On 25 March 2013, FSC met its new vice chairman, Chan-woo Jeong. Mr. Jeong, who has been an eminent scholar in the field of International Finance and Non-banking Financial Markets and Institution, played a key role in organizing President Park’s policy plans, represented by the National Happiness Fund. He has been an outside director of KDIC (Korea Deposit Insurance Corporation) since 2010 and was an outside director of KAMC (Korea Asset Management Corporation) from 2007-2009. He, also the formal vice president of Korea Institute of Finance, served as a policy adviser of FSC for the last 10 years long. Now that we know how deeply he has concerned on FSC and Korean Economy, you may wonder what his new goals and plans are. For that, we better look into his inaugural address, delivered at FSC.
Question 1. What do you think the role of FSC is under this domestic and overseas’ ill-functioning economy?
Answer: “We have got three big problems here. First, the depressing international economic situation has brought uncertainty over Korea; therefore, FSC should design well developed response system in order to stabilize financial markets. Second, the low-growth domestic market needs a new momentum. In addition, low-and-middle-income households has been financially suffered for last 10 years. Here, our primary goal is to support the households by initiating the National Happiness Fund and countermeasures for household debt.”
Question 2. Let’s talk about the proposals you wish to make at FSC. What do you expect FSC members to become?
Answer : “First, we should think about the barrier we have inside out FSC and break it down. The barrier among each department might have induced business inefficiency. It also could have been a hard-to-reach wall for the public. Second, I want to stress on “the field.” The Law and policies are the base. However, the more important thing is the households. The law and policies are to be their happiness. Third, seniors at FSC had cherished the tradition of not avoiding problems, rather heading into the problems. For succeeding our valuable tradition, I promise to back you up at FSC along with Chairman Je-yoon Shin.”
He ended his inaugural address by mentioning his would-be–own-role at FSC. “I will be playing a bad guy role outside in order to protect FSC, and having my room opened all the time to listned to your opinions.”
We all wish him and FSC the best!
By Gueran Jeon (email@example.com)