The National Assembly entered another eight-day filibuster standoff on the 24th. The Democratic Party of Korea began processing reform and public welfare bills starting with the third Commercial Act amendment, targeting completion by the session's end on the 3rd of next month. The People Power Party responded with a filibuster.
The third Commercial Act amendment, which mandates the cancellation of treasury shares held by companies as a general rule, was introduced to the National Assembly plenary session that afternoon. The amendment, a bill aimed at improving Korea's financial and capital market structure, requires companies to cancel treasury shares within one year of acquisition as a principle. However, exceptions apply when annual shareholder meetings approve holding and disposal plans signed and sealed by all directors for recognized purposes such as employee compensation or employee stock ownership programs.
Democratic Party lawmaker Kim Yong-min stated in his bill explanation, "Korea's capital market is writing new history, setting consecutive all-time highs with KOSPI breaking through 5,900 and KOSDAQ exceeding 1,100." He added, "We cannot rest on these achievements. Fundamental structural improvement is necessary for complete resolution of the chronic 'Korea Discount.'"
Rep. Yoon Han-hong of People Power Party, Chairman of the National Assembly's Political Affairs Committee, led the opposition debate. "We're saying let's discuss this together because side effects could occur, but they keep ignoring us and pushing forward," he said. "I feel self-reproach."
He continued, "We're asking to hear more from companies about why they oppose this bill. Among the policies that have come out since the Lee Jae-myung government launched, has there been any policy that gives companies freedom? Haven't they all been laws strangling businesses?"
Rep. Yoon warned, "If you treat companies as enemies and beat them down, negative effects will grow significantly before long. Excessive government intervention that strangles the free market economy must stop now."
Democratic Party lawmaker Oh Ki-hyung, Chairman of the Korea Premium K-Capital Market Special Committee, spoke as the first supporter. "The Yoon Suk-yeol government should have done this well on its own. Where did they receive lobbying from that they abandoned the Commercial Act?" he criticized.
He continued, "This is the process of overcoming the discount compared to other countries. Will investors agree when you claim it's anti-market, anti-business, or socialism?"
Rep. Oh stated, "The Lee Jae-myung government and Democratic Party are pursuing capital market advancement policies through the first, second, and third Commercial Act amendments for actual capital market growth itself." He added, "Where exactly is the People Power Party heading? Who are their policies for? Do they want KOSPI trapped at 2,500?"
The Democratic Party plans to end the filibuster and put the bill to a vote on the afternoon of the 25th, based on National Assembly rules allowing termination with three-fifths approval of registered members 24 hours after the filibuster begins.