The presidential transition committee has decided to create dual financial supervisory system of the government-run Financial Committee and the Financial Supervisory Service, a private organization of a public character; however, the question is arising whether the two will be able to check and balance one another.
Financial circles express concern over the possibility that the government-ruling financial system may be revived with the proposed financial supervisory system as the newly-established Financial Committee could overwhelm the minor Financial Supervisory Service.
Under these circumstances, the Ministry of Finance and Economy, the Financial Supervisory Commission and the Financial Supervisory Service are making all-out efforts to carry through their respective positions concerning the matter of fixing roles of the two new organizations to the presidential transition team.
Meanwhile, the transition committee recently revealed the reason behind its decision to revise the current Financial Supervisory Commission into the Financial Committee that such new financial supervisory system will ease financial regulations drastically and wipe out possible criticism against the government-ruling financial system.
According to the transition committee’s reform plan, the Financial Policy Bureau of the Finance & Economy Ministry will be merged into FSC which will have competence over financial policies and ease unnecessary financial regulations quickly while FSS will maintain its status as a private organization. In that manner, FSC and FSS will be able to check and balance each other, the transition team explained.
For the same reason, the FSC chairman’s holding FSS at the same time will be discontinued, the transition team added.
[Sun-young Park / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
Financial circles express concern over the possibility that the government-ruling financial system may be revived with the proposed financial supervisory system as the newly-established Financial Committee could overwhelm the minor Financial Supervisory Service.
Under these circumstances, the Ministry of Finance and Economy, the Financial Supervisory Commission and the Financial Supervisory Service are making all-out efforts to carry through their respective positions concerning the matter of fixing roles of the two new organizations to the presidential transition team.
Meanwhile, the transition committee recently revealed the reason behind its decision to revise the current Financial Supervisory Commission into the Financial Committee that such new financial supervisory system will ease financial regulations drastically and wipe out possible criticism against the government-ruling financial system.
According to the transition committee’s reform plan, the Financial Policy Bureau of the Finance & Economy Ministry will be merged into FSC which will have competence over financial policies and ease unnecessary financial regulations quickly while FSS will maintain its status as a private organization. In that manner, FSC and FSS will be able to check and balance each other, the transition team explained.
For the same reason, the FSC chairman’s holding FSS at the same time will be discontinued, the transition team added.
[Sun-young Park / KHS]
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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