Democratic Party of Korea maintains that Chief Justice Cho must take the witness oath and testify. However, with the People Power Party opposing this, the audit could be disrupted from the outset.
At the National Assembly's Trade, Industry, Energy, SMEs, and Startups Committee, the opposition requested that Lee Jae-yong, chairman of Samsung Electronics, and Chey Tae-won, chairman of SK Group, be called as witnesses. The ruling party, however, is strongly protesting.
The People Power Party says the audit should determine whether the government pressured Samsung Electronics and SK Group to invest in semiconductors in the Honam region. The Democratic Party of Korea says, "It is demanding witnesses indiscriminately to provoke unnecessary political disputes."
[email protected] Kwon Jun-ho Reporter