Yoon expected to name new FSC chairman, minister

Kim Byoung-hwan and Kim Wan-sub

South Korean President Yoon Suk Yeol is expected to nominate Kim Byoung-hwan, 1st Vice Minister of Economy and Finance, as the new chairman of the Financial Services Commission (FSC), and Kim Wan-sub, former 2nd Vice Minister of Economy and Finance, as the new Minister of Environment on Thursday.

It is also anticipated that Kim Beom-suk, Presidential Secretary for Economic and Financial Affairs, will be appointed to the now vacant position of 1st Vice Minister of Economy and Finance.

This marks the beginning of Yoon‘s personnel reshuffle following the general elections.

“We understand that there will be an announcement on Thursday regarding the nominations for the Chairman of the Financial Services Commission and the Minister of Environment,” a senior official from the ruling circle told Maeil Business Newspaper on Wednesday.

FSC chairman nominee Kim Byoung-hwan, born in 1971, graduated from Seoul National University with a degree in economics. He entered public service by passing the 37th National Civil Service Exam and is considered a macroeconomic policy expert, having served as Presidential Secretary for Economic and Financial Affairs.

Environment Minister nominee Kim Wan-sub, born in 1968, graduated from Korea University with a degree in business administration. He entered public service by passing the 36th National Civil Service Exam and served as chief of the budget office of the Ministry of Economy and Finance, earning a reputation as a budget expert.

Yoon emphasized the need to reshuffle ministers who have been in office for nearly two years in a press conference marking the second anniversary of his inauguration in May 2024.

Consequently, a gradual reshuffle is expected to begin with the FSC and the Ministry of Environment, followed by other ministries such as the Ministry of Science and ICT and the Ministry of Employment and Labor.

For the Minister of Science and ICT, Park Sung-joong, a former lawmaker of the ruling People Power Party, who ran in Bucheon, Gyeonggi Province in the last general election, is reportedly under consideration.

For the Minister of Employment and Labor, Lim Lee-ja, a People Power Party lawmaker and labor expert from the Federation of Korean Trade Union, is being mentioned as a candidate.

However, some believe that her nomination might be difficult due to the current situation in the National Assembly where the opposition holds the majority.

In academia, Cho Joon-mo, a professor at Sungkyunkwan University, is being mentioned.

The National Assembly is expected to start discussions on confirmation hearings soon as the reshuffle begins.

Conflicts between the ruling and opposition parties are expected to intensify, however, given the upcoming appointment of a successor for former Korea Communications Commission Chairman Kim Hong-il.