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The Financial Supervisory Service and the Bank of Korea have not been included on the transition team’s list of government agencies that are due to brief President-elect Park Geun-hye on social and economic administrative issues between Jan. 11 and 17.
Officials on Park’s team said that it omitted them as they are “not official state ministries.”
The Financial Services Commission, the financial policymaking body, however, is scheduled to report to the transition team on Jan 15. FSS is the regulatory enforcement agency, which was spun off from the FSC in 2008.
The team may have dropped FSS from its list as Park’s administration may have already decided to restructure it with the FSC and the Ministry of Strategy and Finance in an effort to boost consumer protection, analysts suggested.
BOK, meanwhile, may have been left out of the picture to ensure its independence in implementing monetary policy.
This is the first time both FSS and BOK have been passed over by a transition team.
The Finance Ministry has been pushed lower down the team’s priority list behind the National Tax Service as the incoming administration is keen on making the tax system efficient for the middle class and small businesses.
The tax agency is set to report to the team on Jan 12, followed by the Finance Ministry on Jan 13.
By Park Hyong-ki (hkp@heraldcorp.com)
Officials on Park’s team said that it omitted them as they are “not official state ministries.”
The Financial Services Commission, the financial policymaking body, however, is scheduled to report to the transition team on Jan 15. FSS is the regulatory enforcement agency, which was spun off from the FSC in 2008.
The team may have dropped FSS from its list as Park’s administration may have already decided to restructure it with the FSC and the Ministry of Strategy and Finance in an effort to boost consumer protection, analysts suggested.
BOK, meanwhile, may have been left out of the picture to ensure its independence in implementing monetary policy.
This is the first time both FSS and BOK have been passed over by a transition team.
The Finance Ministry has been pushed lower down the team’s priority list behind the National Tax Service as the incoming administration is keen on making the tax system efficient for the middle class and small businesses.
The tax agency is set to report to the team on Jan 12, followed by the Finance Ministry on Jan 13.
By Park Hyong-ki (hkp@heraldcorp.com)
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