logo
[Editorial] Keep your promise

[Editorial] Keep your promise

Korea Herald19-05-2025

DP's Lee offers to amend Constitution; PPP's Kim makes counterproposal
Lee Jae-myung, presidential candidate of the liberal Democratic Party of Korea, on Sunday proposed amending the nation's Constitution to allow a president to serve two four-year terms.
He said the two-term presidency would not apply to the sitting president, as specified by the current Constitution. This means that if he is elected as the next president, he would serve a single five-year term even if the Constitution is amended while in office.
His proposal strengthens the power of the National Assembly while weakening that of the presidency.
Under his proposal, the Assembly would recommend the prime minister. The president also must obtain the consent of the Assembly to appoint heads of investigative agencies, the Korea Communications Commission and the National Human Rights Commission.
If the president vetoes a bill, the Assembly could file an administrative suit.
The president must receive prior approval from the Assembly for an exercise of authority to declare emergency martial law.
The Board of Audit and Inspection, currently affiliated with the presidential office, would come under the control of the Assembly.
The separation of three powers — legislative, executive and judicial authorities — means they should strike a balance of power by holding one another in check.
Appropriate dispersion of presidential power is necessary if it is too strong, but enlarging parliamentary power is a matter requiring careful judgment because it could undermine the efficiency of government administration and lead to tyranny by the legislature.
The Democratic Party has been criticized many times of ruining the separation of powers. With the benefit of its majority in the Assembly, the party has moved to impeach about 30 high-ranking government officials, including ministers under the current administration. It also slashed the 2025 government budget unilaterally in an apparent bid to land the president and his administration in hot water.
Transferring control over the Board of Audit and Inspection to the Assembly and limiting the presidential veto power could stoke debate over whether they go against the separation of powers.
If presidential power is deemed too great, it should be weakened, but legal instruments to weaken that of the National Assembly simultaneously are needed.
Many people may wonder why the abolition of lawmakers' privilege to avoid arrest during a parliamentary session is missing from Lee's proposed constitutional amendment. On the stump he has promised several times to seek to repeal the privilege if elected, but the clause in question has remained intact. An array of legislators' privileges, which many resent, should be abolished.
If the Constitution is amended after the June 3 presidential election, an amendment bill that guarantees checks and balances would be met with the people's consent.
Kim Moon-soo, presidential candidate of the conservative People Power Party, welcomed Lee's proposal of amending the Constitution. He made a counteroffer outlining his version of such a constitutional amendment. He proposed allowing a president to serve two four-year terms, shortening only the next president's term to three years to synchronize the presidential election with the general elections, and abolishing lawmakers' privilege of freedom from arrest.
Lee proposed a referendum on a constitutional amendment during either local elections next year or the general election in 2028.
Lee's proposal is not without controversy, but it could be settled in the discussion process.
In the past, some presidential candidates pledged to seek to amend the Constitution, but then dropped it after being elected, apparently out of concerns that discussion of the constitutional amendment could weaken presidential authority.
This time should be different.
Now that Kim has expressed his agreement on the necessity to amend the Constitution, legislators of the rival parties need to form a special committee quickly to discuss the issue.
It may be difficult to draft a specific bill before the presidential election, but it could be possible for legislators to find a minimum of common ground on the amendment road map.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Probe bills into Yoon, wife pass National Assembly
Probe bills into Yoon, wife pass National Assembly

