One of the unwritten truths of Taiwan politics is that the Legislative Yuan is the place where big interests are played out; and the Finance Committee is the center of this wheeling and dealing. This fact was underlined by accusation made against members of the committee yesterday.
With such a reputation, it should come as no surprise that four lawmakers -- including the KMT's Lo Ming-tsai (
Looking back to the beginning of the current session last September, both KMT and DPP political heavyweights managed to paralyze legislative procedures for over a month, as they fought over a single contested seat on the powerful committee, where finance-related laws are formulated, debated and passed.
The deadlock resulted from the fact that too many legislators sought seats on the committee -- 62 lawmakers registered for 21 available seats. As a result, candidates for the committee were forced to draw lots.
The reason behind the Finance Committee's popularity is evident for critics, who say it serves the personal interests of its own members, many of whom are business figures. But the critics also point out that it is a strong counteractive force against Taiwan's democratic development.
One anonymous finance ministry official said that members of the Finance Committee wield a powerful weapon in that if state-run banks, or the finance ministry decline to act according to their requests, they can cut their budgets in return.
Even more disturbing, the official said, was that committee members could demand that banks pour money in their companies, or ask the banks to lend to them at low interest rates.
DPP legislative caucus leader Chen Chi-mai (
Chen added that during this session there are several bills in the works that could have huge potential for conflict-of-interest among lawmakers, including the so-called "trust law," amendments to the gambling article in the Welfare Lottery Law, the Insurance Law and the Land Tax Law.
Critics said the passage of such bills would inevitably help redistribute wealth. Even though independent legislator Lo Fu-chu (
Both Los yesterday denied media reports claiming they have been putting undue pressure on banks to invest in venture capital companies.
Nevertheless, they have already created a precedent for the Legislative Yuan, being the first father-son partnership on the Finance Committee.
On several occasions, Lo Fu-chu has coached his son on the rules of procedure while chairing the Finance Committee.
Reviewing the list of Finance Committee members , most of the KMT legislators actually own or run finance-related business themselves -- figures such as Gary Wang (
Her Jyh-huei (
Her is currently the vice president of Shin Shin Co Ltd, (欣欣大眾), while his wife, Wang Su-yun (王素筠) a former legislator herself, now serves as the president of Chia Hsun Livestock Co Ltd (嘉畜), another Hualon-associated firm.
With such a line-up, critics say it is hardly surprising that the legislature's Finance Committee has been dubbed a "playground for conglomerates."
DEFENDING DEMOCRACY: Taiwan shares the same values as those that fought in WWII, and nations must unite to halt the expansion of a new authoritarian bloc, Lai said The government yesterday held a commemoration ceremony for Victory in Europe (V-E) Day, joining the rest of the world for the first time to mark the anniversary of the end of World War II in Europe. Taiwan honoring V-E Day signifies “our growing connections with the international community,” President William Lai (賴清德) said at a reception in Taipei on the 80th anniversary of V-E Day. One of the major lessons of World War II is that “authoritarianism and aggression lead only to slaughter, tragedy and greater inequality,” Lai said. Even more importantly, the war also taught people that “those who cherish peace cannot
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
The Philippines yesterday criticized a “high-risk” maneuver by a Chinese vessel near the disputed Scarborough Shoal (Huangyan Island, 黃岩島) in a rare incident involving warships from the two navies. The Scarborough Shoal — a triangular chain of reefs and rocks in the contested South China Sea — has been a flash point between the countries since China seized it from the Philippines in 2012. Taiwan also claims the shoal. Monday’s encounter took place approximately 11.8 nautical miles (22km) southeast” of the Scarborough Shoal, the Philippine military said, during ongoing US-Philippine military exercises that Beijing has criticized as destabilizing. “The Chinese frigate BN 554 was
US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer began talks with high-ranking Chinese officials in Switzerland yesterday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy. The US delegation has begun meetings in Geneva with a Chinese delegation led by Chinese Vice Premier He Lifeng (何立峰), Xinhua News Agency said. Diplomats from both sides also confirmed that the talks have begun, but spoke anonymously and the exact location of the talks was not made public. Prospects for a major breakthrough appear dim, but there is
RSS