Korea May Begin Parliament Hearings to Hire Central Bank Chief

South Korea may begin parliamentary confirmation hearings to question Bank of Korea governor candidates, after a sub-committee in parliament approved today such a proposal.

A bill to revise the Bank of Korea act that includes the plan will likely be put to vote at the Strategy and Finance Committee on Nov. 11, and after that will likely go to a plenary session for the final decision, according Lee Yong Sup, chairman of the sub-committee on economy.

“The Bank of Korea governor should be screened by lawmakers so that we can prevent the president’s abuse of power and have an independent central bank chief with expertise and morality for the sake of the national economy,” Lee said in a statement released today. The central bank chief is now chosen by the president without parliamentary oversight.

To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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