[News Today] PPP’s 8-day Filibuster underway

[LEAD]
Parliament has ground to a halt once again. After the Democratic Party moved a series of long-disputed bills to the plenary floor, the People Power Party immediately launched a filibuster in protest. The standoff could stretch for as long as seven nights and eight days, effectively freezing the National Assembly for the time being.

[REPORT]
The first contentious bill introduced at the plenary session of the National Assembly.

It was the third amendment to the Commercial Act, which mandates companies to cancel their treasury shares.

Kim Yong-min/ Democratic Party
It will help fully transform our stock market's fundamentals to a 'Korea premium'.

The People Power Party immediately requested a filibuster.

It protested that the Democratic Party was pushing the bill through without enough debate, even though it would make it harder to defend corporate management control.

Yoon Han-hong/ People Power Party
Companies should decide how to handle treasury shares. Why should the government force a sale?

After 24 hours, the filibuster can be ended with approval from three-fifths of lawmakers, and the bill is put to an immediate vote.

After that, starting with a revision to the Criminal Act to introduce a “legal distortion offense,”

the DP’s long-pushed so-called “three judicial reform bills,” along with a revision to the Referendum Act and a special law to integrate Jeollanam-do Province and Gwangju, will be introduced.

Lawmakers are to vote on one bill per day after the opposition's filibuster ends.

The National Assembly's February extraordinary session continues until March 3rd.

That means that the filibuster could extend up to eight days.

The DP warned it may revise the National Assembly Act to limit filibusters and speed up passage of the bills.

The PPP is boycotting all committee schedules in protest, so parliament is likely to remain at a standstill for some time.

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