韩国低收入借款人稳定基金法案下周面临关键表决但通过不确定

Legislation to create a stability fund for low-income borrowers, one of the government's key policy goals, faces a pivotal week. The bill must clear a National Assembly subcommittee on the 2nd of next month for the fund to launch in January, but passage is expected to be difficult after the opposition recently introduced a competing bill.
The National Assembly's Political Affairs Committee will convene a legislative subcommittee on the 2nd of next month to discuss an amendment to the Act on Support for Low-Income Borrowers that would establish the fund, according to financial industry sources on the 30th. The amendment would create the stability fund within the Korea Inclusive Finance Agency and fold the existing guarantee and self-support accounts into it, securing a permanent funding source for policy lending programs aimed at low-income borrowers. The bill is urgent because the requirement for financial companies to contribute to such programs expires on Oct. 8.
With inclusive finance set as a core policy objective of the current administration, failure to clear the subcommittee next week would leave next year's launch in doubt. Discussions must conclude before parliamentary budget deliberations begin in earnest if a fund management plan is to be reflected in next year's budget. Politicians have pointed to the end of August, before the government submits its budget proposal, as the deadline. "The bill is already far behind schedule," a ruling party official said. "If the two parties fail to reach agreement next week, passage will be difficult and implementation next year could slip."
The key question is whether the People Power Party will agree. The bill was discussed several times in the subcommittee this year but failed to advance as disputes went unresolved. In particular, the parties differed sharply over the fund's sustainability after subrogated payments under the Sunshine Loan program exceeded 1.1 trillion won last year while the recovery rate stayed in the low 10% range. Committee members were replaced last month as the second half of the parliamentary term began, but the People Power Party this month introduced a bill centered on maintaining the current framework. Rep. Song Eon-seog of the People Power Party submitted an amendment to the Act on Support for Low-Income Borrowers that would shelve the fund's creation and extend financial companies' contribution obligations by five years, keeping the existing levy system in place.
"If the fund becomes permanent, there is considerable scope for new elements of government intervention, such as contribution rates, but review of that has been insufficient," an opposition official said. "The key is whether lawmakers from both parties can reach a preliminary agreement by early next week." The Financial Services Commission has been visiting lawmakers' offices to make its case. "We are in continuing talks with the National Assembly on the original proposal, which would convert to a fund-based system as the October sunset provision takes effect," an FSC official said.