Parliament set to open its regular session
Parliament set to open its regular session
  • Kim Jung mi
  • 승인 2018.09.03 09:03
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The National Assembly is set to open its regular session Monday with key bills aimed at propping up the slowing economy and promoting business regulation pending.

Rival parties failed last week to narrow their differences about proposals easing Internet-only banks' ownership cap and other key deregulation measures, and agreed to discuss them at the regular session.

The unicameral parliament opens its regular session every September for 100 days. Plenary sessions to handle the passage of those bills are slated for this coming Friday and Sept. 21.

The bill aimed at raising nonfinancial firms' ownership limit for web-only banks from the current 4 percent is one of the most contentious issues pending at parliament.

The current bank law prevents family-owned conglomerates from gaining control of lenders on concerns that they could easily get credit for their expansions.

President Moon Jae-in earlier asked for parties' cooperation in easing the web-only bank regulation as he seeks to promote innovation in the financial sector.

But the ruling Democratic Party (DP) has failed to clearly set its line as some members still oppose the deregulation on concerns that conglomerates could use a bank as their private vault.

Whether parliament could ratify the April inter-Korean summit deal also will be the focal point at the regular session.

Parliamentary speaker Moon Hee-sang raised the need to ratify the April agreement in September prior to President Moon's visit to Pyongyang for his third summit with North Korean leader Kim Jong-un.

President Moon hopes to make inter-Korean summit agreements survive across administrations through parliamentary ratification.

The National Assembly failed to ratify landmark inter-Korean summit declarations in 2000 and 2007. The failures led the implementation of such deals to fall through after conservative administrations took office.

The parties are also expected to clash over their review about the government's budget proposal for next year.

The ruling DP is defending the budget proposal worth a record 470 trillion won (US$421 billion), saying that bold fiscal spending will bolster the slowing economy.

But the main opposition Liberty Korea Party (LKP) denounced the government for being indulged in a "fiscal spending binge."

Opposition parties sharpened their attack on President Moon's "income-driven growth" policy that calls for households' increased income and spending. (yonhap)

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