President Lee Emphasizes Public Responsibility in Financial Sector

President Lee Jae-myung stated on May 14 that while the financial sector operates in a private capacity, it is fundamentally a quasi-public enterprise reliant on state-issued currency and monopolistic licenses, thus it must fulfill its public responsibilities.

In a post on X (formerly Twitter), President Lee remarked, "Usury and gambling are signs of national decline." He added, "We will swiftly and maximally secure consumer finance and inclusive finance."

He shared a document on X detailing the results of a special crackdown on illegal private finance from November last year to April this year, which led to the arrest of 1,553 individuals.

President Lee emphasized, "Loans exceeding legal interest rates are void; if the interest rate (regardless of the nominal rate) exceeds 60%, the principal is also void. There is no need to repay, and lenders who provide such loans can face criminal penalties. Unlicensed lending will also be punished."

Earlier, during a Cabinet meeting on May 12, President Lee criticized the private debt collection company 'Sangnok-su' for still pursuing delinquent debts from the early 2000s credit card crisis, calling it "primitive predatory finance."