DP Plans to Pass 110 Bills in Oct. 13 Session Amidst Ruling-Opposition Stalemate

Over 110 Bills Scheduled for Oct. 13 Plenary Session Amidst Ruling-Opposition Stalemate

Tensions are rising in the political arena as the Democratic Party (DP) has confirmed its plan to convene a plenary session of the National Assembly on October 13 to process a backlog of over 110 bills, including crucial housing supply measures. DP spokesperson Lee Joo-hee emphasized the urgency of these livelihood-related bills, many of which pertain to real estate supply and are currently awaiting deliberation, signaling a push for accelerated legislative action. This move is interpreted as an effort to swiftly establish legislative frameworks to address recent volatility in housing prices and instability in the housing market. The large-scale processing of over 110 bills is seen as reflecting the opposition party's strong will to secure leadership in the latter half of the political year.

Conversely, the People Power Party (PPP) has strongly opposed the DP's unilateral move to convene the plenary session and process bills. The ruling party criticized the opposition's legislative push, leveraging its majority, as undermining the spirit of bipartisan cooperation essential for parliamentary democracy. They have called on President Lee Jae-myung for a comprehensive shift in his administration's policy direction. Specifically, the PPP has proposed holding an emergency economic council meeting involving the ruling and opposition parties, urging for problem-solving through a non-partisan economic consultative body rather than a unilateral legislative drive. The PPP's stance is viewed as a defensive strategy to check the opposition's legislative momentum while simultaneously securing the President's operational capacity.

Key Analyses of Capital Market Safeguards and Housing Supply Measures

One of the core bills to be addressed in the upcoming plenary session involves legislative measures to mitigate capital market volatility. DP lawmaker Kim Hyun-jung has introduced a revision to the Capital Markets Act, aimed at protecting investors from the recent sharp fluctuations in the domestic stock market. This proposed amendment has garnered support from 10 other lawmakers, including Kim Nam-geun and Kang Joon-hyun, underscoring efforts to establish market safeguards. The bill includes provisions to strengthen oversight of unfair trading practices, such as stock manipulation, and implement concrete institutional mechanisms to stabilize the market during sharp downturns, which is expected to contribute to restoring investor confidence.

Bills related to housing supply measures are also a central issue in the market. A significant portion of the 110 pending bills includes measures to streamline urban redevelopment procedures, expand public housing supply, and provide financial support for genuine homebuyers. Real estate experts predict that the passage of these bills could lead to an average reduction of over 20 percent in permit processing times, accelerating the pace of housing supply. However, concerns about funding mechanisms and the intensification of concentration in the Seoul metropolitan area persist, suggesting that fierce policy debates are likely to continue during the detailed implementation decree process following the bills' passage.

The Democratic Party has clearly stated its intention to push for the processing of over 110 pending bills, including housing supply measures, during a plenary session on October 13. In response, the People Power Party has demanded the convening of an emergency economic council meeting involving the ruling and opposition parties.

Impact of Comprehensive Special Prosecutor Investigation and Treason Indictment on the Political Landscape

Amidst escalating legislative conflicts, the political landscape is further complicated by the announcement of the investigation results from the second phase of the comprehensive special prosecutor's inquiry. The second special prosecutor's team, led by Kwon Chang-young, announced on the 11th that it has indicted without detention Lee Eun-woo, former president of the Korea Policy Broadcasting Center (KTV), and Huh Seok-gon, former head of the National Fire Agency, on charges including involvement in critical treasonous tasks. According to the special prosecutor's investigation, they are accused of attempting to comply with an order from former Minister of the Interior and Safety Lee Sang-min to cut off power and water to specific media outlets. The investigation revealed attempts to paralyze the reporting and newsgathering functions of five major media outlets—MBC, JTBC, Hankyoreh, and Kyunghyang Shinmun—by mobilizing state power.

The special prosecutor determined that former Minister Lee Sang-min ordered the power and water cutoff around midnight to coincide with a police entry, and that former agency head Huh conveyed this to the Seoul Disaster Headquarters, requesting cooperation under martial law. This has drawn extraordinary attention from legal circles, as it has been classified as an act of treason that violated freedom of the press and disrupted the nation's constitutional order, going beyond mere administrative procedures. Furthermore, the special prosecutor's team led by Min Jung-ki is applying strict judicial standards to high-ranking public officials, as seen in their submission of an appellate brief pointing out Seoul Mayor Oh Se-hoon's violation of the so-called Oh Se-hoon Act in relation to past election law violations. These investigation results have the potential to be used as grounds for mutual accusations, intertwined with the legislative conflicts between the ruling and opposition parties.

Political Reactions and the Direction of Livelihood Policies

Following the special prosecutor's investigation announcement, lawmakers from minor parties, including the Cho Kuk Innovation Party, have voiced stronger opinions. Lawmaker Noh Jeong-yeon emphasized the justification for the Special Counsel Act on the Marine Corps incident, urging for a decision from the President, the commander-in-chief, and strongly raising the issue of responsibility for the Yoon Suk-yeol administration. Lawmaker Kwon Yang-sook also presented livelihood stabilization policies, such as strengthening the public nature of higher education and curbing tuition hikes, while criticizing the ruling party's governance approach. In contrast, Reform Party lawmaker Lee Dong-hoon pointed out the government's evasive stance on responsibility, stating that the President is blaming his staff for not being familiar with the revised Criminal Procedure Act. These statements from each party are interpreted as a move to consolidate their support bases ahead of the October 13 plenary session.

Legislative Procedure Outlook and Economic Implications

If over 110 bills are processed en bloc in the plenary session scheduled for October 13, it is expected to resolve regulatory uncertainties related to real estate and capital markets in the short term. In particular, bills concerning housing supply measures could act as a catalyst to stimulate the construction industry and alleviate imbalances in the housing market's supply and demand. However, significant challenges are anticipated before the bills are actually promulgated and implemented, as the ruling party's physical obstruction or the President's veto power remains a possibility. If the emergency economic council meeting proposed by the ruling party fails to materialize, the confrontation between the legislative and executive branches risks escalating to an extreme.

Financial market experts are closely watching the passage of the Capital Markets Act amendment. If the amendment is passed and effective market stabilization measures are established, the volatility index (VIX) for the KOSPI and KOSDAQ markets is expected to stabilize downwards. However, some analyses suggest that the specific level of enforceability of the bill could affect foreign investor capital flows. Ultimately, the October 13 plenary session is expected to be a turning point not just for bill processing but also for determining the direction of economic policy for the latter half of the year. Whether the ruling and opposition parties can cease their extreme confrontation and reach substantive livelihood agreements will be a key variable for market stability.