President Lee Jae Myung appointed Kwon Dae-young, Vice Chairman of the Financial Services Commission, as First Vice Minister of the Ministry of Finance and Economy on October 1. Kwon led the government’s first real estate policy, the 6.27 Real Estate Measures, which limited housing mortgage loans to between 200 million and 600 million Korean won depending on property prices. Lee had publicly praised Kwon’s role during a July 2025 town hall meeting in Chungcheong. Cheong Wa Dae’s Chief of Public Relations Seong Ki-hong described Kwon as an economic and financial expert capable of coordinating policy and using policy tools to address growth, prices and employment while identifying future growth momentum. Kwon has held senior roles across the Ministry of Finance and Economy and the Financial Services Commission, including Secretary-General from January 2024 and Vice Chairman from June 2025, before his formal appointment as vice chairman in July 2025. He also faced public backlash after describing debt-financed stock investment as a form of leverage.