Turning a deaf ear to public outcry, lawmakers from the ruling and main opposition parties collaborated on Monday to pass an array of self-serving bills, while leaving many others related to important issues on the back burner.
Among the bills they pushed through was the one that proposed to increase the number of National Assembly seats from the current 299 to 300. By passing the widely condemned legislation, lawmakers have confirmed again that their impudence knows no bounds.
The bill increases the parliamentary quota by a single seat. Not a big deal, one may think. But the one seat matters. As the quota has reached 300, breaking a long-held barrier, it has become easier for lawmakers to increase it further.
Furthermore the increase in parliamentary seats lacks justification, as a large majority of people believe the figure should be reduced. Nevertheless, the ruling Saenuri Party and the main opposition Democratic United Party ignored public opinion and protected their vested interests.
The two parties also colluded to enact other bills meant to serve their political interests at the expense of taxpayers and the national economy. For instance, they passed a bill ordering the financial regulator to set a favorable card commission rate for small-sized retailers.
The bill is purportedly aimed at protecting self-employed merchants and small businesses from discriminatory business practices by credit card companies. But it runs afoul of the principles of market economics by having the Financial Supervisory Commission intervene in the price mechanism.
Credit card companies are convinced that the revised Specialized Credit Finance Business Act goes against the Constitution and are therefore planning to file a complaint with the Constitutional Court.
The FSC was also embarrassed by the passage of the legislation, which it described as unprecedented anywhere in the world. As such, President Lee Myung-bak should veto the bill if it reaches his desk.
Lawmakers who approved the bill were well aware of its problems. But they went ahead for one reason ― to woo small merchants ahead of the forthcoming general election.
The two political parties also attempted to enact a bill that struck the same populist note as the one on credit cards. The legislation proposes to compensate depositors of the 18 savings banks that were suspended last year due to insolvency. It would provide protection in excess of the legally required guarantee, which covers up to 50 million won per account.
The FSC opposed the bill unequivocally, saying it would disrupt the order of the financial market by disregarding the key principle of financial investment ― the final responsibility for investment decisions lies with investors.
Mindful of the outcry from the FSC and the media, the Legislation and Judiciary Committee held off on the bill. But it may give it another try during the remainder of the Assembly session.
While lawmakers were quick to approve bills that would serve their interests, they have left many important ones on the shelf.
For instance, they took no action on a bill that would make household drugs, such as cold medicines, available at supermarkets. The main reason for their inaction is pharmacists’ strong opposition to it. Lawmakers have chosen to ignore consumers’ convenience to win pharmacists’ support.
Another important bill ignored by lawmakers is the one aimed at eliminating violence from the National Assembly. It was lawmakers themselves who proposed it to make the Assembly a forum for civil debate.
A set of bills on defense reform were also pushed aside to the disappointment of President Lee Myung-bak. On Tuesday, Lee appealed for parliamentary action on the bills, saying defense reform was “a pressing task that cannot be put off.”
The four-year term of the 18th Assembly is drawing to an end. Voters need to remember the impudence of self-serving lawmakers when they cast ballots at the coming general election.
