In the midst of brawling lawmakers and despite disagreement with opposition parties, the legis-lature's finance committee yesterday passed its review of the establishment and operation of the NT$500 billion National Stability Fund (國家安定基金).
The bill is expected to go to the legislature next week for passage of the second reading, and to be implemented by the summer.
The fund is intended to curb any excessive fluctuations in the stock, futures and other financial markets caused by major economic or non-economic factors which could damage national interests.
But the hasty passage of the bill has sparked speculation that its main purpose is to win support for the ruling party's ticket in the March presidential election.
"It's purely political," said DPP legislator Hong Chi-chang (
In June last year, Premier Vincent Siew (
In July, the Cabinet approved the proposal prepared by the finance ministry, and in August, Vice President Lien Chan (
"The bill has become a political issue rather than a legal or economic one," said Hsu Tain-tsair (
The government already has four government-linked funds to stabilize the stock market, said New Party lawmaker Lai Shyh-bao (
"It seems that the government sees only two kinds of people existing in Taiwan -- those who play stock markets, and those who don't. When people lose money on the stock market, the government takes the money from taxpayers to make up for their losses," said Lai.
Lawmakers also questioned whether the establishment of the fund was sending a message of insecurity to the public and China. "It's a joke," said Hsu.
"The proposal of the bill is like prescribing a sedative to the public, and shows a lack of confidence in the country's stability," Hsu said.
"It's like we're telling China that we have a cure-all medicine, so if they make any military moves that might affect us, we have the ability to treat our illness. But, if unfortunately a war were to break out, I don't think NT$500 billion would be enough."
Vice President Lien Chan has said that the fund may be effective in helping maintain national stability in times of war. The first stock market stabilization fund effectively helped stabilize the local bourse in 1995 when China waged war games and test-fired missiles, he said.
NO-LIMITS PARTNERSHIP: ‘The bottom line’ is that if the US were to have a conflict with China or Russia it would likely open up a second front with the other, a US senator said Beijing and Moscow could cooperate in a conflict over Taiwan, the top US intelligence chief told the US Senate this week. “We see China and Russia, for the first time, exercising together in relation to Taiwan and recognizing that this is a place where China definitely wants Russia to be working with them, and we see no reason why they wouldn’t,” US Director of National Intelligence Avril Haines told a US Senate Committee on Armed Services hearing on Thursday. US Senator Mike Rounds asked Haines about such a potential scenario. He also asked US Defense Intelligence Agency Director Lieutenant General Jeffrey Kruse
INSPIRING: Taiwan has been a model in the Asia-Pacific region with its democratic transition, free and fair elections and open society, the vice president-elect said Taiwan can play a leadership role in the Asia-Pacific region, vice president-elect Hsiao Bi-khim (蕭美琴) told a forum in Taipei yesterday, highlighting the nation’s resilience in the face of geopolitical challenges. “Not only can Taiwan help, but Taiwan can lead ... not only can Taiwan play a leadership role, but Taiwan’s leadership is important to the world,” Hsiao told the annual forum hosted by the Center for Asia-Pacific Resilience and Innovation think tank. Hsiao thanked Taiwan’s international friends for their long-term support, citing the example of US President Joe Biden last month signing into law a bill to provide aid to Taiwan,
China’s intrusive and territorial claims in the Indo-Pacific region are “illegal, coercive, aggressive and deceptive,” new US Indo-Pacific Commander Admiral Samuel Paparo said on Friday, adding that he would continue working with allies and partners to keep the area free and open. Paparo made the remarks at a change-of-command ceremony at Joint Base Pearl Harbor-Hickam in Hawaii, where he took over the command from Admiral John Aquilino. “Our world faces a complex problem set in the troubling actions of the People’s Republic of China [PRC] and its rapid buildup of forces. We must be ready to answer the PRC’s increasingly intrusive and
STATE OF THE NATION: The legislature should invite the president to deliver an address every year, the TPP said, adding that Lai should also have to answer legislators’ questions The Chinese Nationalist Party (KMT) yesterday proposed inviting president-elect William Lai (賴清德) to make a historic first state of the nation address at the legislature following his inauguration on May 20. Lai is expected to face many domestic and international challenges, and should clarify his intended policies with the public’s representatives, KMT caucus secretary-general Hung Meng-kai (洪孟楷) said when making the proposal at a meeting of the legislature’s Procedure Committee. The committee voted to add the item to the agenda for Friday, along with another similar proposal put forward by the Taiwan People’s Party (TPP). The invitation is in line with Article 15-2