Korea Herald

time8 hours ago

  • Korea Herald

Probe bills into Yoon, wife pass National Assembly

Presidential office says 'there is very little reason' to veto them The ruling Democratic Party of Korea-controlled National Assembly on Thursday passed contentious bills mandating special counsel probes into charges and scandals surrounding former President Yoon Suk Yeol and his wife, Kim Keon Hee. Three probe bills reintroduced by the Democratic Party were approved during a parliamentary plenary vote held in the afternoon. One pushes to launch a permanent special counsel to investigate 11 charges tied to Yoon's failed martial bid in December; another seeks to mainly investigate Kim's alleged inappropriate interference in the People Power Party's candidate nomination process in previous general and by-elections as well as her luxury bag scandal; the third looks into the allegations that the Yoon administration interfered in the military's investigation into a young Marine's death in 2023. All three bills were passed in a 194-3 vote with one abstention, in a package deal. The move came a day after President Lee Jae-myung, who was the Democratic Party Chair, was sworn into office. He won Tuesday's early election, securing 49.42 percent of the vote against his rival and People Power Party candidate Kim Moon-soo, who saw 41.15 percent. Lee was highly likely to approve and endorse the bills, as an official at the presidential office said, 'there is very little reason' to veto them, with all three 'receiving People's support,' in a press briefing after the plenary vote. People Power Party, which became the main opposition party on Wednesday, highlighted its party line against the passage of the bills ahead of the plenary vote. The majority of the party lawmakers boycotted all three votes. All three bills passed on Thursday had previous versions that were scrapped by former President Yoon's veto power. The bill mandating a permanent special counsel investigation against Yoon will look into 11 different charges tied to his martial law bid, including insurrection and military mutiny. The previous versions of the bill were vetoed and scrapped twice. The latest version expanded the scope of the charges from six to 11. Special counsel candidates will be nominated by the Democratic Party and the minor liberal Rebuilding Korea Party, from the parliament's side. The bill also eases regulations to access presidential archives. It lowers the threshold from the current approval needed from two-thirds of lawmakers or from a high court chief judge to three-fifths of the Assembly or permission from a district court chief judge. The bill concerning the first lady will look into her alleged role in a stock manipulation scandal as well as the inappropriate acceptance of a luxury bag from a Korean-American pastor and election-related scandals involving political broker Myung Tae-kyun. An amendment passed alongside the bills expands the scope of the number of assistant special prosecutors from four to seven and raises the cap on dispatched prosecutors from 40 to 60.

Kospi hits 10-month high on hopes for Lee's economic revival
Kospi hits 10-month high on hopes for Lee's economic revival

Korea Herald

time11 hours ago

  • Korea Herald

Kospi hits 10-month high on hopes for Lee's economic revival

Foreign inflows, stimulus plans drive 10-month high as new president takes office South Korea's stock market climbed to a 10-month high on optimism that newly inaugurated President Lee Jae-myung will act swiftly to revive the country's sluggish economy through aggressive stimulus and market reforms. The benchmark Kospi breached the 2,800 mark on Thursday for the first time since July 2024, extending gains from the previous session. The index jumped more than 2 percent in early trading to an intraday high of 2,831.11 before paring gains to hover near 2,800 as of 2:30 p.m. The rally followed Wednesday's nearly 3 percent surge, which pushed the index to a year-to-date high of 2,770.84. Foreign investors net bought 1 trillion won ($735.4 million) and institutions added 200 billion won, while individuals sold 1.2 trillion won to lock in profits. The buying continued Thursday, with foreigners and institutions snapping up another 670 billion won and 400 billion won, respectively, as retail investors offloaded 1 trillion won more. Markets are responding to Lee's full-throttle policy agenda centered on restoring livelihoods and reigniting growth. 'We will begin by restoring livelihoods and revitalizing the economy,' Lee said Wednesday, launching an emergency economic task force as his first executive order. Among his initial directives was finalizing a supplementary budget. Lee pledged at least 30 trillion won in fresh stimulus to be drafted, following the 13.8 trillion won package approved ahead of the election. Political and market observers expect the proposal to be submitted to parliament next month, with the funds largely targeting public support measures such as local business vouchers to revive domestic demand. Beyond the extra budget, Lee's broader economic strategy hinges on expansive fiscal spending, with 210 trillion won in government funds planned over his five-year term. His agenda includes expanded welfare, support for strategic sectors such as artificial intelligence and efforts to lift long-term growth. Lee aims to lift Korea's annual growth rate to 3 percent, up from the sub-1 percent pace forecast for this year. He also envisions transforming the country into the world's third-largest AI powerhouse and elevating it to the rank of the world's fifth-strongest nation during his presidency. Investor sentiment is also buoyed by Lee's push to strengthen capital markets. On Thursday, the ruling Democratic Party of Korea reintroduced a revised Commercial Act aimed at reinforcing minority shareholder rights — legislation previously shelved under the former administration and now central to Lee's pro-market agenda. The bill proposes sweeping governance reforms, including expanding directors' fiduciary duties to shareholders, renaming outside directors as independent directors, mandating cumulative voting, expanding separate elections for audit committee members, introducing virtual shareholder meetings, and tightening the 3 percent rule that limits major shareholders' voting rights in audit board appointments. To expedite implementation, all provisions will take immediate effect upon promulgation except for electronic voting, which will require system upgrades. The local market is moving to shed the 'Korea Discount' as the new administration accelerates policy implementation, said senior market analyst Lee Kyoung-min of Daishin Securities. 'The push for Commercial Act revisions is fueling a revaluation of underperforming stocks, while expectations for a large-scale supplementary budget are bolstering hopes for a recovery in Korea's deeply frozen economy,' he said, noting that robust foreign inflows are driving the rally. 'Stronger policy expectations are putting upward pressure on the won, creating conditions for a potential pickup in foreign capital inflows,' he added. The Korean won strengthened to an eight-month high against the greenback on Thursday, breaching the 1,350 won-per-dollar level for the first time since October 2024.

