The Democratic Party announced that it would begin deliberations on the 'Special Law for Korea-U.S. Strategic Investment Management' (Special Investment Law for the U.S.) in February. This is a measure taken following President Trump's pointing out the Korean legislature's failure to follow legal procedures and announcing plans to raise tariffs.
Rep. Jung Tae-ho, the Democratic Party floor manager of the National Assembly's Finance and Economy Planning Committee, met with reporters after a party-government consultative meeting held at the National Assembly on the 27th and said, "The government's request is to propose the Special Investment Law for the U.S. and have it passed by February."
The Special Investment Law for the U.S. was proposed in November of last year, and it is currently pending without even being submitted to the Finance and Economy Planning Committee. It contains regulations regarding the establishment of an investment fund, etc., following the conclusion of a memorandum of understanding (MOU) on tariff agreements between Korea and the U.S.
Rep. Jung said, "December and January are a kind of deliberation period for the bill. Normally, the deliberation process will begin in February." He said that to this end, through consultations between the ruling and opposition floor managers of the Finance and Economy Committee, they are pushing forward with a plan to hold plenary sessions in the first and third weeks of February.
Additionally, he requested that the People Power Party cooperate in the legislative process. Rep. Jung urged, "Rather than engaging in unproductive debates, I hope you will actively cooperate in the legislative process to resolve the tariff issue." The ruling and opposition parties have previously faced off over whether to ratify the Special Investment Law for the U.S.
===============================================
> Replaced because it was a Chosun Ilbo article.
