YOON VETOES DISPUTED GRAIN BILL

[Anchor Lead]

During the cabinet meeting presided over by President Yoon Suk Yeol, a request for reconsideration, in other words, the exercise of veto power, was approved regarding the amendment to the Grain Management Act. President Yoon explained that the amended Grain Management Act represents a typical populist bill that does not contribute to the development of agriculture.

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During a Cabinet meeting Tuesday, President Yoon Suk Yeol said it was regrettable that a revision to the Grain Management Act was unilaterally approved in parliament without proper discussions. He said the government has consistently warned of the side effects of the legislation, which he said was a classic example of populism that hinders the advancement of the agriculture sector.

[Soundbite] Yoon Suk Yeol(President) : "It's a typical populist bill doesn't help farmers or the development of farming villages. It also goes against the government's agricultural goals."

Yoon said the bill forcibly requires the government to buy all leftover rice using taxpayers' money regardless of rice consumption in the market. He said, citing an expert survey, that subsequent overproduction of rice will eventually further reduce prices and destabilize farming income. He said his decision to veto the bill is the result of such a review and opinions gathered on the issue.

[Soundbite] Yoon Suk Yeol(President) : "After the bill’s passage, 40 farmers groups have requested a debate on the revision as well as related agencies and the ruling party."

Yoon has exercised the right to veto the legislation after the Cabinet voted to have the bill sent back to parliament. This marks the first presidential veto in seven years and the 67th overall in the nation’s constitutional history. If the vetoed bill is sent back to the National Assembly, it must win two-thirds approval in a vote by a majority of lawmakers attending in order to pass. However, a passage is unlikely due to the ruling party’s opposition, and therefore the bill will most likely be scrapped. The main opposition Democratic Party, which led the bill’s initial passage, has vowed to introduce additional, similar bills.