Lee holds 1st Cabinet meeting with Yoon's ministers
Lee holds 1st Cabinet meeting with Yoon's ministers

Korea Herald

time11 hours ago

  • Korea Herald

Lee holds 1st Cabinet meeting with Yoon's ministers

Lee drops Han's Constitutional Court judge nominations; call with Trump being arranged, according to spokesperson President Lee Jae-myung held the first Cabinet meeting of his term on Thursday, where he asked ministers and heads of agencies, all appointed by his predecessor Yoon Suk Yeol, to do their best while they are in office. "We need to put people first, and do the best we can at the given moment," Lee told Cabinet members at the meeting at the presidential office in Yongsan, central Seoul. "Of course, some of you might feel this is quite awkward, but at the end of the day, we all work for the people. We cannot make light of the responsibilities entrusted upon us by the people, and I trust you to do your best." As Lee was elected in a by-election after Yoon was impeached and removed from office, the president did not have a transition period following Tuesday's election. He begins his term with Cabinet members appointed by the last administration. "It will take some time before I get the administration in order. While I do that, people are going through a difficult time, and I'd like to make that time shorter as much as I can," Lee said. Later in the day, Lee's spokesperson, Kang Yu-jung, said the president dropped nominations for Constitutional Court justices made by former Prime Minister Han Duck-soo while he was acting president. Han nominated Government Legislation Minister Lee Wan-kyu and Seoul High Court Justice Ham Sang-hun to succeed two outgoing Constitutional Court justices. The Democratic Party had slammed Han when he made the appointments, saying an acting president should not have the same authority as an elected president to fill such vacancies. A call is being arranged between US President Donald Trump and Lee, according to Kang. "For now, we are in the process of coordinating the phone call. We cannot confirm anything at this stage," she told reporters. The US Congressional Korea Caucus congratulated Lee on his election victory. In a statement Thursday, co-chairs of the Congressional Korea Caucus, Reps. Ami Bera, Marilyn Strickland, Joe Wilson and Mike Kelly, said they wished Lee and his administration well to "lead the Republic of Korea, a key and indispensable ally, through the many challenges facing the Korean Peninsula and beyond." 'As co-chairs of the Korea Caucus, we remain steadfastly committed to defending, strengthening, and enlarging the ironclad US-Korea alliance," they said. Questions remain whether Lee, who had been battling simultaneous criminal trials before he was elected, will continue to attend his court cases as a sitting president. The Supreme Court on Thursday confirmed a jail sentence of seven years and eight months for Lee's deputy dating to when he was Gyeonggi Province governor for the illegal transfer of funds to North Korea. The $8 million, the court said, were sent to North Korea to facilitate Lee's visit to Pyongyang. Lee has denied involvement in or knowledge of the scheme. The Democratic Party of Korea says the courts must suspend Lee's criminal trials. "Since he has assumed office as president, his criminal cases ought to be suspended under the Constitution. This is not a matter of debate," Rep. Jo Seoung-lae, the party's chief spokesperson, said Thursday. Article 84 of the Constitution says incumbent presidents are immune from criminal prosecution, but it does not state what should happen to criminal trials that are already underway. According to exit polls, 64 percent of voters said they believe Lee's criminal trials should continue even if he became president, while 26 percent said they should be delayed until after his term as president. On the day of his inauguration Wednesday, Lee announced the first set of nominations for key positions. Lee plucked Kim Min-seok from the Democratic Party leadership to serve as prime minister and named Kang Hoon-sik, a three-time Democratic Party lawmaker, as his chief of staff. As for his national security team, the president tapped Lee Jong-seok, who was unification minister for the late President Roh Moo-hyun, for director of the National Intelligence Service, and Wi Sung-lac, who was ambassador to Russia, for director of the National Security Office. Cabinet members have to go through a confirmation hearing and be confirmed by the National Assembly before they are appointed. Lee won the presidential election Tuesday with 49.42 percent of the vote against 41.15 percent that went to his People Power Party opponent Kim Moon-soo.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store