Kwon Dae-young, Vice Chairman of the Financial Commission, has been appointed as the First Vice Minister of the Ministry of Economy and Finance, drawing attention to potential follow-up appointments within the Financial Commission. With the upcoming appointment of a new vice chairman coinciding with the expiration of terms at the end of the year, there is speculation about whether the backlog of promotions will be alleviated.
President Yoon Suk Yeol appointed Kwon as the First Vice Minister on October 1, marking approximately 14 months since his promotion from Secretary General of the Financial Commission to Vice Chairman. Kwon has received public praise from President Yoon for measures addressing household debt and has been mentioned as a candidate for key positions, including Chief of Staff and Chairman of the Financial Commission. There were discussions about a potential cross-appointment where Lee Hyung-joo, the then First Vice Minister, would become Chairman of the Financial Commission, but he has since been promoted to Deputy Prime Minister and Minister of Economy.
The primary focus for the Financial Commission is the appointment of a new vice chairman. Currently, there are no clear candidates from the Ministry of Economy and Finance being discussed for the role. Within the Financial Commission, the possibility of promoting Shin Jin-chang, the Secretary General, has been mentioned. The Secretary General oversees major policies and operations, and both Kwon and former Vice Chairmen Son Byung-doo and Kim Yong-beom were promoted from this position. If Shin is appointed as vice chairman, it could lead to further promotions and movements within the first-level positions to fill the Secretary General vacancy.
However, there is also the possibility of returning officials from the Financial Commission or external appointments. Former Vice Chairman Do Kyu-sang returned after serving as Director of the Financial Policy Bureau and Director of Economic Policy at the Ministry of Economy and Finance. Kwon's predecessor, Kim So-young, was appointed from academia as a professor at Seoul National University. The method of appointing the new vice chairman could influence the potential for internal promotions.
External movements among senior officials at the Financial Commission also present variables. Lee Hyung-joo, Director of the Financial Intelligence Unit (FIU), is vying for the position of President of NH Bank. The NH Bank President Recommendation Committee failed to select a final candidate last month and is set to resume discussions on October 6. If Lee is appointed, it would necessitate a follow-up appointment for the FIU Director. Park Min-woo, a standing commissioner at the Korea Securities and Futures Commission, has also been mentioned as a candidate for the head of Korea Financial Intermediary.
In December, the term of Lee Se-hoon, Senior Vice Chairman of the Financial Supervisory Service, will end. If a senior official from the Financial Commission moves to this position, it could create additional vacancies at the first-level positions. The first-level positions at the Financial Commission include the Secretary General, standing commissioners, and the FIU Director. If there are internal promotions for the vice chairman and external movements among senior officials, it is likely that multiple first-level positions will be filled.
Candidates for first-level promotions include Kim Jin-hong, Director of the Financial Industry Bureau, and Jeon Yo-seop, Director of the Financial Policy Bureau. If they are promoted, it could lead to further appointments for their successors and movements at the section chief level, potentially alleviating the backlog of appointments.
A Financial Commission official stated, “Shin Jin-chang is being strongly considered, but we cannot rule out the possibility of an external appointment. Given the upcoming National Assembly audits and other key issues, we expect the successor to be appointed swiftly.”
* This article has been translated by AI.
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