NEW NATIONAL ASSEMBLY SPEAKER ELECTED

[Anchor Lead]

Kim Jin-pyo, a five-term lawmaker of the main opposition Democratic Party has been elected as the new National Assembly speaker. With a vacuum in parliamentary affairs lasting for over a month, rival parties have agreed to elect at least the Assembly speakers. However it's expected to take more time to completely normalize parliament proceedings as rival camps remain split on how to share committee chairs and form the Legislation and Judiciary Committee.

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The National Assembly has been at a standstill for 36 days. Ruling and opposition parties have finally, at the very least, agreed to first elect the assembly speaker and vice speakers. This is because both sides feel the burden of a prolonged parliamentary vacuum.

[Soundbite] Kweon Seong-dong(Floor Leader, People Power Party) : "Our party decided to actively cooperate in the election of the speaker and vice speakers by making a bold concession."

[Soundbite] Park Hong-keun(Floor Leader, Democratic Party) : "A paralyzed parliament can no longer be condoned as people's livelihoods are hanging by a thread."

Five-term lawmaker Kim Jin-pyo has been elected as speaker during a plenary session convened under a bipartisan agreement. He garnered 255 votes in favor.

[Soundbite] Kim Jin-pyo(Nat’l Assembly speaker) : "The economic situation is too desperate for the gov't alone to handle. There's no time to waste as the 2nd half of the Assembly session has begun a month late."

However the formation of standing committees, which are key to the National Assembly's operation, is still up in the air. The main opposition Democratic Party has offered to give up the chair post for the Legislation and Judiciary Committee if the ruling party agreed to take part in a special committee on judicial reform. The ruling People Power Party has presented a final proposal that the special committee be headed by the PPP and have equal number of lawmakers from both sides as its members.

[Soundbite] Park Hong-keun(Floor Leader, Democratic Party) : "DP's clear stance is to discuss various disputed issues together with the ruling party,including a special committee on judicial reform."

[Soundbite] Kweon Seong-dong(Floor Leader, People Power Party) : "If the DP does not accept our proposed terms, the PPP will no longer discussthe formation or operation of the special committee."

Even as committee formations are yet incomplete, President Yoon Suk-yeol has asked the National Assembly to send over a confirmation hearing report for the Financial Services Commission chairman nominee Kim Joo-hyun by Friday. Following the request, partisan clashes are expected to continue over how to open a confirmation hearing for the nominee.