Saemaul Geumgo supervised by the Department of Public Administration and Security, the Financial Services Commission…Proposed a law by Kang Byung-won

2023-07-13 11:16:00

Securities & Finance | 2023.07.13 20:46

[서울=뉴스핌] Reporter Jeong Seung-won = A plan to transfer the authority to supervise Saemaul Geumgo from the Ministry of Public Administration and Security to the Financial Services Commission is being pursued.

On the 13th, Democratic Party lawmaker Kang Byung-won, an opposition secretary of the National Assembly Public Administration and Security Committee, announced that he had proposed an amendment to the Saemaul Geumgo Act.

Kang Byung-won [사진= 뉴스핌 DB]

The main point of the amendment is to transfer the authority to supervise Saemaul Geumgo from the Ministry of Public Administration and Security to the Financial Services Commission.

In addition, the Financial Supervisory Commission directly supervises the credit and deduction business of Saemaul Geumgo and the Financial Supervisory Service inspects it.

Under the current Saemaul Geumgo Act, the Ministry of Public Administration and Security manages and supervises Saemaul Geumgo, and in the case of credit and mutual aid projects, the Ministry of Public Administration and Security and the Financial Services Commission are required to consult and supervise.

The amendment also included content that if the Saemaul Geumgo Federation violates the order of the Financial Services Commission, it can receive measures such as warnings, cautions, and corrective orders.

Rep. Kang said, “Since Saemaul Geumgo’s assets and business scale are comparable to those of the five major commercial banks, there are growing voices calling for a strict look at the impact on the people and the economy.” It is a long-standing legislative task in the National Assembly to the extent that an amendment has been proposed.”

Rep. Kang said, “It is to move away from the system of managing and supervising a financial institution with assets of 300 trillion won by less than 10 personnel from the Ministry of Public Administration and Security, and to directly supervise the soundness of a financial supervisory institution. It is the best way to safely protect the valuable assets of 22 million customers by further increasing the public’s trust in Saemaul Geumgo, a financial institution,” he added.

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