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| Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks at a meeting held at BNK Busan Bank headquarters located in Busan City, on March 8. Courtesy of BNK Busan Bank |
By Lee Yeon-woo
Financial Supervisory Service (FSS) Governor Lee Bok-hyun has flatly denied the long-standing rumor that he will run in the upcoming election, according to officials from the FSS.
Lee reportedly stated in a closed meeting, held on Tuesday that he believes that "The FSS is an organization as important as the prosecution" and that he will "stick with the FSS like a leech and work hard until the end."
His remarks were made while discussing the role of the FSS in response to the closure of Silicon Valley Bank (SVB). It appears that he clarified his position due to ongoing speculation about his future plans, as he remains focused on managing the market volatility caused by SVB's closure and renovating the banking industry.
"At the internal meeting, Lee responded firmly to ongoing rumors about his potential candidacy in the upcoming election, which have become more frequent following the change in the ruling party's leadership," an official from the FSS said.
Lee has been considered a potential candidate for the general election since his appointment last June due to his background. As the youngest and first governor with a background as a prosecutor, Lee has been often referred to as the youngest member of President Yoon Suk Yeol's "squad."
Some have speculated that he will resign from his position as FSS governor around July, as he will need to enter political circles by October at the latest in order to run in the general election, which is slated for next April. Rumors of his potential candidacy have gained more traction as he recently expanded his efforts to reform the banking industry, following a request by Yoon.
Before the remarks on Tuesday, Lee had not directly addressed the speculation about his candidacy. On March 9, he told reporters that he recognizes his "important role as the head of a supervisory authority" and intends to do his best in that regard, when asked about his plans to run in the election.
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