Seoul: The ruling Democratic Party (DP), alongside the government and the presidential office, reached an agreement on Thursday to exclude the restructuring of the financial regulator from the current government reorganization plan. This decision comes amid strong opposition from the main opposition People Power Party (PPP).

According to Yonhap News Agency, the initial reorganization plan proposed by the DP aimed to overhaul the Financial Services Commission (FSC) and its functions by pushing a government reorganization bill through the National Assembly. However, the PPP voiced strong opposition to the bill and has threatened to employ a filibuster to prevent its passage.

Rep. Han Jeong-ae, head of the DP's policy committee, announced in a briefing that the separation of the FSC's policy and oversight functions, as well as the creation of a financial consumer agency, will not be part of the government's reorganization at this time. Han emphasized that these functions would revert to their original state to respect the PPP's stance and to avoid political conflict.

Furthermore, Han called for the PPP's cooperation in passing the revision to the Government Organization Act, highlighting the rarity of using a filibuster against such legislation.