Financial regulator-designate tasked with overcoming financial turmoil

SEOUL, Jan. 19 (Yonhap) -- Chin Dong-soo, designated Monday as South Korea's top financial regulator, is well-known for his diverse experience and expertise in the financial realm, raising expectations that he will lead the government's efforts to tide over the financial turmoil, observers said.

Born in 1949, Chin began his career as a public servant in 1975 in the finance
ministry, accumulating his experience and honing his expertise by working at the
World Bank and the financial watchdog.
In 2005, he served as administrator at the Public Procurement Service and as vice
finance minister in 2006 and 2007 under the former Roh Moo-hyun administration
before leading the state-run Export-Import Bank of Korea since 2008.
The Financial Services Commission (FSC) was launched to deal with financial
sector regulations and policies after President Lee Myung-bak took office in
2008.
But the FSC has been under fire over its performance in coping with the impact of
the global financial turmoil sparked by the collapse of Lehman Brothers Holdings
Inc. The watchdog has also faced criticism over discord with the Financial
Supervisory Service, a body charged with implementing and enforcing such
regulations and supervising the financial system.
Many experts say the task facing Chin is to lead the government's efforts to
prevent global financial meltdown from weighing on the economy by showing
leadership.
sooyeon@yna.co.kr
(END)