The People's Power Party of South Korea has initiated a filibuster against the third amendment to the Commercial Act, which mandates the mandatory buyback of treasury stocks, soon after it was presented in the National Assembly.
On the 24th, the People's Power Party (PPP) of South Korea commenced a filibuster as soon as the third amendment to the Commercial Act, which includes the mandatory buyback of treasury stocks, was submitted to the National Assembly. Yoon Han-hong, a member of the PPP, emerged as the first speaker opposing the bill during the Assembly's session. He began his speech expressing concerns about whether he was qualified to criticize the legislation, acknowledging the party's prior disconnect with public sentiment, which has led to widespread criticism of their policies.
Yoon reflected on the party's previous failures to align with the public's expectations and mentioned the resultant loss of trust from the citizens. Despite his reluctance and self-doubt, he emphasized the necessity of scrutinizing the potential adverse impacts this proposed legislation may have on the economy, indicating a sense of responsibility to address the issue even in the face of internal challenges.
In response to the filibuster commenced by the PPP, the Democratic Party of Korea plans to utilize a parliamentary rule that allows them to end the filibuster after 24 hours with a two-thirds majority vote. They anticipate concluding the filibuster on the afternoon of the 25th and proceeding to vote on the amendment, signifying a contentious legislative battle on critical economic legislation.
