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."
Conflict with Taiwan could leave China with “massive economic disruption, catastrophic military losses, significant social unrest, and devastating sanctions,” a US think tank said in a report released on Monday. The German Marshall Fund released a report titled If China Attacks Taiwan: The Consequences for China of “Minor Conflict” and “Major War” Scenarios. The report details the “massive” economic, military, social and international costs to China in the event of a minor conflict or major war with Taiwan, estimating that the Chinese People’s Liberation Army (PLA) could sustain losses of more than half of its active-duty ground forces, including 100,000 troops. Understanding Chinese
The Ministry of Foreign Affairs (MOFA) yesterday said it is closely monitoring developments in Venezuela, and would continue to cooperate with democratic allies and work together for regional and global security, stability, and prosperity. The remarks came after the US on Saturday launched a series of airstrikes in Venezuela and kidnapped Venezuelan President Nicolas Maduro, who was later flown to New York along with his wife. The pair face US charges related to drug trafficking and alleged cooperation with gangs designated as terrorist organizations. Maduro has denied the allegations. The ministry said that it is closely monitoring the political and economic situation
‘SLICING METHOD’: In the event of a blockade, the China Coast Guard would intercept Taiwanese ships while its navy would seek to deter foreign intervention China’s military drills around Taiwan this week signaled potential strategies to cut the nation off from energy supplies and foreign military assistance, a US think tank report said. The Chinese People’s Liberation Army (PLA) conducted what it called “Justice Mission 2025” exercises from Monday to Tuesday in five maritime zones and airspace around Taiwan, calling them a warning to “Taiwanese independence” forces. In a report released on Wednesday, the Institute for the Study of War said the exercises effectively simulated blocking shipping routes to major port cities, including Kaohsiung, Keelung and Hualien. Taiwan would be highly vulnerable under such a blockade, because it
UNRELENTING: China attempted cyberattacks on Taiwan’s critical infrastructure 2.63 million times per day last year, up from 1.23 million in 2023, the NSB said China’s cyberarmy has long engaged in cyberattacks against Taiwan’s critical infrastructure, employing diverse and evolving tactics, the National Security Bureau (NSB) said yesterday, adding that cyberattacks on critical energy infrastructure last year increased 10-fold compared with the previous year. The NSB yesterday released a report titled Analysis on China’s Cyber Threats to Taiwan’s Critical Infrastructure in 2025, outlining the number of cyberattacks, major tactics and hacker groups. Taiwan’s national intelligence community identified a large number of cybersecurity incidents last year, the bureau said in a statement. China’s cyberarmy last year launched an average of 2.63 million intrusion attempts per day targeting Taiwan’s critical
RSS