House standing committees convened

The National Assembly convened its standing committees after six days of crippled operations Friday to begin deliberations on pending issues related to the livelihood of the people.

The Finance-Economy Committee was host to an acute confrontation between ruling and opposition party lawmakers over the government-proposed bill on the creation of financial holding companies and a Grand National Party (GNP)-initiated bill on the liquidation of government control of the banking industry.

The government bill is designed to prompt the establishment of financial holding companies to enhance the competitiveness of financial institutions through mergers of banks injected with public funds.

The GNP¡¯s bill stipulates that the government must be prevented from intervening in or exercising control over financial institutions.

Ruling Millennium Democratic Party lawmakers claimed that the financial holding company bill should be passed in order to successfully complete the second phase of financial restructuring, but said the opposition-presented bill was unnecessary.

Rep. Chung Se-Kyun of the MDP said that the government`s alleged control over the financial industry was not a problem of law, but a problem of traditional practices that disappeared when the current administration was inaugurated.

Although interference in the financial sector exists, it can be regulated by other laws, he claimed.

However, GNP lawmakers strongly refuted the MDP lawmaker`s assertions. They said they did not oppose the financial holding company bill itself, but felt the bill on the liquidation of government control of financial institutions should be enacted first to eliminate any ill side effects from the passing of the holding company legislation.

Rep. Kim Man-Je of the GNP said that the financial holding company bill should not be legislated unless clear measures are taken to ease the government`s grip on the financial industry in advance.

Rep. Ahn Taik-Soo of the GNP voiced concerns that the government may attempt to sell public fund-injected banks to foreigners after merging them under the envisioned financial holding company law.

In the Government Administration and Local Autonomy Committee, the rival parties also wrestled over revision bills to the Government Organization Law presented by the government and the GNP, respectively.

The government bill proposes that the new posts of deputy prime ministers for economy and education and a ministry of women affairs be introduced, while the GNP bill opposes the creation of the deputy prime ministers` posts and suggests the establishment of a youth committee.

Rep. Chung Moon-Hwa of the GNP said that the proposed deputy prime minister for economic affairs would be limited in orchestrating overall economic policies because he or she would not have the right to compile the budget.

He also claimed that the government¡¯s idea of having the proposed deputy prime minister of education take charge of developing human resources instead dividing this task among all the ministries hampers the development of resources that suit the ministries` individual characteristics.

Rep. Kim Yong-Hwan of the New Korea Party for Hope also opposed the government`s bill, noting that the current administration pledged to create a small government at the start of its term but is now suddenly attempting to establish the deputy prime ministers` posts.

But Rep. Park Jong-Woo of the MDP insisted that the deputy prime minister for economic affairs was necessary to coordinate overall economic policies.

Rep. Won Yu-Chul also said that the introduction of the deputy prime minister for education is "inevitable" for the creative development of human resources befitting the information era.

Meanwhile, both the ruling and opposition lawmakers expressed their support for the establishment of the ministry of women`s affairs, calling for the expansion of its envisioned rights and functions.