The National Assembly criticized the government's budget allocation for the Future Response Fund and its failure in housing policy during the first week of the national audit. As the second week resumes after the Hangul Day holiday, issues such as oil price collusion among refiners and the economic viability of the Arctic route are expected to take center stage.
According to political sources on October 11, the National Assembly's Political Affairs Committee and the Agriculture, Food, Rural Affairs, and Fisheries Committee will conduct audits on the Fair Trade Commission and the Ministry of Oceans and Fisheries, respectively, on October 12.
The Political Affairs Committee is likely to focus on the issue of oil price collusion among refiners. To address this, the committee has summoned representatives from major domestic refiners, including SK Energy, HD Hyundai Oilbank, GS Caltex, and S-Oil, as witnesses. While their actual attendance remains uncertain, the Fair Trade Commission has already uncovered large-scale collusion among some refiners, suggesting that criticism is expected regardless of their presence.
The recent return of a South Korean container ship from its inaugural trial run along the Arctic route is also anticipated to be discussed during the Ministry of Oceans and Fisheries audit. The key question is whether this route can ensure economic viability. There are conflicting views on whether to promote the Arctic route to elevate Busan as a 'maritime capital' or to carefully assess its economic and safety implications. Additionally, the Financial Planning Committee's audit of the Bank of Korea on the same day is expected to address issues related to interest rates and inflation.
In previous sessions, various committees pointed out the government's inadequate economic policies. The Financial Planning Committee criticized the government's plan for a 162 trillion won Future Response Fund, arguing that it undermines the National Assembly's budgetary authority. Representative Lim I-ja of the People Power Party raised suspicions that the fund could be seen as 'the president's slush fund.' Meanwhile, the Land, Infrastructure, and Transport Committee expressed concerns from both ruling and opposition parties about the need to address the rental crisis and housing instability, while the Political Affairs Committee criticized the rushed introduction of single-stock leveraged exchange-traded funds (ETFs), particularly from the opposition side.
According to political sources on October 11, the National Assembly's Political Affairs Committee and the Agriculture, Food, Rural Affairs, and Fisheries Committee will conduct audits on the Fair Trade Commission and the Ministry of Oceans and Fisheries, respectively, on October 12.
The Political Affairs Committee is likely to focus on the issue of oil price collusion among refiners. To address this, the committee has summoned representatives from major domestic refiners, including SK Energy, HD Hyundai Oilbank, GS Caltex, and S-Oil, as witnesses. While their actual attendance remains uncertain, the Fair Trade Commission has already uncovered large-scale collusion among some refiners, suggesting that criticism is expected regardless of their presence.
The recent return of a South Korean container ship from its inaugural trial run along the Arctic route is also anticipated to be discussed during the Ministry of Oceans and Fisheries audit. The key question is whether this route can ensure economic viability. There are conflicting views on whether to promote the Arctic route to elevate Busan as a 'maritime capital' or to carefully assess its economic and safety implications. Additionally, the Financial Planning Committee's audit of the Bank of Korea on the same day is expected to address issues related to interest rates and inflation.
In previous sessions, various committees pointed out the government's inadequate economic policies. The Financial Planning Committee criticized the government's plan for a 162 trillion won Future Response Fund, arguing that it undermines the National Assembly's budgetary authority. Representative Lim I-ja of the People Power Party raised suspicions that the fund could be seen as 'the president's slush fund.' Meanwhile, the Land, Infrastructure, and Transport Committee expressed concerns from both ruling and opposition parties about the need to address the rental crisis and housing instability, while the Political Affairs Committee criticized the rushed introduction of single-stock leveraged exchange-traded funds (ETFs), particularly from the opposition side.
* This article has been translated by AI.
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