South Korea’s National Assembly on Monday adopted the confirmation hearing report for Bank of Korea governor nominee Shin Hyun-song, clearing the way for him to take office after a rare delay that had left the central bank’s top post unsettled for days. The report will now be submitted to the government, and Shin is expected to assume office shortly once President Lee Jae Myung gives final approval.
Shin was nominated in March to succeed outgoing Gov. Rhee Chang-yong, whose term ended the same day. Rhee formally stepped down Monday after a departure ceremony earlier in the day, bringing an end to his tenure just as lawmakers moved to resolve the stalled confirmation process.
The National Assembly’s Strategy and Finance Committee approved the report during a plenary session through a bipartisan agreement. Committee chair Lim Lee-ja said the governor’s seat should not be left empty even briefly, given the severity of economic conditions at home and abroad, a line that captured the urgency surrounding the bank at a time of pressure in both domestic and global markets.
The delay was unusual. Last week, the committee failed to adopt the report, the first such case since confirmation hearings for the Bank of Korea governor were introduced in 2014. A follow-up plenary session on Friday also ended without agreement, after opposition lawmakers raised concerns over the alleged illegal reissuance of Shin’s daughter’s passport.
The dispute exposed the gap between the need to keep the central bank fully staffed and the political fight over Shin’s confirmation. Lawmakers ultimately moved past the impasse on Monday, but only after several days in which the bank’s leadership transition remained in limbo.
Shin will serve a four-year term. For the Bank of Korea, the immediate question is no longer whether the post will be filled, but how quickly the new governor can settle into a job that arrives under pressure and with little time to spare.