Lee Chan-jin, new FSS Governor: "I'm someone far removed from seeking personal gain through connections... I will actively listen to the industry's opinions"

Attorney Lee Chan-jin (61·pictured), who is a former member of Minbyun - Lawyers for a Democratic Society, has been "unexpectedly chosen" as the new Governor of the Financial Supervisory Service (FSS).

In a phone interview with The Korea Economic Daily on the 13th, Lee stated, "I am fully aware of the external concerns about my lack of financial expertise, but I am someone far removed from seeking personal gain through connections," adding, "I will diligently listen to the industry's opinions."

Regarding the unsettled sentiment among internal members about a possible organizational restructuring, he said, "While I have my own thoughts about what is an important current issue, I need to align perspectives with the internal staff," and added, "I am in a position where communicating with and listening to the internal members is necessary."

Earlier that day, Kim Byung-hwan, Chairman of the Financial Services Commission (FSC), convened an extraordinary FSC meeting and passed the resolution to nominate Lee as the new FSS Governor. This comes about two months after Lee Bok-hyun, the previous FSS Governor, stepped down in June. The FSS Governor is appointed by the President after the FSC Chairman's nomination and does not require a confirmation hearing. The FSC explained, "Lee, drawing on his diverse experience and expertise, is the right person to undertake key challenges at the FSS, such as restoring trust in financial companies and strengthening protection for financial consumers."

Born in 1964 and a graduate of Seoul National University's law school, Lee is considered a close associate of President Lee Jae-myung within the legal community. He was a classmate of President Lee in the 18th term of the Judicial Research and Training Institute and played a role in defending the President against various legal risks. Earlier this year, he served as a defense attorney in President Lee's appellate trial on charges of violating the Public Official Election Act and succeeded in overturning the original verdict (1 year in prison, 2 years probation) and securing an acquittal. He has also represented President Lee in the "Ssangbangwool remittance to North Korea" case.

Lee has been active mainly in civic organizations. He served as Executive Director of People's Solidarity for Participatory Democracy (PSPD), as well as Vice President and Public Interest Committee Chair at Minbyun - Lawyers for a Democratic Society, a progressive lawyers' group. He is especially regarded as being well-versed in social welfare issues. After the new government was launched, he became Head of the Social Affairs Division in the State Affairs Planning Advisory Committee.

His experience related to finance is limited. He served as a member of the National Pension Service (NPS) Fund Management Committee and handled some lawsuits related to accounting in the capital markets. Some in the financial sector interpret this appointment as President Lee Jae-myung installing a trusted confidant, whose alignment matches the President's approach to financial supervision, rather than focusing on financial expertise. A financial industry official commented, "Ultimately, how well he demonstrates an understanding of the financial sector will shape his early reputation after taking office."

Reporter: Park Jae-won