Ruling and opposition parties passed a resolution on February 9 to form a special committee for deliberating the "Special Act on Investment in the United States," a follow-up measure to Korea-U.S. tariff negotiations, and began work on processing the legislation. Four-term People Power Party lawmaker Kim Sang-hoon has been designated as committee chairman.
The National Assembly held a plenary session and passed the resolution to establish the special committee through bipartisan agreement. The committee's mandate runs until March 9, with both parties aiming to pass the bill by early next month. Following the resolution's passage, National Assembly Speaker Woo Won-shik urged members: "While we set the activity period at one month, given the critical and urgent circumstances, please engage in intensive discussions to enable passage within February if possible."
Kim, a member of the National Assembly's Political Affairs Committee, was designated to lead the special committee. The ruling and opposition parties agreed to compose the 16-member committee with eight members from the Democratic Party of Korea, seven from the People Power Party, and one from non-negotiating blocs, with the chairmanship going to the People Power Party. Both sides ensured the committee includes at least one member each from the Political Affairs Committee, Strategy and Finance Committee, and Trade, Industry, Energy, SMEs and Startups Committee. From the People Power Party, lawmakers Park Sung-hoon, Park Soo-young, Kang Min-kuk, Kang Myung-ku, Park Sang-woong, and Kang Seung-kyu are expected to join.
The special committee will review the memorandum of understanding signed as a result of tariff negotiations between Korea and the United States and deliberate on the legislation. Previously, the two countries signed an MOU committing $200 billion in investment in strategic industries and approving $150 billion in investment for the shipbuilding sector. Currently, eight bills under the same title are pending in the National Assembly, including the Special Act on Investment in the United States submitted by the ruling party in November last year.
