‘One-Shot’ bill is scheduled for a vote WednesdayLong-stalled economic legislation pushed by the Park Geun-hye administration and ruling party inched closer to passage after it was approved at a key National Assembly committee on Monday.
The Legislation and Judiciary Committee on Monday approved the so-called “One-Shot Act” proposed by Rep. Lee Hyun-jae of the ruling Saenuri Party largely based on a government proposal. It has been 208 days since the bill was presented to the National Assembly.
The bill is designed to reduce legal procedures for companies required by existing laws and provides tax cuts for businesses that are voluntarily sold off or purchased. It also changes procedures for mergers and acquisitions in industry sectors in crisis.
The passage by the Legislation and Judiciary Committee was the last hurdle for the bill to advance to a voting session. The next voting session is scheduled for Wednesday, and it will automatically be introduced.
An agreement had been made by floor leaders of the ruling Saenuri Party and the main opposition Minjoo Party on Jan. 23 that the bill would be passed at a voting session last Friday. The bipartisan agreement, however, fell apart after Kim Chong-in, interim leader of the Minjoo Party, demanded that the One-Shot Act be passed along with a new electoral map of the country’s constituencies.
After the Minjoo walked away from that agreement, National Assembly Speaker Chung Ui-hwa said Monday morning that he would make an “important decision,” hinting at using his authority to bring the One-Shot bill up for a vote.
It remains unclear if Minjoo lawmakers will attend the voting on Wednesday, as they are linking passage of the One-Shot bill with the negotiation for the new electoral map.
Saenuri Chairman Kim Moo-sung, Minjoo’s interim leader Kim and National Assembly Speaker Chung will meet today to discuss pending issues including redrawing of the electoral districts and labor market reform bills.
The People’s Party, the third largest group, said it will cooperate with the passage of the One-Shot Act. “We already made clear that we will not link one bill’s fate to another,” said Rep. Joo Seung-yong, floor leader of the People’s Party, created by software tycoon-turned-politician Ahn Cheol-soo. “We will cooperate with its passage.”
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